When the new healthcare law, called the Patient Protection and Affordable Care Act (PPACA), was presented to the public the cost was expected to be close to $1 trillion dollars. Half or $500 billion was to come from Medicare cuts and the other 50% was to be raised through the phase in of new taxes beginning in 2011. The Medicare savings included reduced reimbursement on a continuing basis to Medicare providers. The pending reduction is currently 23%. This includes payment reductions [...]Read More » Authored by Administrator in Taxes - New Healthcare Law | Comments Off
Welcome to the New Healthcare Law Center and State News
The new healthcare law, called the Patient Protection and Affordable Care Act (PPACA), represents comprehensive healthcare reform legislation signed into law on March 23, 2010. It contains numerous provisions designed to protect consumers and promote low cost medical insurance, including many new taxes to pay for the cost.
In this section of the site, you can also obtain the following information specific to your state: available medical insurance options, efforts to regulate medical insurance premiums, healthcare, the individual medical insurance marketplace and the new healthcare law.
Our objective is to help Americans make sense of the new healthcare law by explaining key provisions in plain English and assisting individuals, families and the self-employed in using this information to find and secure affordable medical insurance.
Think you are not paying for the new healthcare law? Many new taxes are being phased in to cover the cost of the Patient Protection and Affordable Care Act and are in addition to $500 billion in Medicare cuts. These will likely impact most Americans. Here are a few of the new taxes: Personal income tax rates will rise when the Bush tax cuts expire in late 2012: The 10% bracket rises to 15% The 25% bracket rises to 28% [...]Read More » Authored by Administrator in Taxes - New Healthcare Law | Comments Off
The cost of looking good just got more expensive. A 10% tax on indoor tanning services is now in effect to help pay for the new healthcare law. The tanning tax went into effect July 1, 2010. According to the NFIB, National Federation of Independent Business, the 10% tanning tax was added very late in the healthcare debate after Congress rejected the originally proposed 5% tax on elective cosmetic procedures. Analysis conducted by the Indoor Tanning Association noted the retail [...]Read More » Authored by Allan Z - Founder Editor in Taxes - New Healthcare Law | Comments Off
The cost of over-the-counter drugs and medicines can no longer be reimbursed or paid for under a Health Savings Account (HSA), unless a prescription is obtained. This change, effective January 1, 2011, is part of the many sweeping reforms of the new healthcare law, called the Patient Protection and Affordable Care Act. Currently, over-the-counter medicines and prescriptions, such as aspirin, ointments, cold sore remedies, sleep aids, cough syrup, allergy medicine and bandages, can be paid for or reimbursed with HSA [...]Read More » Authored by Pete S - Sr. Staff Writer in General Provisions - New Healthcare Law, Health Saving Accounts, Taxes - New Healthcare Law | Comments Off
Effective 2011, many new taxes will be phased in to help fund the new healthcare law. As of the time of this article, the following taxes will be implemented beginning next year to finance the Patient Protection and Affordable Care Act, in addition to $500 billion in Medicare cuts. • Personal income tax rates: – 10% bracket rises to 15% – 25% bracket rises to 28% – 28% bracket rises to 31% – 33% bracket rises to 36% – 35% [...]Read More » Authored by Pete S - Sr. Staff Writer in Taxes - New Healthcare Law | Comments Off