According to a Ribble press release, the legislation will reduce costs for individuals, families and small businesses, by allowing families and individuals to deduct the costs of self-purchased health insurance, and the self-employed to fully deduct their health care costs. The bill also includes a provision that will lower health care expenses by allowing individuals to deduct the cost of wellness programs.
Specifically, H.R. 2662, The Heath Equity Act of 2011:
- Amends the IRS code to allow sole-proprietors to fully deduct their health insurance costs;
- Allows individuals purchasing health care on their own to deduct the cost of their health insurance from their gross income; and
- Allows individuals to deduct up to $1,200 in costs associated with fitness programs, athletic club memberships, fitness equipment, and weight loss programs.
“This legislation will help lift the weight healthcare costs have placed on small businesses and families,” said Ribble, in the announcement. “I ran and operated a small business for over 30 years, and know first-hand the hard work and money it takes to be self-employed. I want to make sure that families who are struggling to pay their bills and small businesses who are trying to keep out of the red are able to afford their healthcare costs. Many small businesses have been forced to close their doors due to the current economic climate, which has created a steeper incline on our path to economic recovery. If we lessen the burden of these healthcare costs, small businesses can put more energy and money into expanding operations and creating jobs for the millions of unemployed Americans.”
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