Posted on 03/26/2010 1:22:00 PM PDT by Bean Counter
My wife informs me that the Company she works for has already announced what will be a significant change to one of the programs they offer employees, and it means that many people's taxes have already gone up, proving what a liar Premier Hussein really is.
Several years ago, the company started offering a type of medical savings account to employees. The employee signs up during the annual enrollment period at year end, and chooses how much that account will be worth, let's say, $2000. As soon as the new year starts, you can begin using that account to pay authorized medical expenses up to the $2000 limit, and a set amount is deducted from your weekly pay to satisfy the account by year end. All expenses have to be medical and you must provide receipts, but you can spend that $2000 in the first 2 months of the year, then pay it back incrementally for the rest of the year.
It's a pretty good deal and is of tremendous help with meeting your deductibles and co-pays on health expenses. I've had some significant health challenges for a while now and every year we pay significant money out of our pocket for medical expenses.
In addition, the money is pre-tax; that is, it is exempt from Federal and State taxes. They do that to encourage people to use it, and enable them to stay current on their medical bills.
Last year we took $3500 and used it all. The top limit for 2010 is $5000, and the wife signed up for that amount this year. That will be five grand that is exempt from taxes and we will use every bit of it this year....and it is the last year we will get that much of a benefit.
She was just notified by the Company, that with the passage of Obamacare, the maximum allowable amount for those accounts starting with the next enrollment period is now $2500, period.
Your situation is the perfect example that proves this thing is about socialism...spreading the wealth. Some will pay so others will be covered.
First tax increase? Hardly. Every single working American paid $200 more in income tax 2009 than they did in 2008 ($600 rebate in 2008 v. $400 rebate in 2009). Cigarette taxes when up within weeks of Obama’s inauguration. And on January 1 of this year, individual tax deductions were eliminated for state and local taxes. The $4,000 college tuition deduction was eliminated as was the $1,000 homeowners deduction for those who don’t itemize. Also, the AMT was not indexed, meaning that many middle-class Americans will be hit by that tax.
I was actually surprised to my first visit to my doctor for bloodwork under the HSA...the total bill was less than what got charged to the insurance company on previous visits...not a lot, just enough to take notice of. they still like be paid at the time of service, not 6 months later.
Reminds of the good ole days before HMO’s (that were suppose to bring down costs and save us as well), you got sick you went to the good Doctor and paid out of pocket, health insurance was an 80/20 split for major services
Just about every insurance company is refusing to fill or refill RX unless it’s generic.
For most employers, enrollments are in October.
Really? Already?
I have a different prescription coming due in a few weeks. We’ll see.
At least it isn’t just us.
The next tax I expect to see immediately is on “medical devices”. People have no idea how many things that covers.
Know anyone who has had a colostomy? Guess what a colostomy bag is....a medical device.
Women’s sanitary products?? The Administration has been labeling those items “medical devices” for imports for some time now.
Know anyone who is on permanent tube feeding?? Guess what those supplies are?? Medical devices.
Know anyone who is diabetic?? Guess what they need lots of every day...medical devices.
The list is endless, and the taxes on those items start immediately, so not only is out ability to pay for the supplies we need impaired, the prices and the taxes are going up right now.
A tampon tax?
This began in NJ several months ago.
Call your pharmacy and see if they will cover your RX as usual.
It’s more than that - your car is an asset of more importance to some than others. Your life is an asset only when you die and only if you have life insurance. You can insure your car, your house, your boat and your life. You cannot insure your health. Interestingly when you insure your car, you can also get coverage for damaged caused by an uninsured motorist. Cars and health aren’t even apples and oranges - more like dishwashing soap and buffalo stew!
“A tampon tax?”
Exactly right. There was an article here a couple of months ago, posted by blam, JustLori, or one of the others who have been routinely shouted down for being “too doom and gloom”, when the Administration updated import regulations to classify imported sanitary products such as tampons, as “medical devices”.
Since the bill Premier Hussein just signed includes a new 2.9% tax on all “medical devices” every woman in America is about to find out in the rudest way...
“Interestingly when you insure your car, you can also get coverage for damaged caused by an uninsured motorist”
One correction....uninsured motorist protection is mandatory in a number of States. There is no “can get” about it...
I wonder if churches will have to buy health care for all of their part-time employees.
“A tampon tax”?
I remember the first time I ever bought a condom, and the lady said “That’ll be three dollars and forty-eight cents with tax.”
“Oh! I always wondered how you were supposed to keep them from slipping off!”
Thanks - I added that to my HC vs Auto file.
“I wonder if churches will have to buy health care for all of their part-time employees.”
That depends. As I understand it, the threshold number of employees is 50 or more, so if your church employs 52 people, they must provide health care for all of them.
Or if they are smart, they will lay off 3 people, and dump he other 49 off on the Government.
I hope the employers let the employees know its zeros fault right before the election.
This is just the first salvo from the Dems. They have no intention of stopping here. Without the outcry from us worker bees, the first round would have been even worse. Don’t count on anything for next year yet, there is much more to come.
Thanks for your reply.
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