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Posted on 01/31/2013 2:43:47 PM PST by rhema
In a final regulation issued 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 of five 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 annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000,” the regulation says.
Bronze will be the lowest tier health-insurance plan available under Obamacare--after Silver, Gold, and Platinum. Under the law, the penalty for not buying health insurance is supposed to be capped at either the annual average Bronze premium, 2.5 percent of taxable income, or $2,085.00 per family in 2016.
In the new final rules published Wednesday, IRS set in law the rules for implementing the penalty Americans must pay if they fail to obey Obamacare's mandate to buy insurance.
To help illustrate these rules, the IRS presented examples of different situations families might find themselves in.
In the examples, the IRS assumes that families of five who are uninsured would need to pay an average of $20,000 per year to purchase a Bronze plan in 2016.
Using the conditions laid out in the regulations, the IRS calculates that a family earning $120,000 per year that did not buy insurance would need to pay a "penalty" (a word the IRS still uses despite the Supreme Court ruling that it is in fact a "tax") of $2,400 in 2016.
For those wondering how clear the IRS's clarifications of this new "penalty" rule are, here is one of the actual examples the IRS gives:
“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).”
Someday it will really suck to be Obama
I only pray I live long enough to see it.
And the insurance companies supported their own doom. Idjits.
Ok....with a family of 5 as stated
” 300Mil Americans / 5 * 20,000 = $1.2 Trillion “
Leaves more money for fees etc. rhetorical question the same
It’s what the sheeple were told by the TV that they wanted, so they voted for it.
I’m completely out of sympathy for the stupid and uninformed now.
The collapse of America as I see it.”
____________________________________________________
I think you're right!
There will come a point where the Producers tell the Takers to go F off! Many Producers will see the benefits in becoming Takers. These idiots haven't even begun to consider the unintended consequences.
Oh, and chaos is only good if the Dictator can control it. If you doubt me, ask Nicolae Ceausescu.
Unless I missed something I think that $20k per family is for premiums that go to private insurers not into the Treasury.
I hope at the appropriate time Mr. Smith introduces legislation requiring Congress, the Administration and the Judiciary to be subject to the same healthcare legislation as the proletariat.
Just what would you like them to do? Better yet, what power would you like them to use to change this?
And anyone supporting a relative, who has fallen on hard times, is required to pay the penalty:
“... b. Liability for shared responsibility payment
i. Liability for dependents
Under section 5000A(b)(3)(A), if an individual with respect to whom the shared
responsibility payment is imposed for a month is another individual’s dependent (as
defined in section 152) for the taxable year including that month, the other individual is
liable for the shared responsibility payment for the dependent. The proposed
regulations clarify that a taxpayer is liable for the shared responsibility payment imposed
with respect to any individual for a month in a taxable year for which the taxpayer may
claim a personal exemption deduction for the individual (that is, the dependent) for that
taxable year. Whether the taxpayer actually claims the individual as a dependent for
the taxable year does not affect the taxpayer’s liability for the shared responsibility
payment for the individual.”
Obama is turning us into slaves.
You and me both! In fact, I think the number of unsympathetic Americans is growing. Elections have consequences!
Who really cares?
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TAXERS for ALL but THEMSELVES:
"Not OUR families, you worthless maggots (taxpayers)."
Boner and the House hold the Purse Strings. Why doesn't Boner hold to his previous promise to not fund ObamaCare?
This is a question that would better be asked of Boner.
“The classes and the races too weak to master the new conditions of life must give way.... They must perish in the revolutionary holocaust.”
-Karl Marx, Marx People’s Paper, April 16, 1856
~~~
Different Day - Same Pile
“Unless I missed something I think that $20k per family is for premiums that go to private insurers not into the Treasury.”
I’m just putting the numbers in some perspective.
Here are some more - todays expenditures ($2.7T per year) it works out to $471M per registered hospital, or nearly $8,000 per bed per day (365days per year).
Seriously where does it all go?
The irony is I'm going to have to emigrate to Panama or somewhere I can afford the health insurance premiums (and the level and quality of care in some of those plans isn't that shabby).
It's all gonna be one big blinding blizzard of BS that's going to take decades to decipher even when they decide to go to single payer in a desperate attempt to clean up the mess!!!
What you're seeing right here is the very reason so many of us drove across the nation in those stiffling days of May in 2010 when we could ill afford to, to protest this obamination that was driven down everyone's throats in the dead of night!!!
Yet we have a Supreme Court "justice" with a blatant conflict of interest backing up some of the richest Democrats in the history or our national CONgress doing this evil which will totally trash our economy right along with all the GovernMental EnvironMental that were already trying to ruin what economy we had up till now!!!
Now they just "whip-saw'' us till we can't withstand the onslaught!!!
‘The cheapest plan is about 80% of my income.’
That’s ok.
They have a death panel for that.
