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Unless Congress takes action soon, millions of seniors, familie,s and small businesses across the country will get hammered by a new tax on their health insurance next year.
Commonly known as the Health Insurance Tax (HIT), this tax is scheduled to take effect at the beginning of 2018, and it will increase health insurance premiums by hundreds of dollars next year for millions of Americans. In 2018 alone, the health insurance tax would result in premium increases ranging from $158 per person in the individual market and $540 per family in the large group market to $245 for Medicare Advantage members and $181 for Medicaid managed care enrollees.
That’s just the beginning. Over the next decade, the tax will result in premium increases ranging from $2,276 per person in the individual market to $6,675 per family in the large group market; and $3,030 per Medicare Advantage member and $2,370 per Medicaid managed care enrollee, according to an analysis recently published by Oliver Wyman.
“We know Congress has a long to-do list this fall, and we want to remind them that delaying the health insurance tax must be a priority,” said Neil Bradley, U.S. Chamber of Commerce Senior Vice President and Chief Policy Officer. “In a few months this tax will return, and small business owners, families, and seniors will shoulder the cost. We want to make sure these constituents are contacting their representatives because their insurance premiums are going to be even higher because of this tax.”
The clock is ticking. With only a few weeks left on the legislative calendar and premiums already being set for next year’s plans, members of Congress cannot wait any longer to prevent this blow to their constituents. “Time is running out,” Bradley said.
Health insurance premiums have gone up enough. Our nation’s small businesses, seniors and families are counting on their representatives in Washington to keep their premiums from going even higher. If they don’t, American businesses, the U.S. economy, and families like yours will pay the price.
Congress must stop the health insurance tax – right now.