We wanted to share a couple main points from the healthcare reform bill for anyone who hasn't been able to make it to the recent round table luncheons we've been hosting. These bullets came straight from the presenters, Jack and Jonathan Reaves of The Reaves Agency. Keep in mind that timelines and qualifications applicable to many areas of the bill. This is just a snippet.
- Everyone must buy insurance and get it either on their own or through their employer.
- Employers with 50 or more employees who do not offer coverage will be fined $2,000 per employee, but exempts the first 30 from the fine. (For example, if you have 51 employees you pay the fine on 21 employees.)
- All individuals must have qualified health insurance in place by January 1, 2014. Failure to have insurance will result in a tax up to 2.5% of household income with a minimum of $695.
- The definition of qualified medical expenses has changed so that over the counter medications are no longer eligible expenses for HSA’s, FSA’s, and HRA’s. FSA’s will have an annual maximum limit of $2,500. The penalty tax for use of HSA money for non-qualified medical expenses doubles from 10% to 20%.
- Small businesses with fewer than 25 employees and average annual wages of less than $50,000 that purchase health insurance for employees may be eligible for tax credits for up to two years.
There is still time to sign up for one of the round table luncheons! Contact Meredith Gooch for more information or to sign up now!