Advisory Vote No. 14: the insurance premium tax to some insurance for stand-alone family dental plans
The legislature extended, without a vote of the people, the insurance premium tax to some insurance for stand-alone family dental plans, costing an indeterminate amount in the first ten years, for government spending.
This tax increase should be:
Repealed
Maintained
This bill authorizes the Health Benefit Exchange (HBE) to charge carrier assessments and the Office of the Insurance Commissioner to charge premium taxes on Family Qualified Dental Plans (QDPs) for QDPs listed on the HBE. The assessments are estimated to range from $25 to $50 per member per month. Depending on the actual premiums paid, the HBE assessment will be set at a level needed to meet the HBE’s costs for offering Family QDPs through the Exchange. Without more certainty about the QDP premium amounts, the carrier assessment and premium tax revenues cannot be estimated; hence, the overall ten-year cost to fee payers is indeterminate.