On Monday, Republicans in Congress released their first draft of an anxiously awaited proposal called the American Health Care Act, which would replace large sections of the Affordable Care Act – commonly referred to as Obamacare. The information contained in this first draft of the American Health Care Act is sure to be debated over the next several months before becoming law, but some of the significant proposed changes are as follows:
- Elimination of the 0.9% additional medicare payroll tax applied to an employee’s income in excess of $200,000
- Elimination of the Employer Mandate requiring applicable large employers to offer health coverage to their employees
- Significant changes to the Flexible Spending Account and Health Savings Account annual limits
- Delay of the proposed “Cadillac” tax on high cost health plans until at least the year 2025
Confused by ever-changing employment and benefit laws like these? Give Tandem HR a call today at 630.928.0510 to find out how we can help keep your business compliant so you can focus on revenue generating activities.