R. Blake Curd, MD, interim executive director of Surgical Management Professionals in Sioux Falls, S.D., itemizes just a few of the new taxes and fees that will go into effect in the next few years, mostly as a result of the healthcare reform law.
1. Tax on high-cost insurance plans. There will be a new tax on insurance plans with a price tag of more than $10,200 for an individual or $27,500 for a family. But some union workers and employees of businesses with a preponderance of older or sicker workers will be allowed higher premiums.
2. Tax on high-income employees. Under health reform, an added 0.9 percent Medicare health insurance tax will be imposed on the employee share of money withheld from paychecks for individuals earning more than $200,000 in 2013.
3. Fees for not buying insurance. Anyone who fails to maintain "minimum essential coverage" for healthcare will pay a fee amounting to 2.5 percent of his or her household income over the threshold required for filing income taxes, or $695 per uninsured adult plus half of that amount per uninsured child under age 18, capped at $2,085 per household.
4. Fees on HSA withdrawals. Increase tax from 10 percent to 20 percent for non-medical early withdrawals from health savings accounts.
5. Changes in flexible spending accounts. Pre-tax dollars from flexible spending accounts cannot be used to buy over-the-counter drugs and the amount of money that can go into a FSA is being reduced from $5,000 to $2,500.
6. Fees for healthcare industry. There will be new fees on insurance companies pharmaceutical companies, device makers and tanning parlors. All these fees will be passed on to the public.
7. Capital gains tax. When the Bush tax cuts expire, capital gains taxes will rise from 15 percent to 20 percent, a 33 percent increase. There will be another 3.8 percent increase for high earners.
8. Rise in marginal rate. The marginal tax rate will rise from 35 percent to 39.6 percent when the Bush tax cuts expire.
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