Health Care Bill Rumors
Have you recently received a confusing e-mail about having to claim health care on your income tax? Don’t worry, the information is false. Read below for more information.
Have a wonderful day!
Health Care Bill Rumors
Many of you may have recently received an e-mail or heard from someone that if you get health care through your employer you will need to report that care as part of your income next year. This information is false.
The new law will impact taxpayers with “cadillac” health plans, but not in the way the e-mail suggests. According to snopes.com which is a reputable debunking website:
This is another case of a legislative issue which has a kernel of truth to it, but which has been misinterpreted. It affects only a small percentage of the population, and has misleadingly been blown out of proportion through someone’s mistaken assumption that it applies to everyone.
In general, beginning in 2018 (not 2011) H.R. 3590 imposes a 40% excise tax on the value of employer-sponsored medical insurance that exceeds a given threshold (initially $27,500 annually). Although, “the aggregate cost of applicable employer sponsored group health coverage” will be reported on employees’ W-2 forms, the excise tax would be paid by the insurance company, not the employee, and is initially expected to affect fewer than 10% of families covered by health insurance.
Read more here…
http://www.snopes.com/politics/taxes/HR3590.asp
U.S. Benefits Analysts
If you are a veteran or if you know a veteran, please pass the below site on to them.
U.S. Benefits Analysts is a national company dedicated to providing long-term care assistance to veterans, spouses and surviving spouses of veterans by qualifying for the Veteran Affairs “Aid and Attendance Pension.”
The benefit is substantial. For a veteran and spouse, the Aid and Attendance Pension can pay up to $1,950 per month, or nearly $23,400 a year tax free.
