October 11, 2019
Medicare Open Enrollment runs from October 15th through December 7th each year.
During this period, Medicare recipients should evaluate their current coverage and can make changes that will affect their coverage and the cost of their healthcare beginning in January 2020. This includes changing your Medicare health or prescription drug coverage for 2020, returning to Original Medicare or joining a Medicare Advantage Plan.
Download the 2020 Medicare & You Handbook here or give us a call at (520) 721-4848 and we would be glad to answer any questions you have.
August 13, 2019
On July 23, 2019, the IRS issued Revenue Procedure 2019-29 to index the contribution percentages in 2020 for determining affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning in 2020, employer- sponsored coverage will be considered affordable if the employee’s required contribution for self-only coverage does not exceed:
9.78% of the employee’s household income for the year, for purposes of both the pay or play rules and premium tax credit eligibility; and
8.24% of the employee’s household income for the year, for purposes of an individual mandate exemption (adjusted under separate guidance). Although this penalty was reduced to zero in 2019, some individuals may need to claim an exemption for other purposes.
For more information on how this may impact your company-sponsored Health Plan, give us a call at (520) 721-4848.
