Thursday, April 1, 2010
Purchase Your Burial Plots Now
Health Care Bill: Changes Happening in 2013
A $2,500 annual cap will be placed on all contributions to flexible spending accounts (amount indexed for inflation each subsequent year).
The current tax deduction that employers receive for subsidizing the prescription drug costs of their employees who are eligible for Medicare Part D will be done away with.
A 2.9% excise tax on the sale of medical devices will be put into place. Certain common items like glasses, hearing aids, etc. are exempted from this tax.
The hospital insurance tax will increase .09% for those who earn more than $200,000 ($250,000 for those married filing jointly).
Additional requirements on health insurance companies to implement uniform standards for exchanging health care information, electronic communication, and other measures to reduce insurance company administrative costs.
The minimum threshold for being able to claim an itemized deduction for health care expenses increased from 7.5% to 10% of AGI although those over the age of 65 can stay at the 7.5% threshold through 2016.
Health Care Reform: Changes Happening in 2014
All US citizens will be forced to have health insurance coverage considered acceptable by the US Government or else pay a fine of $95 in 2014, $325 in 2015, $695 in 2016 (capped at 2.5% of AGI). All of the fines are per person per year except for families have a cap on the total fine of $2,250 and the fine amount for children is half of the adult fine.
Eligibility standards are implemented for newly formed health care exchanges.
Businesses with 50 or more employees will face a fine of either $2,000 or $3,000 per employee for not offering health insurance coverage.
Group health insurance plans have a maximum waiting period of 90 days.
Health insurance companies are prohibited from using an individual’s health status to issue a policy or renew a policy. All pre-existing conditions must be covered and higher health insurance rates cannot be levied because of health, gender, etc.
The eligibility standards for Medicaid will be changed to 133% of poverty for those who are not considered elderly.
New annual fees will be levied on all health insurance providers based on an insurance companies market share and whose total premiums exceed $25 million.
Health Care Reform Bill: Changes Happening in 2018
The “Cadillac” health insurance plan tax will kick in. An excise tax will be levied on all employer provided health insurance plans costing more than $27,500 for families and $10,200 for individuals (with increased limits for those considered to be in “high risk” professions).