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A top senator is calling for fines of up to $3,800 on families who fail to get medical insurance after a health care overhaul goes into effect.
The plan from Democratic Sen. Max Baucus of Montana would make health insurance mandatory, just like auto coverage. It would provide tax credits to help cover the cost for people making up to three times the federal poverty level. That's about $66,000 for a family of four, and $32,000 for an individual.
But those who still don't sign up would fa
But those who still don't sign up would face hefty fines, starting at $750 a year for individuals and $1,500 for families. The maximum penalty on individuals would be $950.
The individual mandate is a requirement that all Massachusetts residents over the age of 18, for whom available health insurance is affordable, obtain and maintain health insurance that meets minimum coverage requirements beginning July 1, 2007.
Individuals who cannot show proof of health insurance coverage by Dec. 31, 2007, will lose their personal income tax exemption when filing their 2007 income taxes. The 2006 personal exemption is $3,850 for an individual, which translates into a tax savings of approximately $204 for an individual (5.3 percent of $3,850).
Failure to meet the requirement in 2008 will result in a fine for each month the individual does not have coverage.
Originally posted by ModernAcademia
Once people stop believing in the two party system things will get better... if that ever happens that is.