Tags: irs | fees | health | insurance

IRS Ready to Collect Billions From Insurers Under Obamacare

Friday, 01 Mar 2013 04:21 PM

By Newsmax Wires

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The Internal Revenue Service (IRS) released its proposal Friday to garner billions of dollars through annual fees on health insurers as part of the Affordable Care Act.

Industry groups are quite upset, arguing that the fees will be passed along to consumers, The Hill reports.

The fees, to be collected from most insurers, would register $8 billion next year and rise every year afterward, breaking $14 billion in 2018, according to the IRS. The amount of the fees would depend on an insurer’s net premiums.

America's Health Insurance Plans (AHIP), one of the industry’s top trade groups, lambasted the proposal, estimating it would cost insurers more than $100 billion over the next 10 years and hurt consumers.

AHIP estimates that the fee would help push up the average family’s health insurance bill by $300 next year and more than $500 in following years.

“This is a new $100 billion tax on health insurance,” AHIP spokesman Robert Zirkelbach told The Hill. “Taxing health insurance is only going to make it more expensive.

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