State Notifications of Exchanges
Closing the Medicare Durg Coverage Gag
Itemized Deductions for Medical Expenses
Flexible Spending Accounts
Medicare Tax Increases
• States must indicate to the Secretary of HHS whether they will operate an American Health Benefit Exchange.
• Implementation Date: HHS issued a Blueprint that states must submit to HHS by this November 16, 2012, if they wish to operate a state‐based exchange or a partnership exchange
• Begins phasing in federal subsidies for brand‐name prescriptions filled in the Medicare Part D coverage gap ‐reduces coinsurance from 100% in 2010 to 25% in 2020. In addition to the 50% manufacture brand name discount.
• Implementation Date: 1/1/2013
• Increases the threshold for itemized deductions for unreimbursed medical expenses from 7.5% to 10% of adjusted gross income; but waives the increase for individuals 65 and older for tax years 2013 through 2016.
• Implementation Date: 1/1/2013
• Limits the amount of contributions to a flexible spending account for medical expenses to $2,500 per year. This will be increased annually by the cost of living adjustment.
• Implementation Date: 1/1/2013
• Increases Medicare part A ( hospital insurance) tax rate on wages by .09% (from 1.45% to 2.35%) on earnings over $200,000 for individual taxpayers and $250,000 for married couples filing jointly and imposes a 3.8% on unearned income for higher income taxpayers.
• Implementation date: 1/1/2013
• Eliminates the tax‐deduction for employers who receive Medicare Part D retiree drug subsidy
Employer Retiree Coverage Subsidy
Tax of Medical Devices
Summary of Benefits and Coverage
Finncial Disclosure
Womens Preventive Health
• Imposes an excise tax of 2.3% on the sale of any taxable medical device.
• Implementation Date: 1/1/2013
• Requires the Summary of Benefits and Coverage for groups that renwew after 9/.23/2012
• Implementation Date: Reneawls after 9/23/2012
• Requires disclosure of financial relationships between health entitles includfing physicians, hospitals, pharmacists, other providers and manufacturers and distributors of covered drugs, biologicals and medical supplies.
• Implementation: Report due to Congress 4/1/2013
• Addition of 100% coverage for Women's preventive Health.
• Implkementation: Plan year's after 8/1/2012
• Patient‐Centered Outcomes Research Trust Fund Fees Assessed on Health Plans $1.00 Per Member Per Year
• Implementation: Plan years ending after October 1, 2012. Patient Outcome Fee
• W‐2 Reporting for health care costs for all companies who issue more than 250 W‐2's.
• Implementation: Must be included on W‐2 issued for 2012 in January 2013
W‐2 Reporting