Health Care Reform Part I 2010
Health Care… What it Means for you as a Business Owner and a Taxpayer
From the view of a Certified Public Accountant
Did you know that medical unsecured debt is the number one cause of bankruptcy?
Did you know that most people use the emergency room as a way to get medical help that could normally be done in a doctor’s office at a cheaper cost?
However, most doctors expect payment upon services rendered, where most emergency rooms allow you to set up a payment plan and most of those plans are never paid out.
Did you know that most people that visit the emergency room do not have health insurance?
I think it’s important as individuals we do not become part of the healthcare crisis by incurring unsecured debt especially related to medical. So for the reasons above, we must become responsible by having health insurance.
I’ve briefly stated below what the changes are for current year 2010. Most insurance companies are increasing their rates because of these federal requirements listed below. If this is the case with you, I suggest you shop around and make sure your company is adhering to these principles. I think it’s important that we “police” these policies ourselves.
I don’t see or know of any way that the federal government can enforce these policies.
If you know of any way they can, please share your knowledge and expertise with the rest of us.
From my personal experience, my husband and I are both corporations. On my husband’s business we have set us a health savings account (HSA).It is a high deductible health insurance policy. It has been $467 for him and me and my daughter (age 21) and is now going to $523.This has been the best thing we could have done from a tax planning point of view. As an individual you can contribute up to $5000 and take it as an adjustment to total income. I have a lot of out of pocket expenses related to my dental and anticipate more. So this is something I will not change.
Please share with us your policy and the price you pay. I think it would be interesting to see what others are paying. Most times, it helps to shop around.
In my profession, I look at politics as a way to either reduce or raise taxes. The new health care reform bill as a whole is going to be incredibly expensive but is expected to reduce the federal deficit by $143 billion over ten years, this is a rough estimate by the Congressional Budget Office. The bill is hoping to expand health care coverage to 32 million Americans who are not insured.
Some Provisions:
2010—what’s happening now: On the individual level
New plans written in 2010 must offer preventative care with no co-pays or deductibles.
Adults and children previously denied coverage due to pre-existing conditions will be able to access healthcare- I’m sure it will be much higher for these people.
Lifetime limits are a thing of the past. I’m sure this is another reason insurance companies will increase their rates.
Children up to 26 can stay on their parents plan.
Retirees aged 55-64 are offered access to a re-insurance program.
On the business level:
Self-Employed persons would be able to purchase insurance through the state in which they practice in. Within one year from the enactment of the bill funding would be available to states to exchange amongst citizens. Governor Perry has declined this because it would be expensive to run.
Small business offering insurance to their lower income employees can get a 35% tax credit from premiums paid.
There is so much more to know about health care reform, I’ve decided to publish a part II after we really get into a discussion about the provisions above. All kinds of companies are offering us CPA’s continuing education on the subject. I anticipate taking this course and will update you as well, especially on part II.
Keep in mind the information was taken from a www.cnmnewsnetwork.com.
As always I appreciate your comments and experiences.
Evelyn Edwards,CPA PLLC
512-917-2674
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Never heard anything about that before, but thanks for opening up my eyes.
Your blog post caught my eye. Thanks for sharing this information.
smart post, good work.
With the price of dental insurance these days, it is becoming almost prohibitive to pay for a full dental exam.
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What I’ve noticed is taking of your teeth does wonders to minimize dental costs. I brush my teeth after every meal and mouthwash 2 times a day.
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