The IRS has updated the table used to determine an individual’s health insurance premium tax credit for federally subsidized health plans. The benchmark to calculate the affordability of employer-sponsored health care will drop to 8.39% of household income for 2024. A plan is deemed affordable if the employee’s required contribution doesn’t exceed the annual percentage of their household income. This percentage determines whether an employee is eligible for affordable employer-sponsored minimum essential coverage. For more details, see Revenue Procedure 2023-29: https://bit.ly/3YX8uLy
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