Important Info on the Opt Out Penalty


The fee for not having health insurance in 2016

The fee is calculated 2 different ways – as a percentage of your household income, and per person. You’ll pay whichever is higher.

Percentage of income:

  • 2.5% of household income
  • Maximum: Total yearly premium for the national average price of a Bronze plan sold through the Marketplace

Per person:

  • $695 per adult
  • $347.50 per child under 18
  • Maximum: $2,085
[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:

Obamacare Opt Out Penalties

Obamacare Opt Out Penalties
Source: Kaiser

Saturday, October 26, 2013

Oregon Exchange Can't Calculate Income for Self-Employed?


We wonder how many other state exchanges (and federal?) may have problems with the basic issue of determining the adjusted income (after expenses) of self-employed people (in many cases aka as "small businesses.)

This makes it harder to determine your actual premiums under Obamacare and therefore whether it makes sense to pay the opt out penalty. Since the penalty is determined by income levels, that step is also subject to screw up.

"Despite official statements in recent days, the problems at the federal and state health insurance exchanges are far from merely 'technical.' Based on my experience trying to navigate the utter confusion at the 'Cover Oregon' health exchange over something as simple as determining one's income and eligibility for tax credits, I wonder if they'll ever getObamaCare working."

Oregon Exchange Problems with Determining Income

No comments:

Post a Comment