The National Association of Insurance and Financial Advisors has compiled a condensed timeline of scheduled health care reforms that make up the Patient Protection and Affordable Care Act (PPACA) or “Obamacare”.
Every citizen should take note of these changes to health care. This legislation will affect every American. Here are a couple that jumped out at me:
Individuals without government‐approved coverage are subject to a tax of the greater of $695 or 2.5% of income
‘Government approved’ is a scary phrase.
Impose “Cadillac tax on “high cost” plans, 40% tax on the benefit value above a certain threshold: ($10,200 individual coverage, $27,500 family or self‐only union multiemployer coverage)
You can read more about this legislation here.