IRS Issues Proposed Rules Expanding Health Insurance Subsidy
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Tag(s): May 2022 Newsletter
The IRS has issued proposed regulations to require that "affordability" of health plans be based on the cost of coverage for not only the employee (as provided under current regulations) but also the employee's family members. The proposed regulations would allow family members who pay more than 10% of income for coverage to receive premium tax credits to purchase health coverage through the Obamacare Exchange.
Employers who do not offer affordable coverage to employees are subject to penalties, but such penalties do not apply to coverage for family members.
This is part of our May 2022 Newsletter.
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