Clarifying the ObamaCare penalties

How much are the penalties for not buying a health plan?

The penalties are not very high to begin with. In 2014, the fine to remain uninsured is $95 per person (up to a family maximum of $285, or 1 percent of family income, whichever is greater).

But the penalty will increase more than sevenfold in the next two years, with the fine running as much as $695 per person by 2016. The family maximum would be as high as $2,085 (or 2.5 percent of family income, whichever is greater).

Who is eligible for such exemptions?

You can be exempted from the requirement to buy health insurance – and hence, from the penalty – if you meet one of the following requirements:

•You are uninsured for less than three months of the year.

•You live illegally in the United States.

•You’re incarcerated, and not awaiting disposition.

•You’re a member of a recognized Indian tribe.

•Your income is officially deemed too low.

•The lowest-priced converge would cost more than 8 percent of your household income.

•You’re a member of a recognized religious sect with religious objections to insurance, including Social Security and Medicare.

•You’re a member of a recognized health-sharing ministry. (Note: Christian Scientists do not currently qualify for the exemption.)

Healthcare.gov also provides a list of hardship exemptions that qualify an individual for exemption.

This flow chart from the Kaiser Family Foundation might help you determine if you need to buy health insurance.  

If you are not exempt, how will the penalty be assessed?

You will be required to provide information regarding health insurance when you file your 2014 federal income taxes. For those who elect not to buy health coverage, the penalty will probably be assessed on the form or withdrawn from your tax refund.

In other words, it’s so complicated nobody understands it!

Read more:  http://www.csmonitor.com/USA/DC-Decoder/2013/1001/Obamacare-101-What-to-know-if-you-opt-out-of-buying-health-insurance

One thought on “Clarifying the ObamaCare penalties

  1. This should show, just who’s side Vladimir Obama is on because it is not on the side of We The People, middle class hard working tax payers! What else could we expect from a leader who supplies weapons to our enemies and at the same time works to destroy our Constitutional rights of Liberty and Freedom for ALL honest Americans!!!

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