The Affordable Care Act (ACA) has been a cornerstone of healthcare in the US for over a decade, but its complexities continue to evolve. As we approach the 2024 open enrollment season, staying abreast of the latest compliance requirements is more critical than ever for HR professionals.

Let's delve into these key ACA compliance changes and considerations for 2024:

Key ACA Compliance Changes for 2024:

1. Family Glitch Fix: A significant change this year is the "Family Glitch Fix," allowing family members of employees with affordable self-only coverage to access premium tax credits for Marketplace coverage. This change could impact your employee demographics and benefit choices.
2. Medicaid Unwinding: The end of the COVID-19 public health emergency means states are resuming Medicaid eligibility redeterminations. Eligibility changes might lead to some individuals losing Medicaid coverage and seeking options through the Marketplace. Be prepared to assist employees in navigating this transition.
3. Enhanced Subsidies: The Inflation Reduction Act extended enhanced premium tax credits through 2025. These credits mean more individuals may be eligible for financial assistance, making Marketplace plans more affordable.
4. Employer Reporting Requirements: Ensure you accurately report employee health coverage information to the IRS (Forms 1094-C and 1095-C). Penalties for non-compliance can be significant.

Additional Considerations:

• Affordability Threshold: The affordability threshold for employer-sponsored coverage has increased. Review your plans to make sure they meet the new affordability requirements.
• Essential Health Benefits (EHBs): Confirm that your plans continue to cover all ten EHBs mandated by the ACA.
• Notice Requirements: Provide employees with required notices, such as the Summary of Benefits and Coverage (SBC) and the Exchange Notice.
• State-Specific Regulations: Stay informed about any additional state-level requirements that may impact your benefits offerings.

The Role of HR and Brokers in 2024 Open Enrollment:

• Education and Communication: Communicate the impact of the ACA changes to your employees. Help them understand their options, especially if they become eligible for Marketplace subsidies due to the Family Glitch Fix or Medicaid unwinding.
• Plan Design and Optimization: Review your current plan offerings and consider adjustments based on the new regulations and employee needs.
• Technology Solutions: Explore tools and platforms that can streamline benefits administration and ensure compliance.
• Proactive Outreach: Identify employees who might be affected by the Medicaid unwinding and offer support in finding alternative coverage.

Navigating ACA compliance can be challenging, but you don't have to do it alone. Collaborate with your broker to stay up-to-date on regulations and implement strategies that support both your employees and your business. SAVVI can also be a valuable resource, providing decision support tools to help employees make informed benefits choices and ensure they get the most out of their coverage.

• Don't wait until it's too late. Start planning for 2024 open enrollment now!
• Review the latest ACA regulations. Ensure your plans are compliant and avoid costly penalties.
• Partner with experts. Collaborate with your broker and consider implementing tools like SAVVI to streamline the process and empower your employees.

The 2024 open enrollment season presents both challenges and opportunities for HR professionals and brokers. By staying informed, proactively addressing compliance requirements, and leveraging innovative solutions, you can create a benefits program that fosters employee well-being and drives business success.

Interested in learning more? Click here to schedule a 15 minute chat now to discuss how SAVVI Financial might work for you. Or simply call us at 781-583-7017 or email us at sales@savvifi.com.