2011 W-2 tax forms and HR 3590: Will you have to pay taxes for health insurance??

A new chain letter an many news channels like fox new are claiming that most people, even retirees, will see a big tax increase next year thanks to President Obama’s New health care law, because it will start taxing health insurance as regular income. Starting 2011 your W2 tax forms sent by your employer will be increased to show the value of whatever health insurance you are given by your company. . . . → Read More: 2011 W-2 tax forms and HR 3590: Will you have to pay taxes for health insurance??

Offical Document of H.R 3590: Patient Protection and Affordable Care Act

Official Summary 3/23/2010–Public Law. (This measure has not been amended since it was passed by the Senate on December 24, 2009. The summary of that version is repeated here.) Patient Protection and Affordable Care Act – Title I: Quality, Affordable Health Care for All Americans – Subtitle A: Immediate Improvements in Health Care Coverage for All Americans – (Sec. 1001, as modified by Sec. 10101) Amends the Public Health Service Act to prohibit a health plan (“health plan” under this subtitle excludes any “grandfathered health plan” as defined in section 1251) from establishing lifetime limits or annual limits on the dollar value of benefits for any participant or beneficiary after January 1, 2014. Permits a restricted annual limit for plan years beginning prior to January 1, 2014. Declares that a health plan shall not be prevented from placing annual or lifetime per-beneficiary limits on covered benefits that are not essential health benefits to the extent that such limits are otherwise permitted. Prohibits a health plan from rescinding coverage of an enrollee except in the case of fraud or intentional misrepresentation of material fact. Requires health plans to provide coverage for, and to not impose any cost sharing requirements for: . . . → Read More: Offical Document of H.R 3590: Patient Protection and Affordable Care Act