On September 6, 2024, the IRS announced, in Revenue Procedure 2024-35, that the Affordable Care Act (ACA) affordability threshold will be 9.02%, increased from 8.39% in 2024, for plan years beginning in calendar year 2025 (after December 31, 2024). Under the ACA’s employer shared responsibility provision (play...
On May 9, 2024, the IRS released Rev. Proc. 2024-25, announcing the 2025 health savings accounts (HSAs) and high deductible health plans (HDHPs) inflation-adjusted amounts: Annual HSA contribution limits: Self-coverage only: $4,300 ($150 increase from 2024) Family coverage: $8,550 ($250 increase from 2024) Annual catch-up contribution...
Navigating the intricacies of the Affordable Care Act (ACA) can be a daunting task for business owners, particularly when it comes to understanding whether your company falls under ACA’s purview. A key factor in determining ACA compliance is the employee count. This article aims to simplify...
As explained on the official government health care site, the Affordable Care Act has three goals: Make affordable health insurance available to more people. The law provides consumers with subsidies ("premium tax credits") that lower costs for households with incomes between 100% and 400% of the federal poverty...
Ensuring your business remains in compliance with federal laws and regulations is more important now than ever before. Especially since the IRS increased ACA (Affordable Care Act) penalties for non-compliance with the Employer Mandate. Also, the extension to the American Rescue Plan’s enhanced Premium Tax Credits...
As explained on the official government health care site, the Affordable Care Act has three goals: Make affordable health insurance available to more people. The law provides consumers with subsidies ("premium tax credits") that lower costs for households with incomes between 100% and 400% of the federal poverty...