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| Penalty For Uninsured Not Signing Up For Obamacare To More Than Triple |
| 2014-11-13 |
| [CBS DC] Americans will see their bank accounts shrink if they don't sign up for Obamacare ... aka the Affordable Care Act, an ineptly designed and worse executed piece of legislation designed to bring 17 percent of the U.S. economy under the direct control of the government. The previous iteration, known as Hillarycare, was laughed out of Washington. This stinker was passed on a party-line vote without being read... in its second enrollment season. Uninsured Americans who decide not to enroll will face a penalty of $325 per person, more than tripling the $95 penalty those who did not enroll had to pay the first time around. Children under the age of 18 will be fined $162.50. The maximum amount an uninsured family will be penalized is $975 under the flat-rate method. "The penalty is meant to incentivize people to get coverage," Laura Adams, senior analyst of InsuranceQuotes.com, told CBS News. "This year, I think a lot of people are going to be in for a shock." CBS News reports that many Obamacare plans will be charging more as a 27-year-old earning 250 percent of the poverty rate will now have to pay an average of 7 percent more for the lowest-cost bronze plan. The analysis from Investor's Business Daily found that the lowest-cost silver plan will rise 9 percent and the lowest-priced catastrophic policy will go up by 18 percent. Adams stated that very few uninsured Americans don't understand the penalties they are facing. "There is very little awareness of this," she told CBS News. "Until people understand the financial consequences, they don't have an incentive." The Health and Human Services Department said earlier this week that between 9 to 9.9 million Americans will receive health care plans through the Affordable Care Act marketplaces for next year's coverage. That's lower than the 13 million estimated by the Congressional Budget Office. The bugs have supposedly been removed from the famously troubled http://www.healthcare.gov website, which can withstand last season's peak loads and beyond with at least 125,000 simultaneous users. The online application has been pared from 76 screens to 16 for most consumers. The "young invincible" crowd of 18-to-36 year olds is crucial to the law's success because insurance companies need their business to offset the costs of covering older, sicker and more expensive enrollees. |
| Posted by:trailing wife |
| #8 the fine is designed to make people buy the Govt approved products of AETNA, Humana, Wellpoint, Cigna, etc. Those are the companies hoping to hype their profits for a few years buy getting healthy 20 and 30 somethings to put in $200 to $600 a month to buy far more insurance than they really need and gain subsidies for customers with low incomes Of course, the end of Obamacare will probably result in either a govt takeover or a more competitive market so those companies are going to be hit in the long term. |
| Posted by: lord garth 2014-11-13 18:22 |
| #7 Would not be the first time I have been fined. |
| Posted by: chris 2014-11-13 14:01 |
| #6 It's a penalty and a tax for the uninsured. Unless you are an illegal, then you get free Medicaid. |
| Posted by: regular joe 2014-11-13 12:56 |
| #5 Not going to pay it. That is my duty to the cause of Freedom and Liberty. I will not finance Socialist Medicine and insurance that is inferior and more costly than what we had when we were free and not being forced into this by socialist mandates. |
| Posted by: Ebbomosh Hupemp2664 2014-11-13 12:33 |
| #4 The penalty is meant to incentivize people to get coverage. Negative incentives are only effective when people value the reward. In light of the fact that most plans offer sketchy coverage with rising premiums and skyrocketing deductibles this scheme looks likely to backfire. It will be viewed like giving a kid a Christmas gift but deducting their allowance to pay for it. Good luck with that. |
| Posted by: DepotGuy 2014-11-13 11:02 |
| #3 There's also a mind-numbing credit (Form 8962) that goes into the 2014 1040 tax return. Supposedly makes the AMT calculation look simple by comparison. Thanks, guys! |
| Posted by: Raj 2014-11-13 10:25 |
| #2 Amnesty. It's good enough for several million illegals right? |
| Posted by: Procopius2k 2014-11-13 09:10 |
| #1 "There is very little awareness of this," she told CBS News. "Until people understand the financial consequences, they don't have an incentive." What? Good insurance coverage is no incentive ? |
| Posted by: Besoeker 2014-11-13 06:21 |