8/29/2023
California
Colorado
Florida
Oklahoma
Texas
On August 23, 2023, the IRS issued Revenue Procedure 2023-29 to index the contribution percentage in 2024 for determining the affordability of an employer’s plan under the Affordable Care Act (ACA).
For plan years beginning in 2024, employer-sponsored coverage will be considered affordable under the ACA’s pay or play rules if the employee’s required contribution for self-only coverage does not exceed 8.39% of their household income for the year.
For more information, check out this article.
You can also review this newsletter by legal expert and health insurance lawyer Marilyn Monahan.
For plan years beginning in 2024, employer-sponsored coverage will be considered affordable under the ACA’s pay or play rules if the employee’s required contribution for self-only coverage does not exceed 8.39% of their household income for the year.
For more information, check out this article.
You can also review this newsletter by legal expert and health insurance lawyer Marilyn Monahan.
Source: GO COMPASS