Part I : The Slap on the Wrist
The end of the year is fast approaching and that means that sooner or later, later being March 2014, you and your family must have some sort of minimum health care coverage,as mandated by the Affordable Care Act of 2010, if you and your family do not fall under any of the exceptions.
As such, I have put together a short series, My Healthcare 2014, of what the new health care mandate will mean to you, your family, and your wallet. Today’s blurb explains in numerical terms, the penalty that you and your family will incur, should your household go beyond 3 months without minimum health care coverage, beginning January 2014.
If you already know this and have made proper arrangements, good for you! YAY! If not, I hope this helps and will get you moving in the right direction, may it be getting minimum coverage or leaving the country and denouncing your citizenship.
Here it is:
Title I: Quality Affordable Healthcare for All Americans
Subtitle F: Shared Responsibility for Health Care, Part I: Individual Responsibility, Section 1501(b): Requirement to Maintain Essential Coverage, Subsection 5000A(c): Amount of Penalty:
“For the tax year:
2014: The greater of 1% of taxable income or $95 per person.
2015: The greater of 2% of taxable income or $325 per person.
2016: The greater of 2.5% of taxable income or $695 per person.
Beyond 2016: Annual increase by the calculated increase in cost of living.”
*These are just per adult penalties, additional amount applies for each child without minimum health care covered, so these are minimum amounts. If you have little ones, your penalty will be way higher.*
You can be exempt if, You are:
1. In financial Hardship(I will probably claim under due to the recent daycare expenses incurred by my household, just kidding).
2. Religiously exemptions
4. An undocumented immigrant
5. An American Indian
Revisit Reactions to the Affordable Care Act:
Source: housedocs.house.gov: US House of Representative, May 2010.
Here is the full text of the bill, in case you get bored.