Rep. Reid Ribble (R-Wis.) recently reintroduced a bill that would benefit individuals, families and small businesses by allowing them to buy their own health insurance and deduct 100 percent of the cost.
The Health Equity Act of 2013 includes provisions that would provide incentives for individuals and businesses to participate in wellness programs that may help lower their health care costs in the future.
“With multiple implementation delays, rising health insurance premiums and employers cutting back on workers’ hours and wages because of the Affordable Care Act, access to truly affordable health care coverage is becoming even scarcer,” Ribble said. “My legislation provides consumers with more choices and better access to coverage that fits their needs will make health care coverage more affordable for Wisconsin families and businesses.”
The bill would amend the IRS tax code to give sole proprietors the opportunity to fully deduct health insurance costs. Under the proposed law, individuals would be able to buy health care on their own and deduct the cost of their health insurance from their gross income. To encourage people to live healthier lifestyles, the bill would allow individuals to deduct up to $1,200 in costs associated with fitness programs and equipment, athletic club memberships and weight loss programs.