Thursday, January 18, 2024

Tax Day is Coming!

Tax information for small businesses enrolled in SHOP

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Important Tax Information for Your Business's SHOP Coverage

Tax season is underway! If your small business was enrolled in Small Business Health Options Program (SHOP) coverage in 2023 or previous years, you may need some tax-related information about your health insurance.

 

For each year employees have SHOP coverage, they'll receive Form 1095-B Health Coverage (form to file with taxes) that reports the type of coverage they had, any dependents covered by their insurance policy, and the period of coverage. This form is generated by insurance companies that offer SHOP coverage. 

 

If you need the form, or have questions about it: 

 

  • Employers should contact the health insurance company they enrolled with. Your 1095-B will also include your business' unique Marketplace identifier number.
  • Employees should contact their employer or insurance company if they have not received their 1095-B.

 

Note: The SHOP does not generate or distribute Form 1095-B Health Coverage to consumers enrolled in SHOP coverage. 

 

Employers should keep a record of all tax documents and SHOP payment information for each year of their SHOP coverage. To read additional guidance on Form 1095-B, visit IRS.gov

 

Find More Information

 

Have questions? Contact your insurance company or a SHOP-registered agent or broker for help with SHOP coverage. For additional assistance, contact the SHOP Call Center at 1-800-706-7893 (TTY: 1-888-201-6445).

 

To learn more about Health Reimbursement Arrangements (HRAs), visit this webpage. Talk to a licensed tax professional, benefits specialist, or a registered agent or broker to find out more about whether an HRA or traditional group coverage is right for your business.


This email was sent to edwardlorilla1986.paxforex@blogger.com using GovDelivery Communications Cloud on behalf of the Health Insurance Marketplace® · 7500 Security Boulevard · Baltimore MD 21244 · 1-800-318-2596

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