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Businesses, individuals will be HIT in 2018 on health coverage

With all the focus on the tax reform bill and the repeal of the individual health insurance mandate, the Health Insurance Tax has slipped under the radar.

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HIT will raise the cost of some business-provided health coverage by 3 to 6 percent. (Photo: Shutterstock)

With all the focus on the tax reform bill and the repeal of the individual health insurance mandate, the Health Insurance Tax has slipped under the radar. 

HIT, as it’s known, was passed in the original Affordable Care Act and took effect in 2014 to help fund the ACA. The tax was applied to health insurance plans purchased by small business owners, but Congress passed a one-year moratorium on it. The thing is, it affects everyone, according to a KTVN report, and it’s going to cost them—and some of them a lot—when it returns in 2018.

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