Minimum Obamacare plan for a family in a few years will be 20,000 a year states the IRS!

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  3. You have chosen to ignore posts from tvoter. Show tvoter's posts

    Re: Minimum Obamacare plan for a family in a few years will be 20,000 a year states the IRS!

    Congress and the senate must reform this law or the congress must defund it!!

     
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    Re: Minimum Obamacare plan for a family in a few years will be 20,000 a year states the IRS!

    "crickets"

     
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  6. You have chosen to ignore posts from tvoter. Show tvoter's posts

    Re: Minimum Obamacare plan for a family in a few years will be 20,000 a year states the IRS!

    In response to GreginMeffa's comment:

    So if the penalty tax is less than 20k, guess what?




    That's right MOST families will be forced to pay the penalty and not purchase insurance!

     
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    Re: Minimum Obamacare plan for a family in a few years will be 20,000 a year states the IRS!

    Is there an article to read, or are we supposed to comment on tvoter's thread title?

     
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  11. You have chosen to ignore posts from MattyScornD. Show MattyScornD's posts

    Re: Minimum Obamacare plan for a family in a few years will be 20,000 a year states the IRS!

    Right now, it's about $15,000 for a decent family health plan.

    What is a "few years"...?  Because I could see $20k in maybe 7 years...2020.

     

     

     
  12. You have chosen to ignore posts from tvoter. Show tvoter's posts

    Re: Minimum Obamacare plan for a family in a few years will be 20,000 a year states the IRS!

    In response to UserName99's comment:

    Is there an article to read, or are we supposed to comment on tvoter's thread title?




    angryman had it deleted.

     
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  14. You have chosen to ignore posts from tvoter. Show tvoter's posts

    Re: Minimum Obamacare plan for a family in a few years will be 20,000 a year states the IRS!

    In response to WhatDoYouWantNow's comment:

    In response to tvoter's comment:

    T hat's right MOST families will be forced to pay the penalty and not purchase insurance



    Aren't we omitting the provisions used to determine how much someone has to make in order to face a penalty?




     The amount was 102k annual. The 20,000 was for the minimum plan so, how can anyone making less afford it? that means they go uninsured?

     
  15. You have chosen to ignore posts from tvoter. Show tvoter's posts

    Re: Minimum Obamacare plan for a family in a few years will be 20,000 a year states the IRS!

    In response to MattyScornD's comment:

    Right now, it's about $15,000 for a decent family health plan.

    What is a "few years"...?  Because I could see $20k in maybe 7 years...2020. 



    2015 was the year

    Right now I pay 7,800.00 a year (through employer) for a family of 4 and a good plan with fair deductibles, dental, vision, and medical. I actually could have went cheaper with higher deductibles.

     
  16. You have chosen to ignore posts from tvoter. Show tvoter's posts

    Re: Minimum Obamacare plan for a family in a few years will be 20,000 a year states the IRS!

    In response to WhatDoYouWantNow's comment:

    In response to tvoter's comment:

    T hat's right MOST families will be forced to pay the penalty and not purchase insurance



    Aren't we omitting the provisions used to determine how much someone has to make in order to face a penalty?

     

    Some @sshat pulled it, but from what I recall, the OP didn't include anything taking that into consideration. It was just a projection of what the nice private job creater insurance companies will charge for a minimum plan in 2016.

     Other relevant questions include:

    - Are we forgetting to factor in that most employers pay 60-80% of the cost?

    - Are we looking at the individual private market rate, or exchanges/employer bargained plan?

     

    Cause back before anyone heard the name "Obama," I had to get a bare bones plan - it covered ONLY expenses after 10k and up to 2 mil - for several months. About $400/mo, and I'm perfectly fit, not a smoker, etc.

    I'm one person. That works out to 4800/year. Multiply that by 4 and what do you get? Why, just under 20k.

    So 20k in 2016 for a private plan for four people sounds...um....   like a progression of what was already happening before Obama was in the senate!

     




    So, middle income families will pay 1666.00 a month and you thik thats reasonable?

    What if the family only makes 70k a year or about 4500.00 a month after taxes? That almost 40% of their net income!!

     

     
  17. You have chosen to ignore posts from tvoter. Show tvoter's posts

    Re: Minimum Obamacare plan for a family in a few years will be 20,000 a year states the IRS!

    Here's the article. read quick before angrya55 has BDC delete it again.

     

    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 a 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.

    “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).”

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

     
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    Re: Minimum Obamacare plan for a family in a few years will be 20,000 a year states the IRS!

    In response to WhatDoYouWantNow's comment:

     

     

    It seems the original post assumes that these families will be paying full price at the individual rate, not an employer or exchange baragained group rate. 

     




    I agree. It may be assuming what many predict in that a lot of employers especially small business will be forced to stop paying for medical insurance either by cutting hours, eliminating employees or just paying the much cheaper fines instead.

     

     
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    Re: Minimum Obamacare plan for a family in a few years will be 20,000 a year states the IRS!

    In response to 12-Angry-Men's comment:

    If you read the IRS proposal, the total that a family will be required to contribute towards premiums is capped at 8% of AGI.

    After that they will get premium support to make up the diffrence.

    That is why this article is bullcrap. It is examples for illustrative purposes only and does not constitute what the IRS projects to be the cost of health insurance.



    Who provides the "premium support"?

     
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    Re: Minimum Obamacare plan for a family in a few years will be 20,000 a year states the IRS!

    In response to tvoter's comment:

    In response to MattyScornD's comment:

     

    Right now, it's about $15,000 for a decent family health plan.

    What is a "few years"...?  Because I could see $20k in maybe 7 years...2020. 

     



     

    2015 was the year

    Right now I pay 7,800.00 a year (through employer) for a family of 4 and a good plan with fair deductibles, dental, vision, and medical. I actually could have went cheaper with higher deductibles.



    And how much does your employer pay into that plan?  

    Add both contributions, and you have a rough estimate of the total annual premium.

     

     

     
  23. You have chosen to ignore posts from tvoter. Show tvoter's posts

    Re: Minimum Obamacare plan for a family in a few years will be 20,000 a year states the IRS!

    In response to MattyScornD's comment:

    In response to tvoter's comment:

     

    In response to MattyScornD's comment:

     

    Right now, it's about $15,000 for a decent family health plan.

    What is a "few years"...?  Because I could see $20k in maybe 7 years...2020. 

     

    2015 was the year

    Right now I pay 7,800.00 a year (through employer) for a family of 4 and a good plan with fair deductibles, dental, vision, and medical. I actually could have went cheaper with higher deductibles.

    [QUOTE]

    And how much does your employer pay into that plan?  

    Add both contributions, and you have a rough estimate of the total annual premium. 




    They pay half. The problem is small businesses will have to find ways to eliminate this cost either through cutting hours and having more part time employees, cutting staff or just paying the fines and not providing insurance.

    Most small businesses live on very small margins!!

     
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  25. You have chosen to ignore posts from skeeter20. Show skeeter20's posts

    Re: Minimum Obamacare plan for a family in a few years will be 20,000 a year states the IRS!

    In response to 12-Angry-Men's comment:

    Ummm, do you wingnuts even know what an example for "illustrative purposes" is?

    This is freakin hilarious.

     




    Right. the IRS was faced with two random selections:  Say the health care plan cost ten cents, or it costs $20,000.

    They probably flipped a coin.

     

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