Health Insurance Forum

IRS controls health insurance

by admin on 06/01/10 at 2:44 pm

The IRS will soon be responsible for checking to see if all Americans have health insurance. The House and Senate proposed bills require the majority of US Citizens to carry health insurance and provide proof on their yearly federal tax returns. Those who do not have health insurance or fail to prove it will have to pay a penalty to the IRS. The agency would also allocate as much as $150 billion per year in new government funding to help assist small employers and as many as 20 million lower income families purchase affordable insurance. The IRS would also be responsible for collecting billions of dollars in new fees on employers, drug companies, and device makers, according to the CBO. Some opponents of health bill are concerned that the IRS will not be able to handle the subsidies or enforce the mandates. What are your thoughts? Can the IRS regulate the health insurance industry?