IRS: Cheapest Obamacare Plan 20k Per Family
Posted in the Pickerington Forum
#1 Feb 1, 2013
From the IRS:
IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family
January 31, 2013
By Matt Cover
( CNSNews.com ) In a final regulation issued Wednesday, the Internal Revenue Service (IRS) assumed that under Obamacare the cheapest health insurance plan available in 2016 for a family will cost $20,000 for the year.
Under Obamacare, Americans will be required to buy health insurance or pay a penalty to the IRS.
The IRS's assumption that the cheapest plan for a family will cost $20,000 per year is found in examples the IRS gives to help people understand how to calculate the penalty they will need to pay the government if they do not buy a mandated health plan.
The examples point to families of four and families of five, both of which the IRS expects in its assumptions to pay a minimum of $20,000 per year for a bronze plan.
#3 Feb 1, 2013
Notice how the media isn't even talking about the deductibles yet. The bronze, a lower priced premium, has a higher deductible - and a lower coverage. It is, as they said in the Senate hearings, "catastrophic coverage". The better plans do not qualify for subsidies (aka tax credits).
#5 Feb 1, 2013
Story link ... took several times to post.
#6 Feb 1, 2013
Another part of the story that didn't post because of the link:
The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000, the regulation says.
Bronze will be the lowest tier health-insurance plan available under Obamacare--after Silver, Gold, and Platinum. Under the law, the penalty for not buying health insurance is supposed to be capped at either the annual average Bronze premium, 2.5 percent of taxable income, or $2,085.00 per family in 2016.
In the new final rules published Wednesday, IRS set in law the rules for implementing the penalty Americans must pay if they fail to obey Obamacare's mandate to buy insurance.
To help illustrate these rules, the IRS presented examples of different situations families might find themselves in.
In the examples, the IRS assumes that families of five who are uninsured would need to pay an average of $20,000 per year to purchase a Bronze plan in 2016.
Using the conditions laid out in the regulations, the IRS calculates that a family earning $120,000 per year that did not buy insurance would need to pay a "penalty" (a word the IRS still uses despite the Supreme Court ruling that it is in fact a "tax") of $2,400 in 2016.
#7 Feb 1, 2013
What is your point?
Most families now are paying $20,000 a year for health insurance. Some employers pick up most of that cost, some less. For those with insurance through work, Obamacare will have no impact.
For those that do not have insurance through work and do not have insurance, you will be taxed about $500 per person.
If you are crazy enough to have 3 kids and have no insurance you do not know how to make smart life choices - i.e., having kids and not having the money to take care of them.
Hugh Victor Thompson III
“Larchmont's Leading Citizen”
Since: Dec 12
#8 Feb 1, 2013
Sounds like you're describing Obama voters.
#9 Feb 1, 2013
The IRS is telling me if I don't pay my back taxes before I die, my doctor has given me 6 months due to cancer, that they will seize my body and not return it to my family for burial until the back taxes are paid, can they do this???
#10 Feb 1, 2013
Unfortunately its not just Obama voters. There are a ton of people out there that do not make smart life choices - democrats and republicans.
#11 Feb 1, 2013
Nice facebook page! You definitely have a secret admirer LOL!
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