I would suggest a cosmological phenomena that draws in everything around it, including light, but I don't want to say anything racist.
My RX deductible is about 340.00. So I figure, just pay the premiums, take my prescription to Walmart and SKIP the deductible until I need it.
So, since Median Household income is $49K, the IRS assumes that a family will spend 40.8% of its pre-tax income on Healthcare?
Someone should have read the monstrosity before they passed it!
UN-freaking-believable.
What do YOU pay in all those other taxes that are assessed: income tax - federal, state and city, sales tax, personal property tax, automobile stickers/inspections/tags, driver’s license “fees”, add-on taxes to telephone, television, internet, utility services, hotel occupancy taxes...
Perhaps we should each sit down and really EVALUATE/CALCULATE the TAXES we pay.
Will you have any money remaining for food, shelter, and clothing?
I would be remiss if I didn’t point out that I am totally dismayed by the current state of our situation.
I WANT THE FEDERAL GOVERNMENT OUT OF MY LIFE! (except for national security)
“By 2025 third world health care, will feel like home for the majority of Americans. We’ll be like Africa, China, India, Mexico and all other utopias citizens of the world immigrated from. No more “racist, greedy America.”
Actually US healthcare will be worse. In third world countries prescription drugs here are available over the counter at much lower prices. People self medicate except for extremely severe conditions. It is doubtful the FDA will allow prescription drugs to be sold over the counter and big pharma, allied with big government, will keep US drug prices high.
This means the hospital has only to stabilize the patient (so the expectation is that the patient will not die within 24 hours) and then discharge them. If they do not need life-sustaining stabilization in the first place they can be evaluated and then discharged immediately. This happens every single day in every single hospital.
It doesn’t look to me like ya’ll understand the program. Or, maybe I don’t. If you pay the penalty you will still be covered under the Bronze plan. So, in this case, the Bronze plan will cost the family 2,400 bucks. The cost of the plan to the government is approximated at 20,000. Or you can keep your own coverage if you choose.
bflr
slavery
bump!
We are becoming the target of tyranny
Good thing this isn’t going to impact congress or muzzies.
nonsense.
You can start collecting luxury refrigerator boxes right now! Then you’ll always have a place to call home.
Couple of refrigerator boxes (1 per family member), a big tarp to cover them with .... you’ve got it made.
Ok. Here’s an example of the breaking news and I am being kind, “republicans refuse to pay for healthcare, a virtual death sentence for women and children without insurance.” (We got a preview of the outrage against Republicans for the delay in funding Sandy).
Too weak for here in tornado country.
I’m going with a shipping container, LOL.
Why should they be in a hurry to do this? All families who pay the $20,000 and even more for better plans will be be paying the freight for (subsidizing) those who pay no Federale income tax which is now a bit less than half the population and whom 85% are Obama voters. You can also call Obama care a reparations and wealth transfer scheme. 0-Care is in effect another taxation scheme in that money will be taken from the producers and given to the non-producers for their medical care
“The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000,” the regulation says.
Bronze will be the lowest tier health-insurance plan available under Obamacare--after Silver, Gold, and Platinum. Under the law, the penalty for not buying health insurance is supposed to be capped at either the annual average Bronze premium, 2.5 percent of taxable income, or $2,085.00 per family in 2016.
Pay $20,000, or pay $2,000? Hmmm....choices, choices.
Remember ... the Democrats came up with the idea to make turning someone away from a hospital illegal....
We tried to tell them that people would stop buying insurance and they laughed at us.
Then everyone stopped buying insurance and the costs started skyrocketing.
Now they come back and force everyone to buy insurance. All this BS because poiticians want their names on historic legislation ... the conseqeunces be damned.
Thanks for the kick in the seat! ;^)
“Wow! The revolution might start much sooner than I thought”
To add, one or all of the below things happen:
1. The 47% Taker-Class expects nothing but the best healthcare service (their fair share), don’t get it, have to wait for it and start civil unrest.
2. The Maker-Class goes Galt or a lessor version. Cash and barter for private medical treatment becomes the norm, forcing the Taker-Class into even longer waits for service, again making the system ripe for unrest.
3. Physicians, willing or unwilling to submit, will be conscripted for “the common good”. Sort of like the draft....forced labor will begin with the medical community.
4. Some combination of #1, #2 or #3.
IMHO, I think cash-only/barter only medical clinics will be springing up in international waters on hi-tech yachts....
The list, Ping
Let me know if you would like to be on or off the ping list
Put some wings on it and you’ll get free airfare ... and no TSA!
Be careful about the questions you ask, Comrade.
Don’t forget the flood of incoming Third World physicians who will work for pennies and be worth every one!
40% on health care, 30% on taxes....
Making everyone a criminal and ending all gun ownership through healthcare criminal prosecutions.
And if Americans think that this isn't intended, they have a Democrat mental disorder.
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