Friendly reminder for insurers: the newly-instated health insurance tax (HIT) of $8 billion is due September 30. But insurers are not alone to handle and figure out how to pay such a hefty sum. The industry as a whole is turning to taxpayers to help cough up the money, reports Kaiser Health News.
The 10 largest publicly traded insurers paid their top executives a combined $300 million in compensation last year. But because of a little-discussed provision in the Affordable Care Act, they also had to pay $72 million more than the year before in taxes, amounting to an additional $1.3 million in taxes per executive, according to a new report from the Institute for Policy Studies.
The Affordable Care Act's health tax, which insurers have spent hundreds of thousands of dollars fighting against, might lead to an increased emphasis on wellness and preventive care and thereby lower overall costs.
The Affordable Care Act's health tax on insurers will cut up to 286,000 jobs by 2023, according to a new study from the National Federation of Independent Business, a nonprofit association of business owners that supports the tax.
To defray some of the $150 billion in insurance taxes imposed under the healthcare reform law, insurers hope to shift the fees to Medicaid members, Bloomberg reported.
The New Year brought several healthcare reform taxes for the health insurance industry, including the health insurance tax and reinsurance fee that kicked in Jan. 1.
Alabama Blue Cross Blue Shield has started itemizing reform taxes on bills, labeled "Affordable Care Act Fees and Taxes," sent to their members. By including the taxes on its invoices, Alabama Blues could be attempting to bring the public into the fight against the fees, which the insurance industry strongly opposes, reported Kaiser Health News.
The Internal Revenue Service has issued final regulations laying out how it will collect new taxes on health insurance companies predicted to generate almost $60 billion over the next five years to help pay for premium subsidies.
The insurance tax required under the reform law will increase consumers' insurance costs by as much as $7,000 over the next 10 years, according to a study commissioned by America's Health Insurance Plans.
A new report commissioned by America's Health Insurance Plans (AHIP) predicts that payers will pass the cost of a new insurance tax onto their customers by increasing premiums. The tax, which will be