Employees will receive a new tax form from St. Thomas, called a Form 1095 C, starting in January 2016 and every year thereafter they are employed by the university and elect our medical insurance coverage. Per federal law, St. Thomas will also provide a copy of the Form 1095 C to the IRS.
The Form 1095 C reports whether St. Thomas offered you medical coverage in 2015, states if the coverage was considered affordable according to Affordable Care Act standards and provides details about the cost of the coverage offered to you.
The form has three parts:
- Part I identifies you and your employer
- Part II indicates whether your employer offered you medical coverage for the whole year or just certain months and also states the lowest cost plan available to you at the time
- Part III lists each of the individuals (you, your spouse and dependent children) covered on your medical plan
This form supplements, but does not replace, your W-2, which reports how much money you made and the taxes you paid. You will need to keep your Form 1095 C to complete your income taxes.
More information and an example form are available online.