StormChaser: Know your numbers this renewal season

Posted on Posted in Benefit Strategy, Health and Welfare Compliance

Know your numbers this renewal season

Lisa Allen, VP Regulatory Affairs, shares the most important numbers to remember as we enter the renewal season: 4980H penalty amounts, Premium Tax Credits, as well as “MOOP” HCHP and coverage, Minimum Deductible HDHP and HSA/FSA Contribution amounts.

4980H(a) Penalty 2020 2019
Annual Amount $2,570 $2,500
Monthly Amount $214.17 $208.33
Required MEC % of full-time 95% 95%
Full-time exemption 30 30
4980H(b) Penalty 2020 2019
Annual Amount $3,860 $3,750
Monthly Amount $321.67 $312.50
Affordability Safe Harbor % 9.78% 9.86%
Applicable 100% Federal Poverty Level (FPL) (in prior year)

 

$12,490 $12,140
FPL affordability annual amount $1,221.52 $1,197.00
PFL affordability monthly amount $101.79 $99.75
Premium Tax Credits (PTC) 2020 2019
Household Income Contribution Rage 2.06% – 9.78% 2.08% – 9.86%
100% PFL 1 Person household – start PTC

400% PFL 1 Person household – end PTC

$12,490

$49,960

$12,140

$48,560

Group Health Insurance Reforms 2020 2019
Maximum Out of Pocket Limit Self-Only Coverage

Maximum Out of Pocket Limit Family Coverage

Maximum Flexible Spending Account Contribution

$   8,150

$16,300

(Usually released mid to late October)

$   7,900

$15,800

$2,700

Health Savings Accounts 2020 2019
Maximum Contribution/Deduction

Age 55+ Extra $HCHP

Maximum Out of Pocket

HDHP Minimum Deductible

Single:  $3,550
Family: $7,100

$1,000

Self Only: $6,900
Family:   $13,800

Self Only: $1,400
Family:     $2,800

Single:  $3,500
Family: $7,000

$1,000

Self Only: $6,750
Family:   $13,500

Self Only: $1,350
Family:     $2,700

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