Change, change, change is what the future is all about, however this can be quite a daunting task if you are in the health care field and don?t get a memo on every change that is being made on the health care reform and what/where you must comply to and how/when to new laws, so what is a person to do?
The overall approach to expanding health care requires a big price tag and the question on everyone?s mind- ?Where is the money going to come from, and do I have to participate?? The answer is yes, the new reform laws are requiring every U.S. citizen have health coverage and those without coverage pay a tax penalty of on the average $695 per year up to a maximum of three times that amount ($2,085) per family or 2.5 percent of the family?s household income.
Big Government claims most health care, reforms acts wont fully go into effect until the year 2014, however business owners were advised to start planning now for changes to employee health care plans or to make the decision to opt out and pay the federal fee of $2,000.
However if you are a company with more than 50 employees you must provide health insurance or pay a fine of $2000 per worker each year if any worker receives federal subsidies to purchase health insurance. If you are an individual seeking health care you must purchase it by the year 2014 or face a $695 annual fine.
Many will opt to not payout because of an expected number of lawsuits to be filed against these new enactments, however if you ignore the law you can see more $$ going out of your pocket and into the big pot of health care due to fines and or penalities.
If you are in the Insurance business or a small business, or even a simple consumer it is advisable to talk with SSC, they will help you sort out all the new health care reform laws, taxes, and legal jargon that is being pushed your way. Starting in 2018, insurance companies will pay a 40 percent excise tax on so-called ?Cadillac? high-end insurance plans worth over $27,500 for families ($10,200 for individuals). Dental and vision plans are exempt and will not be counted in the total cost of a family?s plan.
People have been asking me, what if you are not in the low-income bracket but actually have investments and are financially sound; well the laws haven?t forgotten you. Starting in 2012, the Medicare Payroll Tax will be expanded to include unearned income. That will be a 3.8 percent tax on investment income for families making more than $250,000 per year ($200,000 for individuals).
All Americans will feel the impact of Obama?s Health Care Reform laws, they key to not getting fined extra is to watch the news, read the fine print and know your rights. We wish all a happy hunting for the right health care, but the bottom line is reform or pay the fines, either way this is how the health care system is moving forward.
One of the leading health advocates in the nation is Social Service Coordinators: they provide a broad array of money saving social programs from energy, nutrition and telephone cost assistance to transportation and property tax programs. With a data base of over 8,000 public and privately-sponsored social programs in all 50 states you can?t go wrong.
Need a medical professional, but don?t know where to go, or what benefits you are qualified for? Let Social Service Coordinators help you, for free. They will find the programs you qualify for within your local area.
Source: http://newhealthandfitness.org/2012/02/15/knowing-who-has-to-pay-what-for-health-insurance/
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