Health Insurance Form 5500

A group health plan with fewer than 100 employees that is either fully insured or self funded or a combination of both is generally not required to file form 5500.

Health insurance form 5500. Form 5500 is a form that companies who provide benefits to their employees must file with the department of labor. Employers whose plan year ended on december 31 2019 must file their form 5500 by july 31 2020 or october 15 2020 with an extension. Form 5500 annual return report of employee benefit plan form and instructions the employer maintaining the plan or the plan administrator of a pension or welfare benefit plan covered by erisa must generally file the form 5500 to report information concerning the qualification of the plan its financial condition investments and the operations of the plan. Certain employers must submit a internal revenue service irs health and welfare form 5500 form 5500 to annually report certain information on their employee benefit plans to the department of labor.

Insuranceopedia explains form 5500 for companies who apply this form must be filed once a year. The form 5500 series is part of erisa s overall reporting and disclosure framework which is intended to assure that employee benefit plans are operated and managed in accordance with certain prescribed standards and that participants and beneficiaries as well as regulators are provided or have access to sufficient information to protect the rights and benefits of participants and beneficiaries under employee benefit plans. Employers who provide life health and other types of insurance to their employees must note this in their form 5500 reports. Form 5500 filing requirement for employee health and welfare benefit plans article employee welfare benefit plans are established to provide medical sickness accident disability death unemployment vacation and other benefits to employees or former employees and their dependents and beneficiaries nbsp.

June 22 2020 by emerald law in compliance. Insurance companies are required to provide the information pursuant to erisa section 103 a 2. Plans required to file an annual return report that are not eligible to file the form 5500 sf must file a form 5500 annual return report of employee benefit plan with all required schedules and attachments form 5500 or form 5500 ez annual return of one participant owners and their spouses retirement plan. The form 5500 series was created under the internal revenue code and titles i and iv of the employee retirement income security act erisa to collect information about employee benefit plans including health and pension plans.

The department of labor dol the internal revenue service irs and the pension benefit guaranty corporation pbgc. This schedule is required to be filed under section 104 of the employee retirement income security act of 1974 erisa. For more information about form 5500 visit this department of labor page. Participants include employees cobra enrollees and retirees but does not include dependents.