IRS Form 1095-B. Health Coverage

Form 1095-B is a tax form used by insurance providers or employers with fewer than 50 full-time employees to report information about an individual's health insurance coverage. The form consists of three parts.

• Part I of Form 1095-B includes information about the insurance provider or employer, including their name, address, and employer identification number (EIN).
• Part II of Form 1095-B includes information about the individual covered by the health insurance plan, including their name, Social Security number, and the months in which they were covered by the plan.
• Part III of Form 1095-B includes information about any individuals covered by the health insurance plan who are not the primary policyholder, such as dependents.

The most important fields on Form 1095-B are the individual's name, Social Security number, and the months in which they were covered by the health insurance plan.

Form 1095-B is compiled by insurance providers or employers with fewer than 50 full-time employees who are required to offer health insurance coverage under the Affordable Care Act. The parties to the document are the insurance provider or employer and the individual covered by the health insurance plan.

When compiling Form 1095-B, insurance providers or employers should consider the accuracy of the information provided, as well as the timing of the form's distribution to individuals.

The advantages of Form 1095-B include providing individuals with information about their health insurance coverage, which can be used to help them make informed decisions about their healthcare. It also helps the IRS verify that individuals have minimum essential coverage under the Affordable Care Act.

The problems that can be encountered when filling out Form 1095-B include inaccuracies in the information provided, as well as confusion about the requirements for offering health insurance coverage under the Affordable Care Act.

Related forms include Form 1095-A, which is used by individuals who purchased health insurance coverage through the Health Insurance Marketplace, and Form 1095-C, which is used by employers with 50 or more full-time employees to report information about their employees' health insurance coverage.

Form 1095-B is submitted to the IRS along with Form 1094-B, which is used to summarize the information reported on Form 1095-B. Copies of Form 1095-B are also distributed to individuals. The form is submitted electronically if required by the IRS, otherwise, it can be mailed to the IRS. Instances of the form should be stored by the insurance provider or employer for at least three years after the due date of the tax return on which the form was filed.