Wednesday, July 17, 2013

Under 40? ObamaCare Screws You

The Affordable Care Act is NOT affordable for people under age 40. When the President said that you could keep you  doctors and that it wouldn't cost anything, he LIED. ObamaCare is a trojan horse that was designed to force employers to drop their insurance coverage and make people with over to ObamaCare. It also is costly for all people under the age of 40  and is bad because of the following reasons:
  • Raises insurance costs for adults under 40. This was inevitable because it adds 30 million new people to the system.
  • Reduces access to workplace health insurance. Most small business owners will dump their group insurance to avoid the penalties.
  • Shrinks workplace health benefits. ObamaCare gives employers incentives to reduce medical coverage for younger workers.
  • Reduces work-hours. Evidence already shows employers will reduce full-time positions to part-time to save government penalties. 
  • Kills jobs. Employers will reduce the number of jobs so they can afford to pay for employees medical insurance.
  • Increases debt. Because ObamaCare subsidizes coverage, that means that the government will have to borrow, borrow, borrow money they don't have to pay for coverage they offer.
  • Raises taxes. ObamaCare raises 18 new taxes, as follows:
  1. Individual mandate tax on individuals who do not purchase health insurance.
  2. Employer mandate tax on employers who do not offer “acceptable” health coverage to their employees.
  3. Annual fee on health insurance providers based on each company’s share of the total market.
  4. Medical expense deduction is limited to those with expenses above 10% of adjusted gross income, up from previous 7.5%.
  5. 2.3% excise tax on manufacturers and importers of certain medical devices.
  6. 10% excise tax on indoor tanning services.
  7. Fee on manufacturers and importers of branded drugs, based on each individual company’s share of the total market.
  8. Increased Medicare portion of FICA payroll tax, rising to 3.8% from previous 2.9%, on couples earning more than $250,000 a year ($200,000 for     single filers); increased tax is also applied to investment income for the first time.
  9. Increased penalty for purchasing over-the-counter products with HSAs to 20%.
  10. 1Reduction in the number of medical products taxpayers can purchase using funds they put aside in HSAs and FSAs.
  11. Limit on the amount taxpayers can deposit in flexible spending accounts (FSAs) to $2,500 a year.
  12. Fee on insured and self-insured health plans to fund PCORI agency.
  13. Elimination of the corporate deduction for prescription expenses for retirees.
  14. Increase in taxes on health insurance companies, by limiting the amount of compensation paid to certain employees they can deduct from their taxes.
  15. End of special deduction for Blue Cross / Blue Shield organizations.
  16. 40% excise tax on “Cadillac” health insurance plans costing more than $10,200 for individuals and $27,500 for families (begins in 2018).
  17. Exclusion of unprocessed fuels from the existing cellulosic biofuel producer credit.
  18. Increase in corporate taxes by making it more difficult for businesses to engage in activities that reduce their tax liability.
  19. Is unfair. Younger people pay a disproportionate share for healthcare.
  • It's unfair. Young people pay a disproportionate share of the costs.
  • Is unnecessary. This act was a government take-over and really was NOT needed.
  • Is insulting. ObamaCare tries to make young people think they are coming out ahead, when in reality, they are getting SCREWED!

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