SSG Insights_Week of October 21_2022
Final Rule Resolves "Family Glitch" for ACA Marketplace Coverage
The Department of the Treasury recently issued final regulations to make the premium tax credit (PTC) for Marketplace health coverage available to more individuals starting in 2023. The new rule changes the IRS’s interpretation of group health coverage affordability for determining PTC eligibility for family members.
Final Forms for 2022 ACA Reporting Released
The IRS has released final 2022 forms for ACA reporting under Code Sections 6055 and 6056. No major substantive changes were made to the forms for 2022 reporting. This Legal Update summarizes this development.
Health FSA Limit Will Increase for 2023
On Oct. 18, 2022, the IRS announced that the dollar limit on employees' salary reduction contributions to a health FSA will increase to $3,050 for plan years beginning in 2023. Also, the health FSA carryover limit will increase to $610 for 2023. This ACA Legal Update explains the new health FSA limits for 2023.
IRS Announces Increased Limits for Key Employee Benefits, as well as Higher Fines for ACA Reporting Failures
The IRS has announced increased limits for key employee benefits limits based on annual inflation or cost-of-living adjustments and higher fines for ACA reporting failures.
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