2012 AND 2013 CHANGES – NEW TAXES

The next largest changes in the implementation of the new Health rules take place in 2013.

THE SUMMARY FOR 2013 IS INCREASED TAXES.

In this year $6 billion becomes available for the creation of Co-ops. Details about this should prove very interesting.

Contributions to Flexible Savings Accounts will be limited to no more than $2500 per year. If you have Flexible Savings Accounts at work, they allow you to tax deduct some of your income into an account which can be used to pay for medical expenses. These accounts require that the amount be spent in the same year that money is contributed.

The last three changes involve new taxes. There will be an excise tax on medical equipment. For individuals earning more than $200,000 as an individual or $250,000 as a couple they will charged an increased amount on Medicare tax. These people will also have to pay a new tax of 3.8% on unearned income.

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