Stop the HIT to protect American workers
A little-known provision of the Affordable Care Act has been stealthily contributing to higher health insurance premiums. It’s called the Health Insurance Tax, or HIT — and Congress is finally ready to do something about it.
Earlier this summer, a bipartisan House majority voted to suspend the HIT through 2021. Now it’s the Senate’s turn to act. Billions of dollars in insurance premiums for consumers are on the line.
Since the Affordable Care Act took effect in 2014, insurance companies offering conventional full-coverage policies have paid fees based on how much their premiums are. That includes employer-sponsored group insurance plans, individual plans on the Obamacare exchanges, and Medicare and Medicaid plans.› The HIT served as an extra source of funding for the ACA.
Unfortunately, insurers simply pass the Health Insurance Tax along to individuals and employers in the form of higher premiums.
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