WESTMINSTER CHAMBER OF COMMERCE: New Analysis: How The ACA's HIT Will Impact 2020 Premiums


Westminster Chamber of Commerce issued the following announcement on July 9.

Under the Affordable Care Act (ACA), all insurers that offer fully insured health insurance must pay an annual fee - the so-called health insurance tax (HIT). The fees are based on insurance premiums and insurers' tax is roughly proportional to their market share. The tax was designed to help fund the federal and state marketplace exchanges. In 2018, Congress approved a one-year moratorium on collecting insurer taxes for 2019. The moratorium is set to lapse in 2020 and insurers now face an estimated $16 billion fee in 2020. To recoup the cost of the tax, insurers are expected to increase premiums.

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Original source can be found here.

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