Health Care Reform 2014 and Beyond

The Hoss apologizes for the delay in his final posting on Health Care Reform.

Mrs. Hoss's business required that we convert one of the stalls in the family barn (our house) into an office. Although Mrs. Hoss does the vast majority of the work the Hoss must be around to run for supplies, prepare the occasional meal and once in a while provide some actual labour.



Now, back to the health care reform timeline and the changes to take place in 2014 and beyond.

• If you do not have acceptable coverage in 2014 you will pay a fine of $95.00. This will increase to $325 in 2015, $695 in 2016 or a maximum of 2.5% of family income). Penalties will be indexed to the Consumer Price Index after 2016. Note: There will be a cap of $2,250 per family and the charge per child is half the required amount.

• Workers who don’t qualify for tax credits and who are exempt from individual responsibility can join an exchange plan by using their employer contribution.

• A fine of $2000 per employee will be imposed on companies with 50 or more employees who do not offer coverage to employees, if at least one of their employees receives a tax credit. The is per employee after the first 30. The maximum waiting period before insurance takes effect is to 90 days. Employers with employees receiving a tax credit will pay $3,000 for each worker receiving a tax credit.

• Health insurers are prohibited from charging higher premiums due to health status, gender or other reasons. They cannot refuse coverage due to a pre existing condition or current health status. They cannot impose an annual limit on coverage.

• Small employers and individuals will be able to shop around for standardized health plans through health exchanges.

• People not eligible for or who cannot obtain acceptable coverage and whose income is above Medicaid eligibility and below 400% of the poverty level will receive credits through health exchanges.

• New funding will be provided to the States so that all nonelderly individuals Medicaid eligibility can be increased to 133 of poverty level.

• Health insurance companies whose total premiums are greater than $25 million will have to pay an annual health insurance provider fee based on the insurers' market share.

• In 2018 so called "Cadillac Plans" will pay an excise tax.

This concludes The Hoss's summary of the upcoming changes to health care. I hope you have found the information useful.

Stay on Track,

Money Magazine Hoss

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Related Posts:
Health Care Reform 2013
Health Care Reform Year One
Health Care Reform Year Two 2011

Health Care Reform 2013

Image 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