New fees on the pharmaceutical
and health insurance industries will generate $107 billion over the next decade.
A 2.3 percent
excise tax on the manufacturer or importer of med- ical devices is expected to take in more than $20 billion over 10 years.
EXCISE TAX
Raising the 7.5 percent adjusted
gross income fl oor on medical expens- es deduction to 10 percent will cost taxpayers $15 billion.
2.3% O
ON MEDICAL DEVICE MANUFACTURERS & IMPORTERS
Health insurance exchanges estab-
lished by Obamacare will cost some $465 billion over 10 years, including premium and co-pay subsidies of $350 billion.
The Medicare hospital insurance
tax that American workers pay will rise from 1.45 percent to 2.35 percent for high-income earners, and a new Medicare tax on investments will be imposed. Together they will generate $210 billion over the decade.
$65 Penalties paid BILLION
IN PENALTIES PAID BY
THOSE WITH NO COVERAGE
on Americans who do not purchase health insurance and employers who do not off er cover- age to workers will
cost Americans $65 billion by 2019.
A 40 percent tax on expensive “Cadillac” insurance plans, scheduled to be imposed in 2018, will raise $32 billion in new revenue.
Proposed menu
labeling contained in the Affordable Care Act would cost small busi- nesses $757 million and 622,000 hours of paperwork, and proposed vending machine labeling would cost another $423 million.
$757
MILLION TO LABEL RESTAURANT MENUS
ther costs, large and small, including even a 10 percent tax
on indoor tanning salons, will impact the economy as the provisions of Obamacare are implemented. The CBO estimates that new revenue-gen-
erating schemes in Obamacare will raise $1.2 trillion between 2010 and 2019. But history shows that projec- tions can wildly underestimate costs. Back in the 1960s, the House Ways
and Means Committee predicted that Medicare would cost only $12 billion per year by 1990. The real number was almost $100
billion — more than eight times higher than the forecast.
A Guide for Surviving Obamacare B
arely a week goes by without another
unexpected revelation about how Obamacare will aff ect the average American family. Nick Tate, author of the
best-selling ObamaCare Survival Guide: The Aff ordable Care Act and What It Means For You and Your Healthcare, says the looming uncertainty surrounding the law means “it is critically important that every American become an informed consumer about healthcare choices. Whether you’re a senior on Medicare, a recent college grad, an employee, a small-business owner, or have a pre- existing condition, Obamacare is going to be a game-changer for you.” So what should you do to prepare
for 2014, when the full brunt of Obamacare will be felt? Here are Tate’s recommendations:
Flexible Spending Accounts (FSAs)
— Be advised a $2,500 cap will go into eff ect for these tax-free healthcare accounts, which previously had no limit. At the lower threshold, FSAs are still a good idea if your employer off ers them.
Health Savings Accounts (HSAs)
— Obamacare will tax any nonmedical HSA expenditures at 20 percent, double the current rate. Also, they can no longer be used to buy over-the-counter
drugs. But HSAs are still a smart way to save on taxes — especially for young people who start contributing to an HSA early on.
Tax Deductions
— The threshold on itemized medical-expense deductions will mean a tax hike for many. But if you
have higher-than-average health costs, you may still find it pays to itemize.
Talk With Your Accountant — With rising Medicare taxes, shifting income into a 401(k) or IRA may keep it beyond the long reach of Uncle Sam.
Check out
Medicare.Gov — The
interactive site run by the federal government’s Centers for Medicare and Medicaid Services can help Medicare recipients pick a healthcare plan or drug plan. Advocacy groups for seniors off er assistance as well.
Find a Health-Insurance Agent — An agent can direct you to an appropriate plan, and educate you on your benefits. It’s important to choose the right healthcare options, Tate says. “Choosing wisely can help compensate for what are expected to be big increases in health insurance premiums and healthcare costs under Obamacare.” — D.P.
MAY 2013 | NEWSMAX 9
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