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Question regarding health insurance?
Posted on 1/7/14 at 5:13 pm
Posted on 1/7/14 at 5:13 pm
With a penalty of $95 in 2014, what would prompt an individual to purchase health insurance if you can't be denied for pre-existing?
Having this conversation with several friends. Are we suckers for paying our $1000+ a month premium for our family when we can simply purchase online at any time. I'm speaking mainly for catastrophic illness. Simple MD visits could just be paid out of pocket. Seems one would still come out ahead.
Trying to think "out of the box" on this one. FYI, I believe premiums will continue to rise, to the point that families can't pay them. Is choosing to step out of the market the same as being pushed out? One could save their premiums and possibly come out way ahead.
Having this conversation with several friends. Are we suckers for paying our $1000+ a month premium for our family when we can simply purchase online at any time. I'm speaking mainly for catastrophic illness. Simple MD visits could just be paid out of pocket. Seems one would still come out ahead.
Trying to think "out of the box" on this one. FYI, I believe premiums will continue to rise, to the point that families can't pay them. Is choosing to step out of the market the same as being pushed out? One could save their premiums and possibly come out way ahead.
4
Posted on 1/7/14 at 5:14 pm to Tim
You realize the penalty is likely to be much more than that, unless you have zero income.
Posted on 1/7/14 at 5:15 pm to Tim
quote:
With a penalty of $95 in 2014, what would prompt an individual to purchase health insurance if you can't be denied for pre-existing?
they need healthcare now? Or don't want to deal with figuring out how to pay for an emergency situation?
Posted on 1/7/14 at 5:15 pm to Alahunter
The first year it's $95 a person I believe. Not sure on the following years, I know it goes up.
Posted on 1/7/14 at 5:16 pm to Tim
Be aware that for 2014, the annual one-time tax penalty will be $95 per adult, or one percent of your total income, based on your income (whichever is higher). For uninsured children in your family, the penalty is $47.50 per child, with a family maximum of $285 for the year
The annual penalty will increase each year. For 2015, the annual penalty will increase to $325 per adult and $162.50 per child, with a maximum penalty of $975 per family (or roughly two percent of total income depending on family income). In 2016, the annual penalty will be $695 per adult and $347.50 per child, with a max of $2,085 per family, or about two and a half percent of total income depending on family income.
The annual penalty will increase each year. For 2015, the annual penalty will increase to $325 per adult and $162.50 per child, with a maximum penalty of $975 per family (or roughly two percent of total income depending on family income). In 2016, the annual penalty will be $695 per adult and $347.50 per child, with a max of $2,085 per family, or about two and a half percent of total income depending on family income.
Posted on 1/7/14 at 5:17 pm to Hawkeye95
quote:
they need healthcare now? Or don't want to deal with figuring out how to pay for an emergency situation?
Healthy individuals, drop insurance because of cost, pick it up if there is a catastrophic illness. Under the new law, you can't be denied if I understand it correctly.
Posted on 1/7/14 at 5:17 pm to Tim
It's $95 or 1% of your income whichever is greater. It will go up each year
Posted on 1/7/14 at 5:19 pm to Alahunter
quote:
Be aware that for 2014, the annual one-time tax penalty will be $95 per adult, or one percent of your total income, based on your income (whichever is higher). For uninsured children in your family, the penalty is $47.50 per child, with a family maximum of $285 for the year
Even if you make $200k a year, it would be cheaper to pay the $2000 fine than the $15K a year in insurance.
Posted on 1/7/14 at 5:20 pm to Tim
quote:
Under the new law, you can't be denied if I understand it correctly
For Obamacare, the initial open enrollment period is from October 1, 2013 through March 31, 2014. It’s longer than a normal open enrollment period since it’s the first ever enrollment period for health insurance bought through exchanges.
Obamacare's second-ever open enrollment is November 15, 2014 through January 15, 2015. Thereafter, much shorter open enrollment periods will run from October 15 through December 7 every year starting autumn of 2015.
If you don’t buy your health insurance during open enrollment, you’ll have to wait until next year’s open enrollment for another opportunity. If you get sick in the meanwhile, you’ll probably be out of luck.
Posted on 1/7/14 at 5:21 pm to Tim
Health insurance coverage doesn’t take effect the day you buy it. While the Affordable Care Act limits waiting periods before health insurance takes effect, it doesn’t totally do away with them. So, although you won’t have to wait six months for your health insurance to kick in, you won’t be covered immediately, either.
If you sign up before the 15th of the month, your coverage will take effect the beginning of the next month. If you enroll after the 15th of the month, your coverage will likely take effect the beginning of the month following the next month. For example, if you sign up on January 25, 2014, your coverage will take effect March 1, 2014.
If you sign up before the 15th of the month, your coverage will take effect the beginning of the next month. If you enroll after the 15th of the month, your coverage will likely take effect the beginning of the month following the next month. For example, if you sign up on January 25, 2014, your coverage will take effect March 1, 2014.
Posted on 1/7/14 at 5:23 pm to Alahunter
Ok, that makes sense. I'm really curious about the feasibility of families affording this ever increasing problem. My premiums have gone through the roof, I know many more that have as well. I'm self-employed, as are most of my friends. I'm wondering how long this is sustainable when people are forced to purchase something they cannot afford?
Posted on 1/7/14 at 5:24 pm to Tim
Welcome to Medicaid
Posted on 1/7/14 at 5:26 pm to jamboybarry
quote:
Welcome to Medicaid
Ha, yeah...none of these people qualify, however, rising insurance premiums are forcing them to re-think a few things.
Posted on 1/7/14 at 5:26 pm to Tim
quote:
I'm self-employed
Same here.
quote:
I'm wondering how long this is sustainable when people are forced to purchase something they cannot afford
It won't be for a sustained amount of time probably. I offset mine by increasing service calls charges. Wasn't planning on doing that until next year, as a raise for myself. Did it a year ahead of schedule and some of it will be to cover new expenses, so my raise was minimized.
Posted on 1/7/14 at 5:29 pm to Alahunter
quote:
You realize the penalty is likely to be much more than that, unless you have zero income.
Has the government found away to verify if you have insurance? Or will they just take people's word, cause then the penalty is $0.
Posted on 1/7/14 at 5:32 pm to TigerintheNO
quote:
Has the government found away to verify if you have insurance?
If I'm not mistaken, there will be a new box on your income tax forms and verification will be required.
Posted on 1/7/14 at 5:33 pm to TigerintheNO
Insurance companies will issue a certification form to the IRS verifying your policy come tax time
Posted on 1/7/14 at 5:52 pm to jamboybarry
So all you need is insurance for the first month and then file your taxes, in Feb?
Posted on 1/7/14 at 5:56 pm to TigerintheNO
quote:
So all you need is insurance for the first month and then file your taxes, in Feb?
I guess. Who the frick knows with this pile of shite law.
The IRS commissioner testified to congress they were not going to back check if people had insurance.
Posted on 1/7/14 at 8:09 pm to Tim
quote:I thought there was no way to "enforce" the penalty other than withhold it from your refund. So if you owe taxes, they can't make you pay the penalty nor can they put a lien on your property.
Even if you make $200k a year, it would be cheaper to pay the $2000 fine than the $15K a year in insurance.
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