Archive for Items Categorized 'Healthcare Reform'
The Marketplace Circle of Champions program is an important way for the Centers for Medicare & Medicaid Services (CMS) to recognize the hard work of agents and brokers. Thank you for helping Americans access quality health coverage!
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.
