In addition to 1094/1095 reporting, health insurance records are also used to report Employer Sponsored Health Coverage on W-2 Forms.
To make W-2 preparation easier, start reviewing & auditing your health insurance benefit records ASAP. Making corrections now will help you complete your W-2 and 1094/1095 forms in a timely manner.
Datatech Human Resource Management users can go to their Health Insurance menu > Benefit Eligibility Review. Use the Coverage As Of date entry to review the coverage records by month. You might compare the records to your health insurance provider records, taking into account any late cancellations/additions for each period.
Make corrections to employe coverage dates as needed.
When preparing your W-2 Forms, you’ll have an option to compile DD records (The code used to report Employer Sponsored Health Insurance Costs on the W-2).
Customers that are not using Datatech’s Human Resource Management software can prepare by compiling the total cost of Health Insurance coverage by Employee. Then, before preparing the W-2’s you can enter these amounts manually.
Details on these steps will come in a future post or can be accessed from your Help. You can access this information by going to the Help menu > Help > Click on Search > Type W-2 and hit Enter > select Editing W-2 Information.
Note: The DD Amount to print on W-2’s is the total cost of the Health Insurance Coverage. This is not taxable and includes the full cost, including any employee contributions. Click here to see the W-2 instructions.
Information on preparation and reporting 1094/1095 forms can be found here.
If you need any assistance with editing or reviewing your health benefit records, please email hrsupport@datatechag.com.