Extension of CHIP:
Extends authorization and funding for the Children's Health Insurance Program (CHIP) through 2015 (current authorization is through 2013).
CO-OP Health Insurance Plans:
Creates the Consumer Operated and Oriented Plan (CO-OP) to foster the creation of non-profit, member-run health insurance companies.
Medicare Tax Increase:
Employer Retiree Coverage Subsidy:
Eliminates the tax-deduction for employers who receive Medicare Part D retiree drug subsidy payments.
Increases the Medicare Part A (hospital insurance) tax rate on wages by 0.9% (from 1.45% to 2.35%) on earnings over $200,000 for individual taxpayers and $250,000 for married couples filing jointly and imposes a 3.8% assessment on unearned income for higher-income taxpayers.
Increases the threshold for the itemized deduction for unreimbursed medical expenses from 7.5% of adjusted gross income to 10% of adjusted gross income; waives the increase for individuals age 65 and older for tax years 2013 through 2016.
Itemized Deductions for Medical Expenses:
Flexible Spending Account Limits:
Limits the amount of contributions to a flexible spending account for medical expenses to $2,500 per year, increased annually by the cost of living adjustment
Health Care Reform: A Timeline for Employers