The U.S. House of Representatives has voted 220-215 to approve legislation that would require employers to offer health care insurance to employees.
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Download NowThe requirement to offer healthcare insurance would apply to employers with payrolls of at least $500,000 annually. The Affordable Health Care for America Act (HR 3962) would also require employers to make contributions to employees' healthcare coverage.
The legislation also requires individuals to obtain healthcare coverage. If individuals fail to obtain coverage, they will have to pay a surtax. Individuals without employer-sponsored coverage would be able to purchase insurance through a health insurance exchange. The legislation would also create a public program for individuals to purchase healthcare insurance.
If employers fail to provide healthcare coverage to employees, they would pay into a fund for individuals who purchase insurance through the exchange.
To pay for the mammoth overhaul, the legislation would create a new 5.4% surtax on individuals whose adjusted gross income exceeds $500,000 ($1 million for married couples filing joint returns).
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