posted on Oct, 2 2013 @ 01:14 PM
You can sign up for health coverage on an exchange anytime between now and March 1, 2014. Your coverage would begin Jan. 1, 2014, at the
earliest. If you do not enroll in that window, you will not be able to get health coverage through the insurance exchange marketplace until the next
annual enrollment period unless there are extenuating circumstances.
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).
It depends, but as of now it is probably cheaper to pay the fine, provided you do not use any health-care services. You can calculate how much
your health insurance premium would cost by using the Kaiser Family Foundation Subsidy Calculator, and then you can compare the cost to the penalty
you would be assessed for having no insurance. The subsidy calculator takes into account your region, household income, employer coverage, number of
family members, and tobacco use.
I ran a fake scenario using a smoking man at 64 and a woman of 33 non-smoking residing in Texas. The report or break down said:
Your out-of-pocket maximum for a Silver plan (not including the premium) can be no more than $12,700. Whether you reach this maximum level
will depend on the amount of health care services you use. Currently, about one in four people use no health care services in any given year. You are
guaranteed access to a Silver plan with an actuarial value of 70%. This means that for all enrollees in a typical population, the plan will pay for
70% of expenses in total for covered benefits, with enrollees responsible for the rest. If you choose to enroll in a Bronze plan, the actuarial value
will be 60%, meaning your out-of-pocket costs when you use services will likely be higher. Regardless of which level of coverage you choose,
deductibles and copayments will vary from plan to plan, and out-of-pocket costs will depend on your health care expenses. Preventive services will be
covered with no cost
You can run the numbers for any state and age group... I can not validate the numbers that returned but I figure they are better than guess work.
The last statement of the article is proof were are not dealing with a bunch of dim wits who want your money.. Take your penalty out of your income
tax refund... I suppose if the refund is not enough then your bank account is next? Wonder how much for fines, interest, and penalties will be added
to the initial fine; IRS penalties and interest are usually a pretty big deal when one gets crossways with them......
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.