The U.S. Supreme Court on Thursday declared the mandate in Sec. 5000A, requiring U.S. citizens and legal residents to maintain minimum essential health coverage, to be a permissible exercise of Congress’s taxing powers under the Constitution.
So what does this mean for you?
- Individual mandate to take effect starting 2014
- All tax provisions upheld
- Penalty on states for refusing expanded medicaid unconstitutional
- Premium assistance tax credit to help offset cost of coverage
- Limits on health FSAs and other arrangements continue
- Small employer health insurance tax credit preserved
- Codified economic substance doctrine sustained
Those are the highlights, but there are plenty of other details involved in the new legislation.
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