The hidden tax within healthcare reform
Posted on April 22nd, 2013 Read time: 1 minutes
Employee benefit administrations understand that there will be penalties under the Affordable Care Act (ACA) for failing to provide financially viable healthcare for all workers. But Americans who simply choose not to have health insurance, even if their employer offers it, will also be subject to special fees.
According to the U.S. Treasury Department, Americans who do not fall within the specified exceptions but decide to refuse health insurance will pay penalties. J. Russell George, current inspector general for tax administration at the department, advises employees take a long look at the ACA to make sure they are able to abstain from receiving health coverage from their employer.
"Many Americans do not realize the extent that the Internal Revenue Service will be involved in the implementation of the Affordable Care Act," George told NBC Bay Area in a recent interview. "Starting in 2014, people will be required to have health insurance coverage. There are some exceptions. For people who are required, if they don't have insurance coverage they'll have to pay a penalty. And the IRS is going to implement those penalties."
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Posted on April 22nd, 2013 Read time: 1 minutes
Employee benefit administrations understand that there will be penalties under the Affordable Care Act (ACA) for failing to provide financially viable healthcare for all workers. But Americans who simply choose not to have health insurance, even if their employer offers it, will also be subject to special fees.
According to the U.S. Treasury Department, Americans who do not fall within the specified exceptions but decide to refuse health insurance will pay penalties. J. Russell George, current inspector general for tax administration at the department, advises employees take a long look at the ACA to make sure they are able to abstain from receiving health coverage from their employer.
"Many Americans do not realize the extent that the Internal Revenue Service will be involved in the implementation of the Affordable Care Act," George told NBC Bay Area in a recent interview. "Starting in 2014, people will be required to have health insurance coverage. There are some exceptions. For people who are required, if they don't have insurance coverage they'll have to pay a penalty. And the IRS is going to implement those penalties."
