Stephanie
Diamond Member
- Jul 11, 2004
- 70,230
- 10,864
- 2,040
what a scam they pulled on the people in this country. I'm old enough I won't have to pay it. but MILLIONS of our children just starting out in life will have to. that is just sickening
snip;
With less than three weeks of open enrollment left, Covered California is working to highlight increased penalties for not having health insurance this year.
Since its individual coverage requirement took effect in 2014, Obamacare has doled out increasingly expensive fines to people who do not purchase coverage through health exchanges or obtain insurance from an employer or a government program such as Medicare. This year brings the highest penalty yet, Peter Lee, Covered California’s executive director, said during a news conference Wednesday.
“This is real money going straight to the IRS, where the consumer gets nothing in return,” Lee said.
This year, the penalty is $695 per adult and $347 per child up to a family cap of $2,500 or 2.5 percent of household income, whichever is greater. Last year’s penalty was $325 for adults, with a $975 maximum or 2 percent of household income.
For some consumers, getting an exchange policy is a no-brainer. People in lower income brackets can qualify for significant government subsidies that help pay monthly premiums, and many in those categories also qualify for health plans with lower out-of-pocket costs.
A recent study from the Kaiser Family Foundation found that of the nation’s 7 million people who qualify for a subsidy, about half have incomes low enough to qualify them for a zero-cost bronze plan, which must cover at least 60 percent of the enrollee’s health care costs.
The decision is more difficult for those in higher income brackets.
The more income a household makes, the less subsidy is available, forcing many to gauge the expense of a penalty for being uninsured against the cost of monthly premiums. Kaiser predicts that in 2016, penalties will increase, on average, from $1,177 to $1,450.
According to the Internal Revenue Service, 7.5 million Americans paid a total of $1.5 billion in Obamacare penalties on their 2015 tax returns for failing to obtain insurance in 2014. In 2014, the fines assessed were only $95 per adult or 1 percent of household income, whichever was greater.
all of it here:
Penalties grow for not getting insurance
snip;
With less than three weeks of open enrollment left, Covered California is working to highlight increased penalties for not having health insurance this year.
Since its individual coverage requirement took effect in 2014, Obamacare has doled out increasingly expensive fines to people who do not purchase coverage through health exchanges or obtain insurance from an employer or a government program such as Medicare. This year brings the highest penalty yet, Peter Lee, Covered California’s executive director, said during a news conference Wednesday.
“This is real money going straight to the IRS, where the consumer gets nothing in return,” Lee said.
This year, the penalty is $695 per adult and $347 per child up to a family cap of $2,500 or 2.5 percent of household income, whichever is greater. Last year’s penalty was $325 for adults, with a $975 maximum or 2 percent of household income.
For some consumers, getting an exchange policy is a no-brainer. People in lower income brackets can qualify for significant government subsidies that help pay monthly premiums, and many in those categories also qualify for health plans with lower out-of-pocket costs.
A recent study from the Kaiser Family Foundation found that of the nation’s 7 million people who qualify for a subsidy, about half have incomes low enough to qualify them for a zero-cost bronze plan, which must cover at least 60 percent of the enrollee’s health care costs.
The decision is more difficult for those in higher income brackets.
The more income a household makes, the less subsidy is available, forcing many to gauge the expense of a penalty for being uninsured against the cost of monthly premiums. Kaiser predicts that in 2016, penalties will increase, on average, from $1,177 to $1,450.
According to the Internal Revenue Service, 7.5 million Americans paid a total of $1.5 billion in Obamacare penalties on their 2015 tax returns for failing to obtain insurance in 2014. In 2014, the fines assessed were only $95 per adult or 1 percent of household income, whichever was greater.
all of it here:
Penalties grow for not getting insurance
