“What does the new healthcare reform proposal mean for me?” That’s the question on everyone’s minds. How will the reforms the Republicans want to put into place affect businesses, individuals, the insurance industry, and the healthcare industry?
Some of the initial takeaways from the proposed bill that has now passed two House committees are:
- Until reform is passed, the ACA is the law of the land, so don’t change what you’re doing yet.
- Employer-provided health benefits may still be tax deductible, so offering a group health plan could still earn tax breaks for employers.
- Cafeteria plans (i.e., HSAs and FSAs) figure prominently in the bill, so looking into these for the future could be advantageous no matter what happens.
- Individuals benefit from the elimination of the additional Medicare tax and net investment income tax beginning in 2018.
- Although tax penalties for employers not offering insurance and for individuals not having insurance would be eliminated, premiums may increase for individuals who re-enter the insurance market after a lapse.
If you have questions about the potential impact to your own situation, reach out to our healthcare industry team to start a conversation. We’ll be happy to answer questions and work through the potential outcomes. If you get even one good idea out of it, it will have been worth your time.
In the meantime, check out the latest guidance and analysis from Cherry Bekaert Benefits.
What the “American Health Care Act” Actually Says
- CLIENT ALERT: House Republicans Release Health Reform Proposals
Navigating the ACA While Waiting for Reform
- Trump Administration’s Conflicting ACA Actions
