Is Your Employer Health Insurance Unaffordable?
Is Your Employer Health Insurance Unaffordable?
What is the Family Glitch? Understanding the IRS Regulations Fix for ACA’s Family Glitch
The Affordable Care Act (ACA) has been a cornerstone in providing health coverage to millions of Americans. However, there was a significant issue known as the "Family Glitch" that left many families without affordable health insurance options. Fortunately, recent IRS regulations have addressed this problem as of 2023. At Revive Insurance, we’re here to help you understand what the Family Glitch is and how the new regulations can benefit your family.
What is the Family Glitch?
The Family Glitch refers to a loophole in the ACA that affected families' access to affordable health insurance. Under the original rules, if an employer offered affordable health insurance to an individual employee, that employee's entire family was considered to have access to affordable coverage, even if the cost of insuring the family was prohibitively expensive.
The Fix: IRS Regulations as of 2023
In 2023, the IRS implemented new regulations to fix the Family Glitch. Here’s what the changes entail:
Affordability Determination
The affordability of employer-sponsored health insurance is now determined based on the cost of covering the entire family, not just the employee. This means if the cost of family coverage, for the lowest offred plan, exceeds 9.12% of household income in 2023, the family is considered to have unaffordable coverage.Eligibility for Subsidies
Families who find employer-sponsored coverage unaffordable based on the new rules are now eligible to apply for subsidies through the ACA marketplace. These subsidies can significantly reduce the cost of health insurance premiums, making coverage more affordable for the entire family.
How This Impacts You
If you previously faced high premiums for employer-sponsored family coverage, you may now be eligible for more affordable options through the ACA marketplace. This change ensures that more families can access the healthcare they need without financial strain.
Steps to Take
Review Your Current Coverage
Assess the cost, for the lowest offered plan, of your employer-sponsored health insurance. Calculate whether the cost of covering your entire family exceeds the affordability threshold of 9.12% of your household income.Explore ACA Marketplace Options
Visit the ACA marketplace to explore available health insurance plans and check your eligibility for subsidies. Compare different plans to find the one that best meets your family's needs and budget.Use the Family Glitch Calculator
To determine if you qualify for subsidies under the new rules, you can use the Family Glitch Calculator.Consult with Revive Insurance
Navigating these changes can be complex, but Revive Insurance is here to help. Our knowledgeable agents can assist you in understanding your options, determining your eligibility for subsidies, and help you select the best health insurance plan for your family.
Why Choose Revive Insurance?
Expert Guidance: Our team is well-versed in the latest ACA regulations and can provide personalized advice.
No Cost to You: Our services are offered at no additional cost, ensuring you get the best advice without extra expenses.
Comprehensive Support: From assessing your current coverage to exploring new options, we’re here to support you every step of the way.
Contact Revive Insurance Today!
Ensure your family has the health coverage they deserve. Contact Revive Insurance today to learn more about how the IRS regulations fixing the ACA’s Family Glitch can benefit you. Let us help you find the best and most affordable health insurance options available. Click here to get started!
