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r3020
Senior Advisor

Obama care: Family plan will cost 20K/year.

And if you don't take insurance a family of 5 will pay an additional $2400/year in taxes. This economy is about to explode to the down side.

 

snip-

 In a final regulationissued Wednesday, the Internal Revenue Service (IRS) assumed that under Obamacare the cheapest health insurance plan available in 2016 for a family will cost $20,000 for the year.

Under Obamacare, Americans will be required to buy health insurance or pay a penalty to the IRS.

The IRS's assumption that the cheapest plan for family will cost $20,000 per year is found in examples the IRS gives to help people understand how to calculate the penalty they will need to pay the government if they do not buy a mandated health plan.

The examples point to families of four and families of five, both of which the IRS expects in its assumptions to pay a minimum of $20,000 per year for a bronze plan.

 

snip-

“Example 3. Family without minimum essential coverage.

"(i) In 2016, Taxpayers H and J are married and file a joint return. H and J have three children: K, age 21, L, age 15, and M, age 10. No member of the family has minimum essential coverage for any month in 2016. H and J’s household income is $120,000. H and J’s applicable filing threshold is $24,000. The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000.

"(ii) For each month in 2016, under paragraphs (b)(2)(ii) and (b)(2)(iii) of this section, the applicable dollar amount is $2,780 (($695 x 3 adults) + (($695/2) x 2 children)). Under paragraph (b)(2)(i) of this section, the flat dollar amount is $2,085 (the lesser of $2,780 and $2,085 ($695 x 3)). Under paragraph (b)(3) of this section, the excess income amount is $2,400 (($120,000 - $24,000) x 0.025). Therefore, under paragraph (b)(1) of this section, the monthly penalty amount is $200 (the greater of $173.75 ($2,085/12) or $200 ($2,400/12)).

"(iii) The sum of the monthly penalty amounts is $2,400 ($200 x 12). The sum of the monthly national average bronze plan premiums is $20,000 ($20,000/12 x 12). Therefore, under paragraph (a) of this section, the shared responsibility payment imposed on H and J for 2016 is $2,400 (the lesser of $2,400 or $20,000).”

 

http://cnsnews.com/news/article/irs-cheapest-obamacare-plan-will-be-20000-family

 

 

Is that clear to everyone. And to think Obama is talking about tax reform.

18 Replies
GreaTOne_65
Senior Contributor

Re: Obama care: Family plan will cost 20K/year.

You have hit an all time low, turdy! Who the hell makes $120,000.00 a year? If they are congratulations, they can afford it! YaHoo!!

Democratforlife
Senior Contributor

Re: Obama care: Family plan will cost 20K/year.

Your emotion is running away with you again. Think for god sakes. We have families who both spouses teach public school who make $50,000 to $60,000. each in our area.  

gough whitlam
Senior Contributor

Re: Obama care: Family plan will cost 20K/year.

I have said it before but you would believe anything.

Snooky1953
Senior Contributor

Re: Obama care: Family plan will cost 20K/year.

You do know what happens when you "ASSUME" don't you?  

Snooky1953
Senior Contributor

Re: Obama care: Family plan will cost 20K/year.

Have you looked into this on your own or just taking the word of someone else who quotes Conservative News Service.  I checked the IRS site and find no reference to the cost "ASSUMED" or otherwise.

r3020
Senior Advisor

Re: Obama care: Family plan will cost 20K/year.


@Snooky1953 wrote:

Have you looked into this on your own or just taking the word of someone else who quotes Conservative News Service.  I checked the IRS site and find no reference to the cost "ASSUMED" or otherwise.


http://www.irs.gov/PUP/newsroom/REG-148500-12%20FR.pdf

bruce MN
Advisor

It appears to be for real

Overview from an econ pundit who I have come to trust somewhat:

 

 

http://www.nakedcapitalism.com/2013/02/irs-anticipates-cheapest-obamacare-family-plan-will-be-20000-...

 

SNIP:

 

I expect the gnashing of teeth over the ACA to get louder as it is rolled out. We said at the time, and we’ll say it again: this plan is a gimmie to Big Pharma and the health insurers. It makes the underlying problem of the American health care industry, that of excessive costs, only worse. The predictable outcome will be costly insurance that does not cover much. Expect it to be OK on routine care, restrictive on preventative care (that may not be entirely bad given how much doctors overtest) and stingy on big ticket items.


 

 

GreaTOne_65
Senior Contributor

Re: Obama care: Family plan will cost 20K/year.

And you my, friend, have shown YOUR ignorance. 2 spoused, teaching school, ALREADY HAVE INSURANCE paid for by the school. I suppose if they want to contribute more to the insurance company, they would recieve it gratefully.

 

r3020
Senior Advisor

Re: Obama care: Family plan will cost 20K/year.


@GreaTOne_65 wrote:

And you my, friend, have shown YOUR ignorance. 2 spoused, teaching school, ALREADY HAVE INSURANCE paid for by the school. I suppose if they want to contribute more to the insurance company, they would recieve it gratefully.

 


I guess theirs is free, they aren't affected by Obama care. Obama care is for the peasants, not the elite.