IRS: Cheapest Obamacare Plan 20k Per Family

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Enzyte Bob

Blacklick, OH

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#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.
Wait what

Dublin, OH

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#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).
Enzyte Bob

Blacklick, OH

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#5
Feb 1, 2013
 
Story link ... took several times to post.

http://goo.gl/nQzIc
Enzyte Bob

Blacklick, OH

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#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.
Country Blumpkin

Washington, DC

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#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.

“Larchmont's Leading Citizen”

Since: Dec 12

Hilliard, OH

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#8
Feb 1, 2013
 
Country Blumpkin wrote:
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.
Sounds like you're describing Obama voters.
Need Advice

Oceanside, CA

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#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???
Country Blumpkin

Washington, DC

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#10
Feb 1, 2013
 
Hugh Victor Thompson III wrote:
<quoted text>Sounds like you're describing Obama voters.
Unfortunately its not just Obama voters. There are a ton of people out there that do not make smart life choices - democrats and republicans.
Oliver

Columbus, OH

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#11
Feb 1, 2013
 
Hugh Victor Thompson III wrote:
<quoted text>Sounds like you're describing Obama voters.
Nice facebook page! You definitely have a secret admirer LOL!

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