Time & Attendance
By Staff Report
Sep. 10, 2009
Commercial health insurance companies and administrators of self-funded health care plans would have to pay an excise tax of 35 percent on health care plans whose costs exceed a certain level under a draft health care reform proposal by Senate Finance Committee Chairman Max Baucus, D-Montana.
Under the proposal that Sen. Baucus described Monday, September 7, as a “framework” for discussion and not a final product, the 35 percent excise tax would apply to health care premiums that exceed $8,000 for individual coverage and $21,000 for family coverage.
In addition, the proposal would place a $2,000 annual cap on money that could be contributed to flexible spending accounts. There is no legal cap today and many employers allow employees to make up to $5,000 a year in pretax contributions to their health care FSAs.
The proposal also would tax the value of a federal subsidy now provided to employers whose retiree prescription drug plans are actuarially equal to the Medicare Part D benefit, as well as increase to 20 percent from 10 percent the tax on health savings account withdrawals prior to age 65 that are not used for reimbursement of medical expenses.
Revenue generated from the proposals would be used to help fund federal health insurance premium subsidies of the low-income uninsured.
Come see what we’re building in the world of predictive employee scheduling, superior labor insights and next-gen employee apps. We’re on a mission to automate workforce management for hourly employees and bring productivity, optimization and engagement to the frontline.
Staffing ManagementManaging employee time-off requests: A guide for business owners
Summary Vacation, sick time, PTO banks, and unpaid leave are only a few forms of employee time off — Mo...
TechnologyLabor analytics: A how-to guide for company leadership
Make sure to start small, clean your data, use data from a variety of sources and use desired business ...
data analytics, employee data, HR Tech, people analytics, talent management
TechnologyWhy tattleware isn’t the solution for underperforming teams
If your employees can take their smartphones out of their pockets to circumvent your efforts, how can y...
employee monitoring, HR technology, tattleware