The Affordable Care Act (ACA) benchmark for determining the affordability of employer sponsored health coverage will be decreasing to 9.61% of an employee’s household income for the 2022 plan year. This is a small decrease from the 2021 level of 9.83%.
Under the ACA’s employer mandate, applicable large employers (ALEs) – generally those who had 50 or more full-time employees, including full-time equivalents, in the prior calendar year — may be subject to a penalty if they don’t offer affordable coverage that provides minimum value (MV) to full-time employees and their dependents.
To read the full update, please click here. If you have any questions, please contact your Client Account Manager, or email your group email with questions.
The People Simplifying HR
For almost twenty years, HR Knowledge has made it our mission to demystify the complex and daunting process of HR management. We do more than just provide the level of service and technology you’d expect from an industry leader. We combine an unparalleled passion for service with our decades of HR, payroll, and benefits experience to provide our clients with personalized and actionable advice that is second–to–none. From managed payroll to employee benefits to HR support, we can help your organization thrive, grow, and reduce operating costs—no matter what industry you serve. Whether you’re interested in our Full-Service solution or just need your employee handbook written, HR Knowledge can help you minimize risk while staying on top of compliance regulations. The bottom line? We’re not just another cloud-based technology company that also does HR, #WeAreHR. Get the scoop on how we can help you simplify HR.
This content is provided with the understanding that HR Knowledge is not rendering legal advice. While every effort is made to provide current information, the law changes regularly and laws may vary depending on the state or municipality. The material is made available for informational purposes only and is not a substitute for legal advice or your professional judgment. You should review applicable laws in your jurisdiction and consult experienced counsel for legal advice. If you have any questions regarding this content, please contact HR Knowledge at 508.339.1300 or email us.