As reported by National Association of Health Underwriters, Congress has voted to fully repeal the Cadillac (excise)
Tax and the Health Insurance Tax. The legislation fully repeals the Cadillac Tax and repeals the HIT effective January 1, 2021, which means the HIT will
still be in place for 2020. According to the Congressional Budget Office,
repealing the Cadillac Tax will save consumers $197 billion, and the HIT repeal
will save consumers $150 billion!
Business Benefits has actively supported the repeal of the Cadillac Tax since 2010, when the ACA became law. We are very pleased that both of these taxes have been permanently repealed! Although the HIT is an insurer tax, it was undoubtedly passed on to those insured. The repeal of these taxes will save significant dollars for members of fully insured plans.