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Forgot an option, those who dont have insurance but wont have to pay the penalty because they wont get a refund.
Won't they send you a bill from the IRS? This is considered an "underpayment" of your tax liability.
Get ready for Barack to retroactively "tweek" the law to collect your fine WITH interest once he sees how much money is on the table to be collected from scofflaws.
My wife and I are > 65 and both have Medicare which is not free and we pay for it.
We pay a combined total of $645.68 every month and here is the breakdown.
Part B $104.90 Part F Supplement $155.44
Part D Supplement $30.00 Dental $32.50
Total Each $322.84
Total Monthly Payment $645.68
Lest others get confused, that's a Plan F Medicare supplement. There is no "Part F." By the same token, dental coverage has nothing to do with Medicare.
Medicare is not free. Workers pay a Medicare premium through payroll deductions unless they are in occupations exempt from Social Security.
My wife and I are exceptionally lucky in that our pension benefits include monthly reimbursement for the Part B premium and we pay no premium for our supplement and unlimited prescription benefit - no donut hole. It's sad that those benefits are so huge for so many and Medicare and related costs are such serious budget items for most.
Two more votes for universal, single-payer healthcare without the "progressive," punitive, arm-twisting, and punishing elements of the ACA.
Perhaps the next plan will be developed and presented in such a timely manner that it won't have to be passed so the idiot congress can know what's in it.
Last edited by Curmudgeon; 12-30-2014 at 12:56 PM..
That is the "don't have insurance, refuse to pay the penalty". Which is pretty much where we will be next year. I have HI through work, wife doesn't and doesn't want to pay the ~$400 a month for virtually nothing with the bronze plan. $6k deductible makes it pretty worthless. We will adjust withholding to ensure that we don't leave anything on the table.
true, but some wont realise they need to adjust their taxes nor will they have the ability to make sure they dont have refunds.. Really depends on their tax situation. Those who are more self employed, or under pay their taxes have that option, but depending on income levels and marriage status, thats not an option for everyone who cant adjust their tax deductions.
There is also the Obamacare 'hardship' exemption. It is on the honor system. People will pay the $95 fine because it's not much money, and they're rightly afraid of the federal gov't. But as the fine ratchets up from year to year, nobody is going to pay.
The fine goes to $395 next year, and $695 in 2016. Or 2% of income (2015) or 2.5% (2016)--whichever is greater. So if you make $50,000, your fine would be $1000 in 2015, and $1250 in 2016 and thereafter. No one is going to pay that when they can just get out of it by declaring that they had a 'hardship.' At that point the 'mandate,' the central feature of Obamacare, becomes a MINO (mandate in name only).
The government will then create some type of report calling the "hardship exemption", a cost to the taxpayer and then do away with it,, albeit it in baby steps, only get 20% this year, 40% the next etc, until its not an option anymore.
You’ll pay the fee on the federal income tax return you file for the year you don’t have coverage. Most people will file their 2014 returns in early 2015 and their 2015 returns in early 2016.
Learn more about the individual shared responsibility payment from the Internal Revenue Service.
More answers
What happens if I don't pay the fee?
The IRS will hold back the amount of the fee from any future tax refunds. There are no liens, levies, or criminal penalties for failing to pay the fee.
The IRS will hold back the amount of the fee from any future tax refunds. There are no liens, levies, or criminal penalties for failing to pay the fee.
Won't they send you a bill from the IRS? This is considered an "underpayment" of your tax liability.
Get ready for Barack to retroactively "tweek" the law to collect your fine WITH interest once he sees how much money is on the table to be collected from scofflaws.
They can only try to collect for 10 years. If you don't get a refund for the next 10 years, then hell with them.
I, as others, will adjust what I have to so I break even. I'm not paying them squat.
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