Under the Patient Protection and Affordable Care Act, the current tax deduction for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services.
Under the act there will be a $50,000 per hospital excise tax on charitable hospitals that fail to meet new “community health assessment needs,” “financial assistance,” and “billing and collection” rules set by Department of Health and Human Services.
Under the act, the tax deduction for employer-provided retirement prescription drug coverage will be ended.
The Americans for Tax Reform has a detailed list as to how this bureaucratic nightmare passed last March is going to make our lives our harder and why we must repeal it as promised by the newly elected House. It can be found here.
Oh, and did you know that there will be exemptions to Individual Mandate Excise Tax starting in 2014 to anyone not buying “qualifying” health insurance.
Those eligible for the exemptions are, according to ATR, religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases determined by HHS.
What religions could possibly be included? Will it be the one discussed at the link?