At the start of the week, President Trump signed into law a short-term spending bill that included delays or suspensions of three taxes under the Affordable Care Act—a move that many will regard as good news.
DELAYED – Cadillac Tax is delayed two more years until January 1, 2022.
SUSPENDED – Health Insurance Industry Fee is suspended for 2019 which means, in theory, medical renewal trends should be down from 2018. Estimated cost impact of the Health Insurance Industry Fee was 3 to 4 percent in 2018.
SUSPENDED – The Medical Device Tax is suspended until 2020. This tax is paid by the manufacturer or importer of a taxable medical device.
If you liked this, check out these great articles:
- Health Savings Account Requirements and Limits for 2022
- IRS Releases Additional COBRA Subsidy Guidance
- Patient-Centered Outcomes Research Institute Fees Due By July 31, 2021
- IRS Provides Updated Guidance on Dependent Care Assistance Program
- Department of Labor Releases COBRA Subsidy Website and Model Notices