For Immediate Release
Washington, DC – Congressional action to suspend the Health Insurance Tax (HIT) in 2020 will provide crucial relief to more than 14 million small business employees and their families struggling with higher insurance premiums, according to new actuarial analysis from Oliver Wyman.
The latest report underscores the need to address the HIT now and into the future. In total, more than 142 million Americans – including individuals purchasing coverage on their own, small business employees and families, seniors, states and taxpayers – will face a new $20.3 billion tax hike on January 1, 2020.
Annual average savings from a 1-year extension of HIT relief would include:
- More than $150 in savings for individual small business employees;
- Nearly $500 for families purchasing coverage in the small group market; and
- Roughly $250 for seniors enrolled in Medicare Advantage.
There is broad and growing support for immediate HIT suspension. A recent national poll from Morning Consult points to an overwhelming majority of surveyed voters (73%) supporting efforts to repeal or suspend the health insurance tax (HIT) and providing direct cost-savings to small businesses, middle-class families and seniors across the country.
Legislation to repeal or suspend the HIT has been introduced on a bipartisan basis since 2013 in both the House and Senate. Further, since 2015 Congress passed multiple suspensions of the HIT for benefit years 2017 and 2019. Building on this progress, Congress must focus on ways to provide small businesses with much-needed certainty for 2020 and beyond.
For more information on the impact of the health insurance tax, click here.
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About Stop The HIT: The Stop The HIT Coalition represents the nation’s small business owners, their employees and the self-employed who are actively working to repeal the Health Insurance Tax. Since the Coalition’s formation in 2011, it has grown to include more than 35 national organizations, representing millions of small business owners across the country.
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