In order to insure each QC Team Member is aware of their own personal responsibilities for their healthcare, we are providing you with a new type of ACA healthcare statement. Please note that copies of these statements will be filed with the IRS. Additionally, we want to highlight some important aspects of these statements for 2016.
- Under ACA, Team Members will receive IRS Form 1095 in February, 2016
- This form is important for the following reasons:
- Shows that QuickChek offered you affordable health coverage in 2015 (even if you declined health coverage).
- Reflects the cost of single coverage for the “lowest” cost Health Plan that was offered (form may not reflect actual cost for healthcare contributions).
- Indicates the months you received actual health coverage in 2015.
- The Form 1095 should be kept with your tax return records. You may need it to determine whether you owe a penalty for failing to maintain health coverage or, if you bought coverage in a public health insurance exchange, whether you are entitled to a premium tax credit.
- If you are enrolled in a self-insured health plan, such as the QuickChek High Deductible Health Plan, you will receive a Form 1095 from QuickChek.
- ACA requires all individuals to maintain health coverage or be subject to individual penalties equal to the greater of 2% of annual income or $325 per person ($975 per family) for the 2015 calendar year. IRS Form 1095 will show which months you and your dependents had health coverage from QuickChek for purposes of avoiding penalties for the failure to maintain health coverage.
Your W-2 Form will also report the total cost of healthcare coverage provided to you. This amount is required to be provided to the IRS. The cost of your healthcare is not included in your taxable income. The cost of health coverage reported on your Form 1095 will not correspond with the total cost of health coverage on your W-2 Form, since the amount identified on your W-2 Form will be the actual cost of your health coverage.
If you do not receive your form or need a duplicate copy, you can fill out a 1095 Request form found on quickchek.com.