Heathcare Reform Version 2017
What happens to healthcare reform under the Trump Administration?
Change is coming. That’s all we can be certain of. Change means uncertainty and that is already causing anxiety for some of our clients. Here are some recent questions.
Q. Will I lose the Premium Tax Credit on my individual policy for 2017? If that happens, I will have to cancel my policy because I won’t be able to afford the premium.
A. There may be legislation that changes or repeals the Premium Tax Credit. However, it is very unlikely that it would impact 2017. There must be some transition time to allow for implementation of new laws.
Q. Will I be able to keep my Health Savings Account?
A. HSAs are expected to continue and may even be expanded in scope. The concept of more consumer involvement in health care services purchasing decisions is very popular.
Q. Why isn’t the premium paid for my individual health insurance policy an allowable deduction on my tax return?
A. Current tax law does not allow individual health insurance premiums to be deducted except for self-employed persons. Businesses can deduct the cost of health insurance provided for employees in a group insurance plan. This is likely to be proposed as a change in this year’s legislation.
Q. Will the employer mandate penalties or individual mandate penalties be enforced in 2017?
A. As the law now stands, yes, the penalties will be assessed on employers who fail to offer qualifying coverage and to individuals who do not enroll in ACA compliant coverage. I’ll be able to answer that question better in a few more months.
We will continue to offer insight as healthcare reform version 2017 progresses. I urge you to have a voice by contacting your local, state, and federal elected officials to express your opinions and tell the story of how proposed changes will impact you.