The Health Insurance Tax (H.I.T. Tax), IRS Notice 2019 – 50, will impact all insurers offering medical, dental and vision insurance called (“covered entities”), through both off-exchange and on-exchange individual markets, the small group and large marketplace, and programs like Medicare and Medicare Part D.
Congress suspended this tax for 2019 due to concerns with the impact the tax was having on premiums, but without any legislative action, the tax will resume next year.
As always, should you have any questions, please contact Margolis And Associates for additional employee benefit compliance news, information and solutions.
Download PDF: H.I.T. Tax Article