Skip to comments.Obamacare raised the cost of your kidsí braces
Posted on 12/12/2013 6:56:37 AM PST by grundle
Heres something your orthodontist is not smiling about: a new tax rule raised the cost of braces this year.
Thanks to a change from the Affordable Care Act that places an annual $2,500 contribution cap on flexible spending accounts, which let workers set aside pre-tax dollars to cover medical expenses, some consumers may be spending more on braces, expensive eyewear and other medical supplies they would typically buy with the accounts. Before the new rule, there was no official cap on how much taxpayers could stash into the account, though many companies typically set their own limits of $5,000. For a person in the 25% tax bracket, the cap cuts the maximum tax break in half to $625 from $1,250.
For families who relied on the accounts to help them cover the costs of pricey medical services like braces, the cap indirectly raises their costs, says Gayle Glenn, president of the American Association of Orthodontists, which along with some other medical groups is calling for the cap to be eliminated. About 65% of the roughly 17,000 orthodontists surveyed by the association in 2009 said their patients used FSAs to pay for treatment. And with the cost of braces ranging from $5,000 to $7,000, many families likely max out their FSA contributions to pay for them, says Glenn, whose association recently circulated a letter for orthodontists to publish in their local newspapers, encouraging people to write to Congress to challenge the cap. We want people to be aware, says Glenn.
(Excerpt) Read more at marketwatch.com ...
Pelosi was right.
The ‘Rats had to hurry up and make it law before Americans could find out what was in it.
And that one took effect this past year.
It basically raised our taxes on our health care.
The rest we must do post tax $$$.
There is a trck to pull as early in the year there is an overlap between the two periods (January to March) so careful planning it could be 2 X the max.
The in-bred elite won’t like this.
why would Obamacare cover braces?
Not to mention Lasik eye procedures.
In many cases (not all) orthodontic braces are really not necessary. It has gotten to the point where it’s near mandatory for high school kids to have braces. It’s my view, it’s becoming scam.
No problem. Just have your kids sell Mistletoe to pay for them.
Who gets hurt the worse is parents of Special Needs Kids who maxed this out, way above the 5K limit if they could to help keep their kids healthy and sometimes alive.
LOL. Yeah, I got two who need to do this.
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