healthmyths
Platinum Member
- Sep 19, 2011
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If we completely eliminate employer paid and private health insurance companies what will be THAT cost which doesn't seem to be added into the equation for people that favor "Medicare for All".
There were in 2017 907 health insurance companies.
There are in 2015 500,000 health insurance employees.
On average, employers paid 82 percent of the premium, or $5,655 a year. Employees paid the remaining 18 percent, or $1,241 a year.
What Percent of Health Insurance is Paid by Employers?
Most health insurance companies pay an effective tax rate higher than 30 percent. There are also a number of taxes and fees that are specific to health insurance products and – like all taxes and fees on insurers – are built into premiums.
The health insurance tax is one example. Current law imposes a tax on health insurance purchased by families and small businesses. Studies by Oliver Wyman have found that, due to this tax, small employers will pay $210 more per employee and families will pay an extra $530 per year, on average
Taxes, Fees, and Your Premiums - AHIP
Like all businesses, insurance companies are subject to federal, state, and local taxes.
So if these 907 pay the states a state premium tax...the most common percentage is 2.5%.
These companies also paid on $867 billion in premium revenue in 2017 based on what Aetna
paid in income taxes in 2017 of 2% gross revenue..
http://www.aetna.com/investors-aetna/assets/documents/2017/4q17-form-10k.pdf
2% income taxes on $867 billion is $18 billion a year..
So loss of $18 billion in federal tax income
Loss of $2.4 Billion of Medicare/SS taxes on 500,000 people average salary $40,000
Unemployment payments of $6.05 Billion on 500,000 of $450/week for 26 weeks.
So total cost of closing 907 companies: $27 billion a year!
There were in 2017 907 health insurance companies.
There are in 2015 500,000 health insurance employees.
On average, employers paid 82 percent of the premium, or $5,655 a year. Employees paid the remaining 18 percent, or $1,241 a year.
What Percent of Health Insurance is Paid by Employers?
Most health insurance companies pay an effective tax rate higher than 30 percent. There are also a number of taxes and fees that are specific to health insurance products and – like all taxes and fees on insurers – are built into premiums.
The health insurance tax is one example. Current law imposes a tax on health insurance purchased by families and small businesses. Studies by Oliver Wyman have found that, due to this tax, small employers will pay $210 more per employee and families will pay an extra $530 per year, on average
Taxes, Fees, and Your Premiums - AHIP
Like all businesses, insurance companies are subject to federal, state, and local taxes.
So if these 907 pay the states a state premium tax...the most common percentage is 2.5%.
These companies also paid on $867 billion in premium revenue in 2017 based on what Aetna
paid in income taxes in 2017 of 2% gross revenue..
http://www.aetna.com/investors-aetna/assets/documents/2017/4q17-form-10k.pdf
2% income taxes on $867 billion is $18 billion a year..
So loss of $18 billion in federal tax income
Loss of $2.4 Billion of Medicare/SS taxes on 500,000 people average salary $40,000
Unemployment payments of $6.05 Billion on 500,000 of $450/week for 26 weeks.
So total cost of closing 907 companies: $27 billion a year!