The Affordable Care Act’s reporting requirement for the reporting of medical insurance costs on W-2’s has been delayed until 2012. After that I have some predictions of what may come next.
Now, it is my belief that once this reporting is under way the benefits will become recognizable as income to the taxpayers.
Then, I believe that companies will no longer be allowed to deduct the medical expenses.
It is my belief that we will then need to pay for our own medical insurance with a one year credit of say $7,500. Then nothing, just like auto insurance. But we will be able to buy what ever level of coverage we choose as with auto insurance.