ACA affordability for 2024 will be based on 8.39% of their chosen safe harbor.
2023 was 9.12%
2022 was 9.61%
The three safe harbors are:
- Rate of Pay (based on 130 hours per month)
- W-2 (what appears in Box 1 of the W-2 for tax year 2024)
- Federal Poverty Guidelines
By staying informed and taking proactive steps, employers can remain compliant and provide their employees with quality, affordable coverage. As always, we are here to help ensure your ACA compliance! Corporate Benefits Network offers various Employee Benefits services, including consulting, plan design, compliance, and employee benefits management. We have an expertly trained staff and the technology to help you navigate the confusing world of employee benefits and ACA regulations, so don’t hesitate to contact us.
Marsha Marrullier, REBC
Sr Employee Benefits Consultant
(727) 381-9288 x101