Exploring health care updates resulting from the recent tax reductions
As the Tax Cuts and Jobs Act takes effect, changes are afoot in the healthcare landscape. Here's a roundup of key developments and their potential impact on our community.
Firstly, government health-insurance subsidies are set to drop, which could put additional strain on U.S. families already spending a growing percentage of their incomes on healthcare. In 2015, families spent an average of 10.1%, or $6,422, on healthcare costs. Some states, such as Arizona, Florida, Mississippi, New Mexico, Oklahoma, Tennessee, and Texas, see families spending 12% and more of their incomes on healthcare costs.
Employers, however, continue to shoulder a significant portion of their employees' healthcare costs. According to the U.S. Bureau of Labor Statistics, employers pay for 67% to 71% of their employees' healthcare costs.
In an effort to support their workforce, some local businesses are offering improved food choices, internal mentoring programs, child care and elder care, and counseling and other programs.
A potential game-changer is the consideration of a health alliance by local business leaders, similar to the one announced by Jeff Bezos, Warren Buffet, and Jamie Dimon. The goal would be to drive down workforce healthcare costs and shift the healthcare paradigm. However, as of now, there are no publicly known plans of companies in our region joining such an alliance. Western states like California, Oregon, Washington, and Hawaii are leading the charge, focusing on health policies rather than corporate healthcare cost management.
Another aspect to consider is the individual mandate. Millions of Americans are expected to opt out of the individual mandate, with 4 million doing so in 2019 and 13 million lacking healthcare by 2027, according to the CBO. Insurance premiums will increase 10% a year for those who don't belong to a group.
For our readers, this means it's crucial to plan ahead. Reporters are encouraged to find out how these readers plan to pay for healthcare and whether they plan to opt out of the individual mandate. Reporters are also asked to consult with a local financial planner or consumer advocate to offer smart ways to prepare for the potential costs of opting out of the individual mandate.
Lastly, reporters are asked to contact their state and county health departments to find out how the tax cuts law affects their ability to help residents who need health coverage. A link is provided for readers to find more information about the impact of the tax cuts law on health coverage. Additionally, reporters are encouraged to find out if their readers have emergency savings to pay for potential medical bills if they choose to opt out.
Stay tuned as we continue to monitor these developments and bring you updates on the local impact of these changes.
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