Thursday, January 22, 2015

One year later, tax time for subsidized medical insurance

Health insurance for all, good idea.
Inactment too complicated for the public.
Networks too narrow, many doctors elect out.
Too much government bureaucracy overlay.
Too much invasion of existing insurance systems.
Cost increase too expensive for non-beneficiaries.
San Jose Mercury News/Lifestyles/Tracy Seipel, 1/18/15.  "For the first time, Obamacare recipients must deal with the IRS."

"More than a million Californians benefitted from federally subsidized health insurance in 2014 through the nation's health care law. But now the law is about to give many of them a migraine.
It's tax season, and for the first time Obamacare is showing up on tax forms. And it's leading to confusion and angst over new rules and their impact on taxpayers' pocketbooks.
That's because taxpayers must now reconcile the subsidy they received with the income they estimated they would earn last year. In addition, people who ignored the Affordable Care Act's requirement to obtain health insurance in 2014 now face a financial penalty levied by the Internal Revenue Service -- unless they qualify for an exemption."

RelatedCNN/Money/Tami Luhby, 8/13/13. "Uninsured next year?  Here's your Obamacare penalty." ....   "For 2014, the flat fee is $95 per adult and $47.50 per child, up to $285 per family. Or the penalty could be 1% of family income, if that results in a larger fine. (Income is defined as total income above the filing threshold, which is $10,000 for an individual and $20,000 for a family in 2013.)  So a person making $50,000 would be subject to a $400 penalty, while a couple earning that amount would each pay $300. By 2016, the flat fees grow to $695 per adult and $347.50 per child or 2.5% of family income, whichever is greater. By then, the average premium for bronze coverage is expected to hit as much as $5,000 for an individual and $12,500 for a family." 

Reference - Good luck figuring-out your actual health insurance subsidy:   IRS, Affordable Care Act tax provisions.   Qualifying for some form of  lower costs.  

Note:  photograph/graphic from Sonoran Alliance. 

Posted by Kathy Meeh


Anonymous said...

The republican controlled House and Senate and new Republican President Jeb Bush will repeal Obama-Care.

Anonymous said...

Shoot me now before America completely degrades.