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Steer clear of tax on ‘Cadillac’ health plans

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in Small Business Tax

Q. Will the new tax on health insurance plans apply to self-employed individuals? R.B., Marietta, Ga.

A. No. There’s a lot of confusion over this new health law provision. Actually, the 40% excise tax on “Cadillac” health insurance plans is levied against health insurers, not individuals.  

It applies if the annual premiums for a health insurance plan exceeds $10,200 for individual coverage or $27,500 for family coverage. But you can expect insurance companies to raise the premiums as a result of this new tax.

Tip: The excise tax on “Cadillac” health insurance plans doesn’t take effect until 2018, so you have plenty of time to consider alternatives.

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