Health Care Reform Changes for 2013
The following changes will occur in 2013 as a result of the Health Care Reform:
- The maximum contribution to a flexible spending account for medical expenses will be $2,500.
- Medicare Part A (hospital insurance) tax will increase for high-income earners by 0.9 percent (from 1.45 percent to 2.35 percent) on earnings over $200,000 for individuals and $250,000 for married couples filing jointly, and imposes a 3.8 percent assessment on unearned income for higher-income taxpayers.
- Itemized deduction for medical expenses increases from 7.5 percent to 10 percent. If you are over age 65, you can still claim 7.5 percent until 2016.
Extended Medical Benefit Available Through the PSC-CUNY Welfare Fund
Participants who have basic coverage through GHI-CBP have an additional level of medical cost protection through the PSC-CUNY Welfare Extended Medical benefit.
This benefit is designed to provide a buffer against large medical expenses associated with serious or long-term illness that is not met by the basic employer-provided insurance.
For more information about this, visit the PSC-CUNY Welfare Fund website.