What if someone doesn't have health coverage in 2014?

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PostPosted: Fri Jan 03, 2014 6:11 am   Post subject: What if someone doesn't have health coverage in 2014?  

I did never had health insurance in the past. There were many reasons behind. Now after the Obamacare bill, they are saying that everybody needs to get health insurance otherwise face heavy penalty in 2014. Is that so? Any response would be appreciated..


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Nicole
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PostPosted: Sat Jan 04, 2014 1:29 am   Post subject:   

For a single person I'm pretty sure it's a $95 penalty the first year (it goes up every year with a limit). While the govt will ask for the fine, I'm pretty sure they can only legally take it from money they they owe to you such as your income tax return.



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PostPosted: Sat Jan 04, 2014 7:49 pm   Post subject:   

Heavy penalty if you earn more than $9500 then you have to pay 1% of total income and i think thats a way to get everybody secured due to lot of natural disasters and critical illness.

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PostPosted: Sat Jan 04, 2014 8:55 pm   Post subject:   

Quote:
Heavy penality if you earn more than

$9500 then you have to pay 1% of total

income


I can see where you got the 1% of $9,500 but you are incorrect.



Quote:
1. The “flat dollar amount,” the lesser of:



a. $695 per individual, which is the “applicable dollar amount,” for all individuals where there was a failure to meet coverage requirements but maxing out at $95 for 2014 and $325 for 2015. For anyone not yet age 18, 50% of the normal amount or



b. 300% of the “applicable dollar amount” for the calendar year; or



2. An amount equal to the following percentage of the excess of household income over the amount of gross income triggering the requirement to file a return under IRC code section 6012(a)(1): 1% in 2014, 2% in 2015; and 2.5% after 2015.




A person pays the lesser of all those. Since the first one maxes out at $95, $95 is the most any single person would need to pay. It's not 1% of your income.


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PostPosted: Sat Jan 04, 2014 10:10 pm   Post subject:   

Thanks I did not pay attention to the second clause...

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