NFIB’s Fair Take on ObamaCare
NFIB has released a new healthcare guide for employees that nicely sums up what the average person has to look forward to as ObamaCare is implemented. It does a balanced job analyzing and explaining the facts of the healthcare law. Of particular note is the tax burden facing families and small businesses:
PPACA’s individual mandate tax requires most Americans to have health insurance or to pay a tax for not having insurance. For example, in 2016, a family of 3 with annual income of $26,000 will have to buy insurance or else they will pay a $2,085 tax.
If you get insurance through a small business or buy it on your own, you’ll have to pay a new health insurance tax of around $500 in increased premiums per year per family.
Medical device manufacturers will pay a new 2.3% tax on their products but will pass the tax on to you through higher premiums.
Read more from NFIB here.
ObamaCare supporters probably believe they are doing workers a favor by mandating that employers provide health benefits. In reality, ObamaCare fines employers who don’t provide generous benefits – the cost of which are ultimately passed on to workers in the form of reduced wages.
Wasn’t NFIB a plaintiff in the Supreme Court case?
This is the first I’ve read about the Health Insurance Tax.
The HIT is a fixed-dollar amount distributed across health insurance providers: $8 billion in 2014, $11.3 billion in 2015-2016, $13.9 billion in 2017, and $14.3 billion in 2018. After 2018, the HIT rises according to an index based on net premium growth.
The total HIT obligation is divided among insurers according to a formula based on each insurer’s net premiums. An insurer’s tax base equals its net premiums minus the first $25 million and 50% of the second $25 million”
According to this, there’s absolutely nothing to look forward to..
Employment statistics will move negatively after the full force of obamacare has been implemented.
I would think that the under-employed would be hit disproportionately hard by this. Part-timers don’t have enough hours to justify health ensurance, and are generally characterized by just making enough to get by.
And the buck just gets passed on down the line…