Tax & Accounting News

GOP Sheds Some Light on Its Affordable Care Act (ACA) Replacement Plan

2/20/2017

Congressional Republicans have released a blueprint of their proposal to repeal and replace the Patient Protection and Affordable Care Act (ACA). This undated document (which was released around February 17, 2017) lays out a plan to replace the ACA. It has been met with swift challenges from the Democratic side of the aisle.

In addition to providing an outline of the GOP's replacement, the document points out these negative aspects of the ACA:

Insurance premiums increased by 25% this year;
Nearly 1/3 of U.S. counties only have one insurer offering Marketplace plans;
The ACA added $1 trillion in new taxes;
18 of 23 ACA co-ops have failed; and
177,800,000 hours of paperwork has been added.

Although the blueprint lacks significant details, it does provide a skeletal view of the Republicans' plan.

Provide Relief From ACA Taxes – The plan would provide relief from all the following ACA tax increases:

The individual shared responsibility payment (penalty for not being insured),
The large-employer shared responsibility excise tax (penalty for not offering affordable care insurance),
The surtax on net investment income,
The excise tax on high-cost health plans,
The medical device tax,
The additional Medicare tax,
The tax on medical devices,
The increased expense threshold for deducting medical expenses, and
Other ACA-related taxes.

Universal Health Care Tax Credits – The plan would replace the premium tax credit with a universal health care tax credit that would apply to Americans who do not receive insurance through their employers or through government programs. These Americans could use the credit to purchase any state-approved health insurance sold on the individual insurance market, including catastrophic coverage. The credit would be

Universal for all citizens and qualified aliens who are not offered other qualifying insurance;
Age-rated, so older Americans would receive higher credits than younger ones would;
Available for dependent children up to age 26;
Portable; and
Not based on income.

Health Savings Accounts – The plan would also make health savings accounts more flexible and accessible. It would

Approximately double the maximum contribution limits by matching these contributions up to the maximum out-of-pocket amounts allowed by law (in 2017, these limits were $6,550 for individual coverage and $13,100 for family coverage),
Allow both spouses to make catch-up contributions, and
Allow expenses to be reimbursed if they were incurred 60 days prior to the establishment of the HSA.

Medicaid – The plan also proposes numerous changes to the Medicaid program.

For further details, click here to read and/or download the full 19-page PDF of the GOP's proposal.

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Lee Reams, BSME, EA

Editor-in-Chief

Besides his role at CountingWorks as an educator and speaker to thousands of accountants nationwide, Lee manages a technical research service for a large group of tax accountants which sharpens his technical skills. Lee served on the Board of Blackline Systems, is a former Board of Director for the California Tax Education Council, is a Past President of the San Fernando Valley Chapter of Enrolled Agents, Member and Past Director for the California Society of Enrolled Agents.

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