Coming In January 2018: Higher Taxes On Health Insurance Premiums
In 104 days, on Jan. 1, 2018, the Affordable Care Act’s health insurance tax (HIT) will go into effect unless members of Congress act to repeal the tax.
The Metals Service Center Institute (MSCI) opposes this levy and urges its members to use the U.S. Chamber of Commerce’s website to tell lawmakers that they should vote to repeal the HIT before the end of the year. Click here to do so.
According to the U.S. Chamber, this tax would impose $14.3 billion in new fees on millions of health insurance policies, raising premiums for individuals, families, senior citizens, and small businesses. According to one study, families and businesses in the small group market would pay an additional $500 annually while senior citizens enrolled in Medicare Advantage would pay $245 more. Repealing the HIT, however, would save individuals and families up to $6,675 over the next 10 years.