IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family

  1. 0
    looks like the unaffordable care act.


    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 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.

    http://cnsnews.com/news/article/irs-...e-20000-family
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  3. 32 Comments so far...

  4. 1
    The IRS document is 73 pages long. Do you have a citation from a more neutral news source?
    TheCommuter likes this.
  5. 2
    Page 70.
    http://www.irs.gov/PUP/newsroom/REG-148500-12%20FR.pdf

    There is no such thing as a neutral news source.


    Quote from Not_A_Hat_Person
    The IRS document is 73 pages long. Do you have a citation from a more neutral news source?
    CrufflerJJ and herring_RN like this.
  6. 6
    Between my employer and myself, I currently pay 18,000 a year for a $3,000 deductible, 35% copay plan for a family of 4 (similar to the bronze plan). Pre-obamacare, insurance premium inflation was predicted to be 5-13% per year, so if we take my plan and look at an average predicted inflation, that would cost $25,400 in 2016. I'd much prefer to pay $20,000 compared to $25,000.
    BCgradnurse, tewdles, CrufflerJJ, and 3 others like this.
  7. 1
    It is necessary to read the original to really know what a document says.

    I turned 65 a few years ago. Between my employer and myself (about 60%/40%) my individual health insurance was $14,400.00 a year, $1,200 a month. I chose to pay more because the other offering was an HMO.

    Now DH and I both have Medicare and a supplement.
    tewdles likes this.
  8. 4
    I think this is an example of poor reporting. The IRS is not in the business of setting premiums for health insurance. The $20,000 number is an assumption, a guesstimate, of what the premium will be for a family of 5. They use that number in an example to calculate the tax penalty for a family that does not purchase health insurance. It could have been $18,000 or $25,000 and the penalty would be the same.

    The story should have been the IRS releases guidelines for calculating the tax penalty for not having medical insurance. Then they could have discussed a $2400 penalty.
  9. 4
    Quote from azhiker96
    ...The story should have been the IRS releases guidelines for calculating the tax penalty for not having medical insurance. Then they could have discussed a $2400 penalty.
    That would not be as titillating for those who despise the ACA.
    BCgradnurse, nursej22, herring_RN, and 1 other like this.
  10. 2
    Please...Look on p. 61 of the IRS document. I scanned it with my search tool using "20" b/c, heck, I need a hobby. The premium is always adjusted according to income and where a family falls on the FPL. $20,000 is an example. In the example provided, if a family was at 217% of the federal poverty line, they would pay $10,945 a year on what would be a $20,000/year premium. The article the OP quoted was very inaccurate. http://www.irs.gov/PUP/newsroom/REG-148500-12%20FR.pdf
    BCgradnurse and herring_RN like this.
  11. 2
    [QUOTE=mariebailey;7155103In the example provided, if a family was at 217% of the federal poverty line, they would pay $10,945 a year on what would be a $20,000/year premium. [/QUOTE]

    Oh, that's much better! Because a family of 4 @ 217% of the poverty level can easily afford $11K per year in insurance premiums. That's why it's called the Affordable Care Act!

    (217% of poverty level for a family of 4 = $50K/year.) This hypothetical family would be forced to pay over 20% of their pre-tax income on health insurance in order to comply. No problem there!
    pigginsrn and Spidey's mom like this.
  12. 0
    Quote from mariebailey
    Please...Look on p. 61 of the IRS document. I scanned it with my search tool using "20" b/c, heck, I need a hobby. The premium is always adjusted according to income and where a family falls on the FPL. $20,000 is an example. In the example provided, if a family was at 217% of the federal poverty line, they would pay $10,945 a year on what would be a $20,000/year premium. The article the OP quoted was very inaccurate. http://www.irs.gov/PUP/newsroom/REG-148500-12%20FR.pdf
    My bad, they get a tax credit b/c their coverage is not affordable!


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