The New Tax Bill and Health Insurance

Posted January 10, 2018 in Health Insurance

As 2017 came to an end, the Senate passed a tax reform bill that abolishes the penalty for not having health insurance. While the law will not go into effect until 2019 when all of the ins and outs are finalized, it is beneficial to begin shopping around for a new health insurance plan. The bill may or may not affect your coverage, but there is no such thing as being too prepared.

It is essential to understanding how changes in governmental mandates affect your health insurance policies. For more information about current insurance regulations or to see what your healthcare options are, contact Gallant Risk & Insurance Services by calling 951.368.0700.

What Will Change

• The tax deduction for medical expenses will be more substantial for 2019 and 2020.
• Medicare may face a budget cut of up to four percent.
• Insurance rates may go up, but some sources expect the cost hike to be moderate.

What Will Stay the Same

• Those who obtained Medicaid coverage under the ACA can keep it.
• Many employers will still be required to provide healthcare coverage.
• Individuals with pre-existing medical conditions will still be protected by law.
• The government must still pay tax subsidies to help people afford premiums.

Healthcare Incentives in the Workplace

Offering various benefits, including healthcare, to employees is one of the most effective ways to draw in top-of-the-line workers. Because employers will still need to provide their employees with viable healthcare options, we at Gallant Risk & Insurance Services want to make sure you get the most cost-efficient plan for your company. Services include the following insurance areas:

• Medical
• Dental
• Vision
• Life and disability