The Patient Protection and Affordable Care Act and the amendment Health Care and Education Reconciliation Act of 2010 will require most of the 32 million uninsured individuals to acquire health coverage. Who pays for all this?
Starting in 2016 anyone not covered by health insurance will have a penalty of $695. In government speak that is a "Shared responsibility payment" not a penalty.
Starting in 2013 employee Medicare tax will increase .09% to 2.35% for married couples earning more than $250,000 or single people earning more than $200,000.
A new Medicare tax of 3.8% on net investment income for married couples with an AGI over $250,000 and for single people with an AGI over $200,000 will go into effect in 2013.
Also starting in 2013 medical expenses will have to exceed 10% of AGI to be deductible instead of the 7.5% now.
Starting in 2011 employers will now report the cost of your health coverage on your year end W2. No tax as yet on your medical coverage expenses. Starting in 2018 the tax will be 40% on premiums in excess of $10,200 for individual coverage and $27,500 for family coverage.
Children under 27 can stay on their parents insurance policy even though the child is not a dependent.
Want more info go to www.healthcare.gov for all the latest.
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