The Republican bill would eliminate among other tax provisions:
- The individual insurance mandate;
- The PTC, which would be replaced with an age-adjusted, advanceable, refundable tax credit to buy health coverage or health care services. The value of the tax credit would be reduced as an individual's income increased between 200 to 300% of Federal Poverty Level. Only American citizens would qualify for the credit and it would be inflation adjusted.
- The dependent coverage up to Age 26 (with transitional provisions);
- The Employer responsibility provisions;
- The increased hospital insurance (HI) tax for high-earning workers;
- The 3.8% Net Investment Income Tax;
- The higher threshold for deducting medical expenses;
- The $2,500 dollar cap on contributions to health FSAs and the ban on over-the-counter Rx reimbursed through FSAs, HRAs and MSAs;
- The excise tax on Cadillac policies would be replaced with inflation adjusted caps of $12,000 for individuals and $30,000 for families;
- The bill would retain a modified, and more restrictive pre-existing provision that would not provide a pre-existing exclusion for individuals who previously opted out of insurance when they were healthy.
Chances of getting any of these changes past a Presidential veto, while this administration is in place, are slim to none. But it provides insights of what may come if we have a Republican administration.