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3 Misconceptions About the Affordable Care Act's Cadillac Tax

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MISCONCEPTIONS about the Affordable Care Act’s CADILLAC TAX Beginning in 2018, the Cadillac tax will apply to employer-sponsored policies with premiums higher than $27,500 for a family or $10,200 for an individual. Anything beyond those thresholds will generally get hit with a nondeductible 40% levy. MISCONCEPTION The tax affects only big employers with platinum-plated health care plans. REALITY CHECK Sn Bro u old pla ilver plan nGm nze pla ti Pla n ED X TA D D A E TE X TAXED AX T Estimates are that 26% of employers offering health plans will be hit by the tax in 2018 if they don’t make changes. That number will rise considerably over time. MISCONCEPTION 2015 2018 There’s no urgency to make changes; after all, the tax doesn’t kick in until 2018. REALITY CHECK It takes time and research to strategically plan for the tax, so waiting until the end of 2017 to take action may be too late. Start now to identify inefficiencies and cost drivers in the health plans you have. Then benchmark the data to know if you are subject to the tax, how much it will be and how you can reduce it. MISCONCEPTION ? ? ? ? Employees won’t understand the tax or the changes that will have to be made. REALITY CHECK Not involving employees as you seek to make changes in response to the tax will only increase misunderstandings and unhappiness. Act now to create clear, concise messaging that will engage employees throughout the process. Need help? Contact Carl Mowery, Managing Director, Compensation and Benefits Consulting, at +1 312 602 9147 or carl.mowery@us.gt.com. Tax professional standards statement This content supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the topics presented herein, we encourage you to contact us or an independent tax professional to discuss their potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this content may be considered to contain written tax advice, any written advice contained in, forwarded with or attached to this content is not intended by Grant Thornton LLP to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code. “Grant Thornton” refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL), and/ or refers to the brand under which the GTIL member firms provide audit, tax and advisory services to their clients, as the context requires. GTIL and each of its member firms are separate legal entities and are not a worldwide partnership. GTIL does not provide services to clients. Services are delivered by the member firms in their respective countries. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. In the United States, visit grantthornton.com for details. © 2015 Grant Thornton LLP  |  All rights reserved  |  U.S. member firm of Grant Thornton International Ltd


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