Newton businesses now have access to an innovative tool made available through Jeff Maki of Clemon-Maki Insurance that could potentially save them thousands of dollars in annual health insurance costs. A clause in the Affordable Care Act is a 40 percent excise tax, dubbed a Cadillac tax, that penalizes employers that offer high cost health plans to workers. The tax was meant to discourage people from choosing costly insurance coverage that increase health prices.
The new tax calculator, being provided by Clemon-Maki Insurance, was designed to be used with employers to ensure they see the possible repercussions of the Cadillac tax. The Cadillac Tax Calculator enables businesses to forecast the added expense of their health insurance plans annually once the tax is implemented and to develop long-term benefit strategies to avoid the tax.
“Even though the Cadillac tax does not take effect until 2018, it is vital that all businesses currently offering health insurance benefits analyze their potential liability now so they can create strategies to lower their costs and avoid the tax. The Cadillac Tax Calculator is the perfect tool to do just that,” Maki said.
For more information on the Cadillac Tax Calculator or for help on formulating a strategy to prepare for the implementation of the tax, contact Maki at 641-792-5040.