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The rhetoric that I've heard frequently is that young people can not afford Obamacare and they will simply take the $95 tax penalty.
But then I saw this posting on a friend's facebook:
Actual comment from someone who was able to log on to Obamacare website.....
I actually made it through this morning at 8:00 A.M. I have a preexisting condition (Type 1 Diabetes) and my income base was 45K-55K annually I chose tier 2 “Silver Plan” and my monthly premiums came out to $597.00 with $13,988 yearly deductible!!! There is NO POSSIBLE way that I can afford this so I “opt-out” and chose to continue along with no insurance. I received an email tonight at 5:00 P.M. informing me that my fine would be $4,037 and could be attached to my yearly income tax return. Then you make it to the “REPERCUSSIONS PORTION” for “non-payment” of yearly fine. First, your drivers license will be suspended until paid, and if you go 24 consecutive months with “Non-Payment” and you happen to be a home owner, you will have a federal tax lien placed on your home. You can agree to give your bank information so that they can easy “Automatically withdraw” your “penalties” weekly, bi-weekly or monthly! This by no means is “Free” or even “Affordable.”
I was puzzled why her fee would be so high, and the rest doesn't sound right. (and scary as hell if her numbers are really true) So I went to Obamacarefacts.com, and I had no idea that these fees go up every year!
2014 = $95 per person per year or 1% of your Income
2015 = $325 per person per year or 2% of your Income
2016 = $695 per person per year or 2.5% of your Income
2017 = Tax Penalty will increase by the rate of inflation going forward, or 2.5% of your Income
So what happens after 2017? It looks like this law gives the government the power to set any tax amount they want. What's to stop them from saying it will 25% of your income in 2018? They will squeeze and squeeze until it just becomes very difficult if not impossible to make a good living.
The rhetoric that I've heard frequently is that young people can not afford Obamacare and they will simply take the $95 tax penalty.
But then I saw this posting on a friend's facebook:
Actual comment from someone who was able to log on to Obamacare website.....
I actually made it through this morning at 8:00 A.M. I have a preexisting condition (Type 1 Diabetes) and my income base was 45K-55K annually I chose tier 2 “Silver Plan” and my monthly premiums came out to $597.00 with $13,988 yearly deductible!!! There is NO POSSIBLE way that I can afford this so I “opt-out” and chose to continue along with no insurance. I received an email tonight at 5:00 P.M. informing me that my fine would be $4,037 and could be attached to my yearly income tax return. Then you make it to the “REPERCUSSIONS PORTION” for “non-payment” of yearly fine. First, your drivers license will be suspended until paid, and if you go 24 consecutive months with “Non-Payment” and you happen to be a home owner, you will have a federal tax lien placed on your home. You can agree to give your bank information so that they can easy “Automatically withdraw” your “penalties” weekly, bi-weekly or monthly! This by no means is “Free” or even “Affordable.”
I was puzzled why her fee would be so high, and the rest doesn't sound right. (and scary as hell if her numbers are really true) So I went to Obamacarefacts.com, and I had no idea that these fees go up every year!
2014 = $95 per person per year or 1% of your Income
2015 = $325 per person per year or 2% of your Income
2016 = $695 per person per year or 2.5% of your Income
2017 = Tax Penalty will increase by the rate of inflation going forward, or 2.5% of your Income
So what happens after 2017? It looks like this law gives the government the power to set any tax amount they want. What's to stop them from saying it will 25% of your income in 2018? They will squeeze and squeeze until it just becomes very difficult if not impossible to make a good living.
Dems will not be happy until they take 100% tax from the rich and drive our debt to 40 trillion
IMHO
I'd like to know if the above fgures are factual. Because if they are, particularly the penalties for not subscribing, it's time to start "feeding the hogs". The kinds of figures you are talking about, both for government-approved insurance as well as the penalties, are enough to destroy people's livelyhoods and abilities to make their other critical payments. There does become a time when it's appropriate to answer a government's actions with physical resistance. IF these numbers are true...it's time for another April 19th, 1775.
ETA, the numbers qouted don't match the math. If the Obamacare website is actually accurate (yeah, I know), the max fine is 2.5% of income. On an annual income of $50k, that's $1250 per year, not $4037.
I'd like to know if the above fgures are factual. Because if they are, particularly the penalties for not subscribing, it's time to start "feeding the hogs". The kinds of figures you are talking about, both for government-approved insurance as well as the penalties, are enough to destroy people's livelyhoods and abilities to make their other critical payments. There does become a time when it's appropriate to answer a government's actions with physical resistance. IF these numbers are true...it's time for another April 19th, 1775.
You've never seen the fee breakdown until just now?
Its already been stated (a few months ago) that the fee will start out at $95 the first year and skyrocket from there
The rhetoric that I've heard frequently is that young people can not afford Obamacare and they will simply take the $95 tax penalty.
But then I saw this posting on a friend's facebook:
Actual comment from someone who was able to log on to Obamacare website.....
I actually made it through this morning at 8:00 A.M. I have a preexisting condition (Type 1 Diabetes) and my income base was 45K-55K annually I chose tier 2 “Silver Plan” and my monthly premiums came out to $597.00 with $13,988 yearly deductible!!! There is NO POSSIBLE way that I can afford this so I “opt-out” and chose to continue along with no insurance. I received an email tonight at 5:00 P.M. informing me that my fine would be $4,037 and could be attached to my yearly income tax return. Then you make it to the “REPERCUSSIONS PORTION” for “non-payment” of yearly fine. First, your drivers license will be suspended until paid, and if you go 24 consecutive months with “Non-Payment” and you happen to be a home owner, you will have a federal tax lien placed on your home. You can agree to give your bank information so that they can easy “Automatically withdraw” your “penalties” weekly, bi-weekly or monthly! This by no means is “Free” or even “Affordable.”
