Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
new excise tax on health insurance
Old 04-01-2017, 03:32 PM   #1
Thinks s/he gets paid by the post
 
Join Date: Nov 2011
Posts: 3,217
new excise tax on health insurance

One of the lesser-known consequences of the ACA not being repealed is its excise tax that goes into effect today. Starting this month a 10% excise tax is being applied to all health insurance premiums. If you are over 62.5 years of age and do not use health care services during a covered month, formerly you were going to be able to opt out of this excise tax, but now instead you can apply for the "Healthy Retiree" credit by filing the appropriate form each month with the IRS. This is all part of the Act Protecting Retired Individuals Lives, Formerly Opt Out Law. The credit form is now available at the IRS web site.
__________________

GrayHare is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-01-2017, 03:36 PM   #2
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 45,508
Quote:
Originally Posted by GrayHare View Post
One of the lesser-known consequences of the ACA not being repealed is its excise tax that goes into effect today. Starting this month a 10% excise tax is being applied to all health insurance premiums. If you are over 62.5 years of age and do not use health care services during a covered month, formerly you were going to be able to opt out of this excise tax, but now instead you can apply for the "Healthy Retiree" credit by filing the appropriate form each month with the IRS. This is all part of the Act Protecting Retired Individuals Lives, Formerly Opt Out Law. The credit form is now available at the IRS web site.
Link to form on IRS web site? It is April 1, after all...
__________________

__________________
Numbers is hard

Charter resident of the lumpen slums of cyberspace

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 04-01-2017, 03:40 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 23,059
Good strategy waiting until later in the day when people are less suspecting.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56...60/35/5 AA
pb4uski is offline   Reply With Quote
Old 04-01-2017, 03:41 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: St. Charles
Posts: 1,544
Quote:
Originally Posted by GrayHare View Post
One of the lesser-known consequences of the ACA not being repealed is its excise tax that goes into effect today. Starting this month a 10% excise tax is being applied to all health insurance premiums. If you are over 62.5 years of age and do not use health care services during a covered month, formerly you were going to be able to opt out of this excise tax, but now instead you can apply for the "Healthy Retiree" credit by filing the appropriate form each month with the IRS. This is all part of the Act Protecting Retired Individuals Lives, Formerly Opt Out Law. The credit form is now available at the IRS web site.
You almost got me .
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
CardsFan is online now   Reply With Quote
Old 04-01-2017, 03:42 PM   #5
Thinks s/he gets paid by the post
euro's Avatar
 
Join Date: Oct 2015
Posts: 1,253
Quote:
Originally Posted by REWahoo View Post
Link to form on IRS web site? It is April 1, after all...
Nice catch, REWahoo -- I hope.....
euro is online now   Reply With Quote
Old 04-01-2017, 04:29 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Nov 2011
Posts: 3,217
Shoehorning the acronym was fun.
GrayHare is online now   Reply With Quote
Old 04-01-2017, 04:31 PM   #7
Recycles dryer sheets
 
Join Date: May 2016
Posts: 88
Oh, the Act Protecting Retired Individuals Lives, Formerly Opt Out Law. I've heard about that.
__________________

CDRE is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
federal excise tax on TVs GrayHare Other topics 1 01-02-2017 05:36 PM
WA state excise tax on property sale? Big_Hitter FIRE and Money 14 03-15-2016 09:49 AM
The New Health Care Law, Health Ins & 'New Plans' dex FIRE and Money 14 06-28-2010 06:36 AM
health insurance and effect on increased health care costs Martha Other topics 9 08-08-2006 01:54 PM

» Quick Links

 
All times are GMT -6. The time now is 03:07 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
×