There goes the affordable part of health reform. The insurance industry is warning a new tax in in the Patient Protection and Affordable Care Act will cost consumers thousands of dollars because of rising premiums.
According to a study conducted by Oliver Wyman for America's Health Insurance Plans, the new health insurance tax will increase the cost of health care coverage by as much as $7,000 over the next 10 years.
The PPACA imposes a new sales tax on health insurance that starts at $8 billion in 2014, increases to $14.3 billion in 2018, and will continue to increase each year. The Joint Committee on Taxation estimates that the health insurance tax will exceed $100 billion over the next decade.
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