I was puzzled why her fee would be so high, and the rest doesn't sound right. (and scary as hell if her numbers are really true) So I went to Obamacarefacts.com, and I had no idea that these fees go up every year!
2014 = $95 per person per year or 1% of your Income
2015 = $325 per person per year or 2% of your Income
2016 = $695 per person per year or 2.5% of your Income
2017 = Tax Penalty will increase by the rate of inflation going forward, or 2.5% of your Income
So what happens after 2017? It looks like this law gives the government the power to set any tax amount they want. What's to stop them from saying it will 25% of your income in 2018? They will squeeze and squeeze until it just becomes very difficult if not impossible to make a good living.
Assuming the numbers are true, which I doubt, figure it out for yourself. On an income of $50k, the tax would be the higher of $95 or 1% of income. 1% of $50k = $500, so her tax would be $500.
The rhetoric that I've heard frequently is that young people can not afford Obamacare and they will simply take the $95 tax penalty.
But then I saw this posting on a friend's facebook:
Actual comment from someone who was able to log on to Obamacare website.....
I actually made it through this morning at 8:00 A.M. I have a preexisting condition (Type 1 Diabetes) and my income base was 45K-55K annually I chose tier 2 “Silver Plan” and my monthly premiums came out to $597.00 with $13,988 yearly deductible!!! There is NO POSSIBLE way that I can afford this so I “opt-out” and chose to continue along with no insurance. I received an email tonight at 5:00 P.M. informing me that my fine would be $4,037 and could be attached to my yearly income tax return. Then you make it to the “REPERCUSSIONS PORTION” for “non-payment” of yearly fine. First, your drivers license will be suspended until paid, and if you go 24 consecutive months with “Non-Payment” and you happen to be a home owner, you will have a federal tax lien placed on your home. You can agree to give your bank information so that they can easy “Automatically withdraw” your “penalties” weekly, bi-weekly or monthly! This by no means is “Free” or even “Affordable.”
I was puzzled why her fee would be so high, and the rest doesn't sound right. (and scary as hell if her numbers are really true) So I went to Obamacarefacts.com, and I had no idea that these fees go up every year!
2014 = $95 per person per year or 1% of your Income
2015 = $325 per person per year or 2% of your Income 2016 = $695 per person per year or 2.5% of your Income
2017 = Tax Penalty will increase by the rate of inflation going forward, or 2.5% of your Income
So what happens after 2017? It looks like this law gives the government the power to set any tax amount they want. What's to stop them from saying it will 25% of your income in 2018? They will squeeze and squeeze until it just becomes very difficult if not impossible to make a good living.
Your friend is a liar (no offense).
1. The IRS has virtually no way to collect the fine. The IRS was intentionally barred from using normal collection methods.
2. It's not possible for the fine to reach $4K anytime in the foreseeable future for your friend.
3. The fine is limited to 2.5% of your MAGI, that is the MAX.
4. 2.5% of $55K is $1375.
This is one of the means to destroy private health insurances.
Those strapped by low finances will pay the fine instead of insurance companies in 2014.
Between 2014-2016, insurance companies will have to endure a decreasing customer base because of high costs (which means less people paying into the risk pool), and an increasing payout of money from those people who can't be denied for pre-existing conditions. They don't pay into the risk pool, but they will be allowed to collect benefits. Insurance companies will be hit hard.
So in 2016 and beyond, the fines will be higher than insurance costs - but how many insurance companies will remain? The goal is for government to be the only option standing by that time.
1. The IRS has virtually no way to collect the fine. The IRS was intentionally barred from using normal collection methods.
2. It's not possible for the fine to reach $4K anytime in the foreseeable future for your friend.
3. The fine is limited to 2.5% of your MAGI, that is the MAX.
4. 2.5% of $55K is $1375.
I'm curious about what "teeth" they do have. I understand that they can seize your tax return. That's pretty simple to address, just reduce your withholding so that you owe or break even at the end of the year. Anyone that doesn't do that anyway isn't very smart. Beyond that, what does the law allow them to do to collect?
I'm curious also about the "no preexisting condition" clause. For me the big issue with insurance isn't "normal" stuff, checkups or the occasional stitches or something. It's the concern of a potentially bankrupting situation. I'm assuming that if I don't have insurance and get an annual checkup on my dime, if they determine that I have cancer and need a $100,000k treatment, I can sign up at any time. Correct? A delay of a day or two to get insurance into effect won't really matter.
How does that work with a trama, say a car accident, where you need expensvie, immediate care? I'm assuming that if you are transported to the hospital (worst case, an airlift, where costs start at $10k), and get major trama treatment, including surgery, you can't call an insuracne provider the next day and say "sign me up" and get covered for that. That was the beauty of the previously affordable "major medical" plans that did cover just these types of critical issues, but didn't necessarily cover routine maintenance and friviolous stuff (Viagara or birth control, for example). They protected you from "bankrupting" events, and were reasonably affordable. Too bad OC has made such plans illegal to offer anymore.
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