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Affordable Care Act 2023 Compliance Checklist

Affordable Care Act 2023The Affordable Care Act 2023 (ACA) made a number of significant reforms to group health plan coverage when it was enacted in 2010. Since then, changes have been made to various ACA requirements that employers should be aware of. These changes include annual cost-of-living increases to certain ACA dollar limits, extensions to ACA reporting deadlines and updates to preventive care coverage guidelines.

Changes to some ACA requirements will take effect in 2023 for employers sponsoring group health plans. To prepare for 2023,employers should review these requirements and develop a compliance strategy. Employers should ensure that their healthplan documents, including the summary of benefits and coverage (SBC), are updated to reflect any new plan limits and thatup-to-date information is communicated to employees at open enrollment time.

This ACA Overview provides an ACA compliance checklist for 2023. Please contact Benefit Analysts, Inc. for assistance or if youhave questions about changes that were required in previous years.

2023 Social Security Cost-of-Living Adjustment

2023 Social Security Cost-of-Living Adjustment Will See Highest Increase in 40 Years

social securityOn Oct. 13, 2022, the U.S. Social Security Administration announced that Social Security beneficiaries can expect an 8.7% increase in benefits next year. This increase surpasses the 5.9% cost-of-living adjustment (COLA) in 2022, which, at the time, was the highest in four decades. On average, Social Security benefits will increase by more than $140 per month for beneficiaries beginning in January. This change is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers.

IRS Finalizes Change to Family Coverage Affordability Rules

irsOn Oct. 11, 2022, the IRS released a final rule that changes the eligibility rules for the premium tax credit (PTC). The PTC is available to eligible individuals who purchase health insurance coverage through the Exchange. Individuals are not eligible for the PTC if they have access to employer-sponsored health coverage that is affordable and provides minimum value.

IRS Expands Section 125 Mid-year Election Change Rules

IRS expands Section 125On Oct. 11, 2022, the IRS released Notice 2022-41, expanding the situations in which individuals can change their health coverage elections mid-year under a Section 125 cafeteria plan. The guidance in the notice is for elections effective on or after Jan. 1, 2023.

Affordability and Minimum Value

Affordability and Minimum ValueIn general, under the pay or play provisions an applicable large employer (ALE) evaluating affordability and minimum value options may either offer affordable minimum essential coverage that provides minimum value to its full-time employees (and their dependents) or potentially owe a penalty payment to the IRS. For this purpose, a dependent is an employee’s child (including a child who has been legally adopted or placed for adoption) and who has not reached the age of 26. Spouses are not considered dependents and neither are stepchildren or foster children.

ALE Pay or Play Penalties

Pay or Play Penalties

Pay or Play PenaltiesThere are two potential pay or play penalties, based on whether the applicable large employer (ALE) offers health coverage to certain employees:

  1. ALEs Not Offering Coverage: The ALE does not offer health coverage or offers coverage to fewer than 95% of its full-time employees (and their dependents), and at least one full-time employee receives a premium tax credit; or
  2. ALEs Offering Coverage That Is Not Affordable Or Does Not Provide Minimum Value: The ALE offers health coverage to at least 95% of its full-time employees (and their dependents), but at least one full-time employee receives a premium tax credit, which may occur because the ALE did not offer coverage to that employee or because the coverage the ALE offered that employee was either unaffordable to the employee or did not provide minimum value.

DOL Releases New Model Employer CHIP Notice

New Model Employer CHIP NoticeThe Department of Labor (DOL), through its Employee Benefits Security Administration (EBSA), has released a new model Employer CHIP Notice with information current as of July 31, 2022.

As a reminder, the Children’s Health Insurance Program Reauthorization Act of 2009 (CHIPRA) imposes an annual notice requirement on employers that maintain group health plans in states that provide premium assistance subsidies under a Medicaid plan or a Children’s Health Insurance Plan (CHIP).

DHS Ends Temporary COVID-19 Policy for Form I-9 Expired Documents

DHS Ends Temporary COVID-19 Policy for Form I-9 On May 1, 2022, the U.S. Department of Homeland Security (DHS) ended the COVID-19 Temporary Policy for List B Identity Documents. As a result, employers are no longer allowed to accept expired List B documents when individuals fill out their Form I-9. In addition, if an employee presented an expired List B document between May 1, 2020, and April 30, 2022, employers are required to update their Form I-9 by July 31, 2022.

IRS Raises Mileage Rates for Second Half of 2022

IRS raises milage ratesFor the first time since 2011, the IRS raises mileage rates in a midyear adjustment to calculate the deductible costs of operating an automobile for business and other specific purposes. The agency said the change is in recognition of recent gasoline price increases.

Hiring Process HR Toolkit

Hiring Process HR ToolkitThe hiring process is one of the most important and complex tasks facing employers. Not only must employers ensure they have made the best effort to find the most qualified candidate, they must also ensure they’ve complied with both state and federal anti-discrimination laws at each stage of the hiring process. Additionally, the hiring process is a lengthy undertaking that typically involves drafting a job description, recruiting, screening, selecting, hiring and onboarding.

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