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Am I reading this wrong?
Am I reading this wrong? I’m interpreting this as the Government “Strong Arming” Insurance Companies as The Mob does to local businesses. Are they having to pay a fee on premiums written and being taxed on profits?
Annual Fee on Health Insurance Providers:
Starting in 2014, health insurers will have to pay a fee to the federal government. The amount of the fee
depends on the amount of “net premiums written” by the insurer during the year. Net premiums written is the
amount of premiums paid to the insurer by plan enrollees and adjusted for the cost of any reinsurance (which
guards the insurer from major financial loss) held by the insurer.
Will all insurers have to pay the fee?
Some insurers with relatively low net premiums written amounts will be exempt from the assessment. Insurers
with at least $50 million in net premiums written for the year will have to pay the full fee. Non-profit insurers
will only have 50 percent of their net premiums written accounted for when the fee is being determined.
The following insurers are exempt from the fee:
Self-insured plans (typically large employers who fund the insurance of their employees)
Any government entity
How much revenue will this raise?
The CBO/Joint Committee on Taxation predicts the fee will raise $102 billion over the period of 2013-2022.
i
http://www.acponline.org/advocacy/where_we_stand/assets/i2-how-is-the-aca-funded.pdf
Annual Fee on Health Insurance Providers:
Starting in 2014, health insurers will have to pay a fee to the federal government. The amount of the fee
depends on the amount of “net premiums written” by the insurer during the year. Net premiums written is the
amount of premiums paid to the insurer by plan enrollees and adjusted for the cost of any reinsurance (which
guards the insurer from major financial loss) held by the insurer.
Will all insurers have to pay the fee?
Some insurers with relatively low net premiums written amounts will be exempt from the assessment. Insurers
with at least $50 million in net premiums written for the year will have to pay the full fee. Non-profit insurers
will only have 50 percent of their net premiums written accounted for when the fee is being determined.
The following insurers are exempt from the fee:
Self-insured plans (typically large employers who fund the insurance of their employees)
Any government entity
How much revenue will this raise?
The CBO/Joint Committee on Taxation predicts the fee will raise $102 billion over the period of 2013-2022.
i
http://www.acponline.org/advocacy/where_we_stand/assets/i2-how-is-the-aca-funded.pdf
I was talking to a friend of mine that is a Contactor about how I am seeing more Contractors using “Skilled Labor Providers” (including the company I work for) for work we usually do in house. We always used them for laborers but now it is also for Skilled Craftsmen. He said due to Obamacare, it is about to get worse. By sub-contracting the labor out, they are not responsible for S.S., Workman’s Comp, or Obamacare.
All they do is get The Labor Provider’s Fed. ID. #, Insurance Certificate, Sign a Contract, then send The Labor Provider a 1099 at the end of the year. The Labor Provider sends each of their men (which are mostly illegal immigrants using false SS#s) 1099s. When it is all said and done, no one pays anything.
He also said, “don’t be surprised if soon I will be given a higher salary but changed to “Sub-Contractor Status” and sent a 1099. This will eliminate almost all employees.
All they do is get The Labor Provider’s Fed. ID. #, Insurance Certificate, Sign a Contract, then send The Labor Provider a 1099 at the end of the year. The Labor Provider sends each of their men (which are mostly illegal immigrants using false SS#s) 1099s. When it is all said and done, no one pays anything.
He also said, “don’t be surprised if soon I will be given a higher salary but changed to “Sub-Contractor Status” and sent a 1099. This will eliminate almost all employees.
I like how you're thinking, but they'd find a way to get their cut out of it somehow. They'd tax the chairs in the nail salon or something.
With the “Grandfathered In” hoax and charging Fees to Insurers for premiums written, it looks like to me he’s trying to snuff out the competition, which in my opinion, is the only way it has a chance to work. Wasn’t Al Capone from Chicago?
I'd love for it to work out too but I'm not finding much to be encouraged about. I'm not willing to follow "The Pied Piper".
I had to laugh when I read the Tanning Bed Tax. Do you realize how easy it would be to get around it? Here's one example, open a Nail Salon and install some Tanning Beds. Charge a High Fee for the "Deluxe". After the "Deluxe" Nails, Pedicure, etc. has been paid for they ask if they can "use" the Tanning Bed. You tell them sure. No money has been charged for the use of The Tanning Beds, no Taxes are owed.
I'd love for it to work out too but I'm not finding much to be encouraged about. I'm not willing to follow "The Pied Piper".
I had to laugh when I read the Tanning Bed Tax. Do you realize how easy it would be to get around it? Here's one example, open a Nail Salon and install some Tanning Beds. Charge a High Fee for the "Deluxe". After the "Deluxe" Nails, Pedicure, etc. has been paid for they ask if they can "use" the Tanning Bed. You tell them sure. No money has been charged for the use of The Tanning Beds, no Taxes are owed.
Looks like a strong arm attempt to me. We have to come up with some ways to pay for this insurance/healthcare situation. I still think there are going to be some sneaky new ways to get money out of a bigger group of us. I mean, how many of us actually "tan" in this country? (Going to the tanning beds... they are taxing those folks.)
Someone provided me with a link that described how the ACA was going to be paid for. I have a feeling that we are going to find that somewhere not long down the road, we will see that the ACA is not sustainable with the current funding (and making more Americans pay more for insurance) and our government will come up with more creative ways to subsidize the program.
Its unfortunate, but all we can do now is sit and wait. I'd love to have it all work out for everyone.
Someone provided me with a link that described how the ACA was going to be paid for. I have a feeling that we are going to find that somewhere not long down the road, we will see that the ACA is not sustainable with the current funding (and making more Americans pay more for insurance) and our government will come up with more creative ways to subsidize the program.
Its unfortunate, but all we can do now is sit and wait. I'd love to have it all work out for everyone.
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