The Internal Revenue Service issued final rules on Tuesday for the individual mandate of President Barack Obama's healthcare overhaul, one of the most contentious elements of the U.S. law set to go into effect next year.
A centerpiece of Affordable Care Act, also known as Obamacare, is a requirement that all individuals carry some minimum health insurance or pay a tax. The new system aims to provide insurance through state marketplaces and subsidies for tens of millions of Americans who lack it.
If individuals choose not to carry insurance, they are subject to a penalty, starting at $95 per person per year or 1 percent of income in 2014, whichever is greater, and eventually reaching $695 per person or 2.5 percent of income by 2016.
quote:NO! The penalty (fu Roberts) is only that.. A penalty... Of course you can still get treatment by stiffing the doc and hospital.
Honestly, if I'm paying about $12k a year now for insurance, will I still get coverage if I pay the penalty and drop my insurance?
quote:I don't know why it wouldn't. Ins can't deny coverage for pre-existing conditions, and there's no lifetime limit no matter what the coverage. If it was an accident rather than an illness though, the two or three days it would take to get the paperwork done might foul things up.
If one has catastrophic coverage but jumps to a regular plan in the aftermath of a cancer diagnosis...why won't that work?
a Catastrophic Health Plan, “a health plan not providing a bronze, silver, gold, or platinum level of coverage shall be treated as meeting the requirements of subsection (d), if”
1. Eligibility is restricted to either (1) young adults under age 30 prior to the start of the plan year or (2) individuals who have been deemed exempt from the individual mandate;1
2. The plan provides the essential health benefits defined under §1302(a) after the insured has met a deductible which must be equal to the maximum annual out-of-pocket limit for High-Deductible Health Plans (HDHP) as defined by the IRS for the given plan year;
3. The deductible does not apply to at least three primary care visits.
quote:I've heard so many people say things like, "Well, at least everybody will have to pay for their own healthcare now. I'm tired of paying for people who can afford it but buy big screens and cars instead."
For taxpayers we just get taxed some more
folks in LA with no insurance will pay the penalty