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April 6, 2024
Lyceum Insurance Services

Affordable Care Act: 2024 Compliance Checklist

black and gray stethoscopeIn the ever-changing landscape of healthcare, staying updated on policy changes is crucial.

The Affordable Care Act (ACA) remains a cornerstone of American healthcare, but it can present year-round challenges for employers. 

In 2024, ACA is seeing more changes, so companies need to stay updated. These changes include amendments to preventive care coverage criteria, extensions of ACA reporting deadlines, and yearly adjustments to specific ACA spending restrictions. 

Below are some of the compliance requirements that employers need to act on for ACA 2024. However, they do have the option of using the ACA affordability safe harbor method to assess the affordability of their coverage.

2024 Benefits Open Enrollment Checklist

  • 2024 ACA Affordability Standard: the affordability requirement for 2024 has decreased to 8.39%, down from 9.12% in 2023. This means employees are expected to contribute less to their health coverage for it to be considered affordable under an employer-sponsored plan.
  • 2024 Cost Sharing Maximum Limits (ACA Compliant Plans): The annual limit for ACA-compliant plans in 2024 increases to $9,450 for self-only coverage and $18,900 for coverage other than self-only.
  • 2024 Cost Sharing Maximum Limits (High Deductible Health Plans): For High Deductible Health Plans (HDHPs) in 2024, the maximum out-of-pocket expense limit rises to $8,050 for self-only coverage and $16,100 for family coverage.
  • 2024 High-Deductible Health Plans Minimum Cost Sharing Deductibles: The minimum deductible amount for HDHPs in 2024 increases to $1,600 for self-only coverage and $3,200 for family coverage.

Important 2024 Due Dates for Filing ACA Forms

The first quarter of 2024 was focused on reporting and submitting documentation to the IRS. Effective the upcoming filing year in 2024, paper filing will no longer be permitted as of the next filing year in 2024, except for cases involving fewer than ten forms. Companies will typically have to file electronically. Please take note that April 1, 2024 is the deadline for filing electronic forms with the IRS in 2024. Employers are subject to substantial IRS penalties if they fail to stay in compliance, especially if they employ 50 or more full-time employees.

The Affordable Care Act revolutionized healthcare by providing millions without insurance access to affordable benefits. Staying up to date on these changes enables employers and healthcare providers to utilize available options.

Stay informed, stay covered! Contact Lyceum Insurance Services, LLC today.

Categories: Employee Benefits, Wellness

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