Wednesday, November 20, 2013

The penalty for not getting health insurance is more than you think!!

Under health reform, beginning in 2014, if you lack minimal essential coverage (such as an employer plan) and you don't fall under one of nine exemptions, you need to get health insurance. Otherwise, you face an annual penalty - one the U.S. Supreme Court deemed a tax. Just how high of a tax? That's the source of a lot of confusion, partly because the formula for calculating it is complicated. Your penalty will likely be more than $95. In fact, if you're single and make more than $19,650 next year, you'll owe more. And in future years, you'll owe considerably more, depending on your income. The Congressional Budget Office has estimated that the penalties would generate $7 billion in revenues by 2017 and $9 billion by 2021.
www.oregonlive.com/finance/index.ssf/2013/11/skipp...river

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