Compliance News | August 31, 2022

ACA Dollar Amounts and Percentages

Many ACA provisions contain numbers or percentages that are indexed to various measures of inflation, and the federal government announces new numbers throughout the year.

To help you stay on top of all of the ACA amounts you need to know for your group health plan, we’ve got a handy summary chart that we update whenever new numbers come out. 

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What's New?

In August 2022, we updated the chart to indicate that, for purposes of determining the affordability of group health coverage (to avoid the employer shared responsibility penalty), under the federal poverty level safe harbor, for plan years beginning in 2023, the cost of self-only coverage cannot exceed 9.12 percent of an employee’s household income, down from 9.61 percent for 2023 plan years. So, for a plan year beginning in January 2023, the maximum employee monthly premium for self-only coverage will be $103.28 (the $13,590 federal poverty level for single employees, times 9.12 percent divided by 12).

As a general rule, employers do not know an employees’ household income; so, IRS has provided three safe harbors that employers can use instead of actual household income. The federal poverty level safe harbor is one of them.

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We’ll update the ACA percentages and dollar amounts chart as new information comes out of the government.

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This page is for informational purposes only and does not constitute legal, tax or investment advice. You are encouraged to discuss the issues raised here with your legal, tax and other advisors before determining how the issues apply to your specific situations.

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