With all the focus on the tax reform bill and the repeal of the individual health insurance mandate, the Health Insurance Tax has slipped under the radar.
HIT, as it’s known, was passed in the original Affordable Care Act and took effect in 2014 to help fund the ACA. The tax was applied to health insurance plans purchased by small business owners, but Congress passed a one-year moratorium on it. The thing is, it affects everyone, according to a KTVN report, and it’s going to cost them—and some of them a lot—when it returns in 2018.
The report quotes Reno health insurance consultant Gene Furr, who represents the nonpartisan Northern Nevada Association of Health Underwriters, saying about the return of HIT, “Anyone who purchases an individual policy, anyone who purchases a group health plan through their employer is going to be impacted. Even seniors are impacted.”
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