3/18/2023 0 Comments Minimum value standard calculatorYou can also ask them to fill out the Employer Coverage Tool (PDF, 92 KB). To find out if your employer’s plan meets the affordability standard, ask your employer. The employee’s share of the lowest-cost self-only plan ($275) is more than 9.61% of the employee’s household income ($224). Monthly cost to the employee of the lowest-priced plan the employer offers for self-only coverage = $275.Calculate the minimum, maximum, range, sum, count, mean, median. Calculations include the basic descriptive statistics plus additional values. 9.61% of the employee’s monthly household income = $224 Calculate the minimum, maximum, sum, count, mean, median, mode, standard deviation and variance for a data set.Employee’s monthly household income = $2,333 (about $28,000 per year).The employee’s share of the lowest cost self-only plan ($300) is less than 9.61% of the employee’s household income ($392). Monthly cost to the employee of the lowest-priced plan the employer offers for self-only coverage = $300. 9.61% of the employee’s monthly household income = $392.Employee’s monthly household income = $4,083 (about $49,000 per year).Total household income includes income from everybody in the household who’s required to file a tax return. The employee’s total household income is used.The cost is the amount the employee would pay for the insurance, not the plan’s total premium.This is true even if you’re enrolled in a plan that costs more or covers dependents. The plan used to define affordability is the lowest priced “self-only” plan the employer offers - meaning a plan covering only the employee, not dependents.If a job-based plan is “affordable,” and meets the “minimum value” standard, you're not eligible for a premium tax credit if you buy a Marketplace insurance plan instead. Check if you qualify for a Special Enrollment PeriodĪ job-based health plan covering only the employee that costs 9.61% or less of the employee’s household income.
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