Pioneer is releasing a new brief estimating the impact of the so-called “Cadillac tax,” targeted at high cost insurance plans, contained in Obamacare.
The report finds that given our high premiums, a majority of workers in Massachusetts will pay the tax in 2018. On a more micro level, the report examines the impact of the excise tax on a small business employee, a police officer, and a teacher. The future looks expensive!
For the 10 years following the introduction of the tax:
- Business employee on a family plan will owe $86,905 in additional taxes.
- Police officer on a family plan will owe $53,907 in additional taxes.
- Teacher on an individual plan will owe $20,807 in additional taxes.
Remember this is all on top of paying for their insurance premium as well. The tax does not discriminate and will add costs for the lower-middle class, the upper-middle class and everyone in between. Any profession that has robust healthcare benefits — construction workers, teachers, police, state and local public workers, and a majority of those on private insurance — will be immediately and significantly impacted by this tax.
Read the full brief for more details, and share it with anyone that is interested in learning more about the impact of the Affordable Care Act on those in Massachusetts.
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