America's Benefit Specialist December 2022

LETTER TO THE EDITOR

Dear Martin,

VOLUME 69, NO.10

EDITOR Martin Carr (202) 595 0724

You’ve probably heard that the Biden Administration and Treasury have pub lished final regulations pertaining to the so-called “family glitch” aspect of the ACA. You published my article on this topic in the October issue of ABS and, at the time, the final regulations were not known. Well… now they are. On October 13, the IRS published the final rule that changes the afford ability calculation to include the cost of family coverage for employees seek ing employee plus dependent(s) coverage, beginning in 2023. Here’s the update: Under the final rule, an employer-sponsored plan is affordable for family members if the portion of the annual premium the employee must pay for the lowest-cost health insurance plan option offered for family coverage does not exceed 9.12% in 2023 (adjusted annually) of household income. An employee’s required contribution for family coverage is the portion of the annual premium the employee must pay for coverage of the employee and all other eligible indi viduals included in the employee’s family. Currently, the affordability calcula tion is based only on the “lowest cost, self-only coverage option.” Importantly, employers whose portion of the cost of family coverage to the employee fails the revised affordability test will NOT be subject to an employer shared responsibility penalty. The change (or fix) is strictly to allow more people to gain access to coverage on the individual market. The final rule also adds a minimum-value rule for family members based on the benefits provided to the family members.

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Suite 400, Washington DC 20004. America’s Benefit Specialist (ISSN 2475-5826, publication no. 238660), 2022, volume 69, number 10 Published 10 times per year (January/February, March, April, May, June, July, August/September, October, November and December) by the National Association of Health Underwriters, 999 E Street NW, Suite 400, Washington DC 20004. $25 annual subscription price is included in NAHU member dues. Periodical postage paid at Washington DC and additional mailing offices. POSTMASTER: Please send address changes to America’s Benefit Specialist, 999 E Street NW, Suite 400, Washington DC 20004.

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