How will the new health care law affect you? USA TODAY's Eugene Kiely answers some questions readers have about the law as it would be amended by the bill now before the Senate.
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Q: How will the new health care bill affect the amount I am taxed from each pay check?
A: It depends on how much you earn. In 2013, the Medicare payroll tax, which is now 1.45%, will increase to 2.35% for individuals who earn more than $200,000 and married couples filing jointly who earn more than $250,000. The additional tax is applied only to the amounts above those threshold levels. That means a single taxpayer with an annual income of $250,000 will pay an additional $450 per year in Medicare taxes, while someone earning $500,000 will pay $2,700 more a year.
Q: My physical therapist owns her own small business and employs 15 people. How does this bill affect her requirement to offer health insurance? She currently pays 20% of the coverage she provides for her employees. Would that change?
A: It depends. There are no requirements that companies with less than 50 employees offer health insurance. In fact, the bill provides help for small businesses to provide coverage. Companies with no more than 25 employees and average annual wages of $40,000 could receive tax credits to help provide insurance to employees.
There is a catch, of course. The business must pay 50% of employees' premiums, so your physical therapist will not be eligible for tax credits because she pays 20% of the coverage. Small businesses with fewer than 100 employees may also choose to provide coverage through state-based marketplaces called "exchanges," which may offer less expensive plans than business owners can buy now. Full Story
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