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Thursday, April 8, 2010

Health Care Reform 2013

Health Care ReformImage by Getty Images via Daylife


Hoss Cents Free Financial Magazine continues its series on Health Care Reform in the United States. Here are the changes you can expect in 2013.

In order to reduce paperwork and costs of administration health plans will be required to put into practice uniform standards for electronic transfer or exchange of information.

A limit of $2,500 per year will be imposed on contributions to flexible savings accounts. In subsequent years this limit will be indexed by the Consumer Price Index.

Health care reform will eliminate The Employer Medicare Part D subsidy deduction. In addition employers will lose the tax deduction for subsidizing prescription drug plans for Medicare Part D-eligible retirees.

The income threshold will increase from 7.5 % to 10% (an increase 0f 2.5%) of adjusted gross income. However, anyone older than 65 may claim the 7.5% deduction until the end of 2016.

Singles earning more than $200,000 will have their hospital insurance tax increase .9%. Married couples filing jointly and earning more than $250,000 will incur the same increase. This includes net investment income.

An excise tax on the initial sale of medical devices will be imposed. The amount will be 2.9%. There are some exceptions such as eyeglasses, contact lenses, hearing aids or other items for individual use.

Please leave a comment if you find this summary of the health care plan informative and helpful.

Stay on Track,

Money Magazine Hoss

Next Hoss Cents Free Financial Money Magazine Post: Health Care Reform Year 2014
Return to previous post from Health Care Reform Year Two 2013

Related Posts:
Health Care Reform Year One
Health Care Reform Year Two 2011

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Monday, April 5, 2010

Health Care Reform Year Two 2011

health care reform
In the last edition of Hoss Cents Free Financial Magazine we took a look at changes to health care that are scheduled to take place in 2010. Today we review changes to take place in 2011.

Free annual wellness visits will be provided by Medicare along with personalized prevention programs. There will no co-pay required for preventive services under any new plan.

Beginning October 1, home and community based services for the disabled can be offered by the States through Medicaid as an option to institutionalized care.

Prescription Drug Plan or Medicare Advantage enrollees will receive a 50% discount on brand-name drugs. There will be phased in discounts on generic and brand name drugs to completely close the "doughnut hole" by 2020.

Withdrawals from health savings accounts before age 65 for non qualified medical expenses will increase to 20% from the current 10%. Archer medical savings accounts will also have a tax increase for withdrawals not used for qualified medical expenses, that increase will be from the current 15% to 20% a 5% increase.

In order to ease the administrative burden of sponsoring a cafeteria plan (small businesses, a plan will be created to enable small business to offer tax-free benefits.

There will be an increase in the Medicare payroll tax for individuals earning more than $200,000 and married couples filing jointly above $250,00. The tax increase will be 0.9%. (1.45% to 2.35%).

The Hoss hopes his ongoing summary of the health care plan helps you understand how the bill affects you in this and upcoming years..

Next Hoss Cents Free Financial Money Magazine Post: Health Care Reform Year 2013
Return to previous post from Health Care Reform Year Two 2011

Related Posts:
Health Care Reform Year One

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