Obamacare’s Excise Tax
The Excise Tax Could Be Too Big For Vermont
The hidden surprise of Obamacare will be a costly one.
Scheduled to take effect in 2018 Obamacare's excise tax may make the cost of your private insurance plan far more costly than it is today.
- 40% non-deductible excise tax paid by insurers.
- Thresholds are $10,200 for individual coverage/$27,500 for family coverage ($2,291/mo).
- Tax is based on the total cost of each employee’s coverage above the threshold amount.
- The cost includes contributions toward the cost of coverage made by employers and employees including HSA, HRA, FSA, etc.
- Meant to help finance the Affordable Care Act; reduce overall health care costs and address the unequal tax benefit of excluding employer-based health insurance coverage from taxes.
- A 2011 survey of 2,844 public and private employers found 61% said they would trigger the excise tax unless they took steps to reconfigure their benefits offerings.
- Cost of a platinum family plan in the Exchange is $21,000. NEA family plan for 2015 is $22,056 ($1,838/mo) but 7.9% increase for 2016 so $23,800/yr. Estimated state liability for tax is $300k for public hc plans.
- According to the Green Mountain Care Board, in 2025 premiums for a platinum plan will be $41,200.
If it doesn’t make sense for Vermonters, we won’t do it.
A detailed look into our campaign to reform health care in Vermont.
»SEE THE VIDEO
TESTIMONIALS, ADVOCATES & SUPPORTERS
See what others are saying about Dr. Dynasaur expansion.