Obamacare

Consumers Expected To Be Slammed by Obamacare Tax on Health Insurance

It's industry-wide, so sure to be passed on to the public

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You are going to pay more, much more for healthcare thanks to the new ObamaCare soon to roll out across America.

The Internal Revenue Service (IRS) released its proposal Friday to earn billions of dollars through annual fees on health insurers as part of the Affordable Care Act.

Industry groups are quite upset, arguing that the fees will be passed along to consumers.

America's Health Insurance Plans (AHIP), the leading trade group for the insurance industry, blasted the fees as a tax that would exceed $100 billion in the next decade and hit average families still struggling to rebound from the economic recession. And if the insurers don't pay on time they are going to face penalties of $10,000, plus $1,000 for every day they miss deadline.