Right now we pay 7.65% for social security and medicare. Will there be an additional tax for health care reform that is similar to this?
New taxes and "revenue enhancers" (which are not really taxes but will cost you money):
- new tax on brand name pharmaceutical companies (will result in higher drug costs).
- increases tax for some withdrawals from HSA and MSA accounts from 10% to 20%.
- cannot use tax incentive funds for purchase of over the counter medications.
- new tax on all private health insurance policies (beginning FY12, will result in higher premium).
- Medicare Advantage cuts begin (will cause increases in premium and co-pays).
- Medicare cuts to home health begin.
- Medicare cuts for diagnostic imaging.
- Medicare cuts to ambulance services, diagnostic labs, DME.
- higher Part D premiums for "wealthier" seniors.
- Medicare cuts to long-term care hospitals (7/1/11)(will result in higher hospital charges).
- Additional Medicare cuts to hospitals, nursing homes, and inpatient rehab facilities (FY12).
- Require health insurance to cover preventive care w/no co-pay (will result in higher premium).
The increase in Medicare taxes and several additional taxes will go into effect in 2013.