Healthcare Reform: How It Affects You

Healthcare Reform: How It Affects You

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by Jonathan Schulman on 12/20/2012Leave a Comment
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Tax and Deduction Changes

Individuals making $200,000 or couples making $250,000 will see a Medicare payroll tax increase from 1.45% to 2.35% on earned income, plus a new 3.8% tax on unearned income

• Contributions to flexible spending accounts are limited to $2,500 per year (indexed for inflation)

• The threshold for deduction of medical expenses increases to 10% of your income

• Many medical devices now have 2.9% sales tax (except eye glasses, contact lenses and hearing aids)

• No more deduction for expenses that can be allocated to Medicare Part D subsidy for employers who maintain prescription drug plans for their Medicare Part D-eligible retirees Administrative Simplification

• There will be new standards for eligibility verification, i.e., how health plans must verify each individual’s health plan eligibility and what that person’s financial responsibility might be for specific services either prior to or at the end of service

• Claim status transactions will include and outline required timeframes for health plans to respond to claim status inquiries from providers. This will include the adjudication and appeals processes

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