Whatever your stand is on the universal healthcare initiative, there is one thing that everyone can agree on—that it will be expensive! It is believed that it will end up costing in the trillions and that cost will of course be passed down to the American public in some capacity. So how much will it cost you specifically? If you look at some of the measures being discussed, you can see just how much this overall initiative may cost you in the long run.
Taxed on Value of Health Insurance
Generally speaking, a good solid health insurance plan can cost the average employer about $13,000 in value. If you go off of that figure, then you can expect that you would be taxed on that valued amount. The percentage of tax depends on the state that you live in and the structure that is created around it, but suffice it to say that a significant amount of tax money would come out of your pocket to support this new healthcare plan right off the bat.
Even More If You Are a Small Business Owner
Though there are certainly some that may benefit from a universal healthcare plan, small business owners are not necessarily one of them. There is a great deal of talk about penalizing small business owners who do not offer their employees healthcare benefits. This could come in the form of up to 8% of a penalty per worker or may show up as a flat fee of $750 per year per employee that works for the company. The details of this are still being worked out, but this could really put the pinch on small business owners in the end.
Tax the Guilty Pleasures
As a means of keeping the American public overall healthy, there is much talk about imposing a “guilt tax” of sorts. This means that if you were to consume foods or beverages that were not good for you such as soda or alcohol, you could face up to $0.14 per beverage. This may not sound like much, but if you think of your overall consumption then this can really add up and put the pinch on your wallet in the long run.
Tax the Wealthy
Though it’s a premise that is still being heavily debated, some would say that taxing those who are considered to be a top tax bracket makes the most sense. This would mean that they could see up to a 5.5% increase in their overall taxes to support this new program. This would all depend on the income level and the benefits received, but is sure to be an idea that gets heavily debated until a consensus is reached.
Mary F Frederick is interested in informing people about how to get a master of health informatics.
