Health care pain

Members of Samaritan Ministries and other health care sharing organizations are exempt from the individual mandate included in the new health care law, but we’ll be sharing some of the pain of increased taxes with all other Americans as the plan phases in. John Goodman details how it will feel in a post on his Health Policy Blog:

2010

• 10% tax on tanning salons

2011

• Tax on brand name drugs ($2.5 billion).
• Medicare cut $1 billion ($22 per senior/disabled)
• Medicare Advantage cut $2 billion ($195 per senior)
• Increase in tax on non-medical Health Savings Account withdrawals from 15% to 20%
• Over-the-counter drugs become taxable ($400 million)

2012

• Tax on brand name drugs increased to $3 billion.
• Medicare cut $5 billion ($112 per senior)
• Medicare Advantage cut $6 billion ($585 per senior)
• Tax on Over-the-counter drugs ($600 million)

2013

• Taxes on wage income rises from 1.45 to 2.35% (for singles earning more than $200,000 a year (families above $250,000).
• New tax on unearned investment income 3.8% (for singles earning more than $200,000 a year (families above $250,000).
• New taxes on wheelchairs and other medical devices (2.9%)
• Flexible Spending Account contributions limited to $2500 annually
• Floor for deductible medical expenses increased from 7.5% of AGI to 10%
• Medicare cut $9 billion ($201 per senior)
• Medicare Advantage cut $9 billion ($877 per senior)
• Tax on Over-the-counter drugs ($600 million)

2014

• Individual Mandate: fine: $95
• Employer Mandate: fine: $2,000 per-worker
• Medicare cut $13 billion ($290 per senior)
• Medicare Advantage cut $13 billion ($1,267 per senior)
• Tax on Over-the-counter drugs ($600 million)
• Tax on health insurers ($6.1 billion)