Important Info on the Opt Out Penalty
The fee for not having health insurance in 2016
Percentage of income:
[You should be able to start signing up for Obamacare again around Nov 15th 2016; in some cases, you can sign up sooner. Small businesses can also sign up now. Info here.]
Important Info on the Opt Out Penalty:
It's sometimes called the "health insurance penalty," "fine," "individual responsibility payment" or "individual mandate."
If you are required to get health insurance, and you don't have what the government calls "minimum essential coverage," you have to pay the penalty.
See below to learn if you can avoid the penalty:
Monday, October 28, 2013
Life Insurance with Med Payments May Be a Strategy to Opt Out: Forbes
One strategy for Obamacare Opt Out Penalties/Health Insurance Penalty:
"Along with life insurance coverage the policy includes what’s called a 'critical illness' component. If the policyholder needs, say, surgery, the insurer writes the policyholder a check based on a schedule. Let’s say, for example, it’s $10,000. The policyholder has $10,000 in hand to pay for the medical care — or, frankly, anything else since the money belongs to the insured — but the value of his life insurance benefit is reduced by the same amount, to $240,000. Thus the critical illness component simply accelerates the benefit payout..."Use Life Insurance to Opt Out of Obamacare
Posted by Orcinus Media at 10:33 AM