House Votes to Repeal Affordable Care Act Provisions

The House of Representatives voted last Thursday to repeal several provisions of the Affordable Care Act (ACA). The affected provisions include a repeal of 2.3 % excise tax on medical devices largely used in hospitals and medical offices, reinstating the ability to count over the counter drug expenses in the tax preferred accounts and allowing individuals to keep, at the end of the plan year, up to $500 in unspent flexible spending accounts.   These provisions were included in the ACA to raise revenue, (approximately $37 billion over 10 years). To pay for the repeal the House voted to remove the cap that protected low income families receiving health insurance subsidies from overpayments. Some families are expected to receive overpayments due to changes in job status or income that may occur over the year. The President has threatened a veto and the Senate is not expected to consider the measure.

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