opsspec1991
Active member
Obamacare penalties you don’t hear about.
"The penalty of $95 for the first year, that is floating around, is a bit misleading. It is actually $95 per adult, plus half that price for each child (up to $285), or 1 percent of household income, whichever is greater.
So for a family making $40K with two kids, who can't afford the $165 per month for health care (almost $2000 per year cut in their take home if they purchase it), they will pay a $285 penalty. But wait, 1% of their income is actually $400, so isn't that what they will pay? It's the greater amount.
In 2015 they will watch that increase to a penalty of 2.0% of household income ($800) or $325 per adult and $162.50 per child ($975 per family), whichever is greater.
And, in 2016 it will be 2.5% of household income ($1000) or $695 per adult and $347.50 per child (up to $2,085 per family). Wow. That is not small change for a family that may be doing okay and not having to get government assistance, but just barely, depending on where in the country they live, on $40K.
So, based on some preliminary numbers by 2016 they are almost FORCED into taking a huge chunk of their family income and purchasing insurance, because the cost of not purchasing it is about the same.
Just how Washington DC planned it would happen."
"The penalty of $95 for the first year, that is floating around, is a bit misleading. It is actually $95 per adult, plus half that price for each child (up to $285), or 1 percent of household income, whichever is greater.
So for a family making $40K with two kids, who can't afford the $165 per month for health care (almost $2000 per year cut in their take home if they purchase it), they will pay a $285 penalty. But wait, 1% of their income is actually $400, so isn't that what they will pay? It's the greater amount.
In 2015 they will watch that increase to a penalty of 2.0% of household income ($800) or $325 per adult and $162.50 per child ($975 per family), whichever is greater.
And, in 2016 it will be 2.5% of household income ($1000) or $695 per adult and $347.50 per child (up to $2,085 per family). Wow. That is not small change for a family that may be doing okay and not having to get government assistance, but just barely, depending on where in the country they live, on $40K.
So, based on some preliminary numbers by 2016 they are almost FORCED into taking a huge chunk of their family income and purchasing insurance, because the cost of not purchasing it is about the same.
Just how Washington DC planned it would happen."