November 25, 2019

Money Mondays: The Health Insurance Tax will Increase Your Health Care Cost in 2020

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This post is by Bernie Carr, apartmentprepper.com

The affordability of health care is a huge issue for consumers, with many Americans stating they have delayed or avoided needed care due to cost. Well, this coming year, the costs may increase even more, when the suspension of the Health Insurance Tax expires in 2020.

What is the Health Insurance Tax?

The Affordable Care Act (ACA) also known as ObamaCare, imposed a tax on health insurance, and it is known as the Health Insurance Tax.

Recognizing that the tax would increase healthcare costs for individuals and employers, as well as states, Congress passed legislation a couple of years ago that delayed the Health Insurance Tax for 2017 and 2019.

As it stands, the suspension expires in 2020.  Therefore, the Health Insurance Tax is scheduled to return next year, which means increased premiums for millions.

As an example, according to ahip.org, families in the small employer market could potentially see their premiums go up an additional $7,000 over the next 10 years due to this tax.

What happens if nothing is done?

Health care and health insurance premiums are high enough as it is. If no action is taken, it’ll be even worse for all our budgets.  The tax would also cause other adverse effects such as:

  • higher tax burden on employers may lessen job creation
  • higher costs for states and taxpayers
  • people may delay or avoid purchasing health insurance, increasing the number of people who are uninsured
  • the economy will be negatively impacted.

What can you do at this point?

Contact your local Congressman regarding your concerns about the return of the Health Insurance Tax.  You can also sign a petition to pass bipartisan legislation to delay or repeal the Health Insurance Tax.

For more information, check out https://stopthehit.com/take-action/

 

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