ACA Penalty

[Randall]

Whew.  Is this correct?  Client, 26, Income $15,800.  Single, no dependents.  Worked at a job first 3 months that provided health insurance.  No insurance the rest of the year.  For her age, the lowest bronze and the 2nd lowest silver plans are low.  Calculating a penalty of $71.  9/12 of the flat $95.

 

Is this correct?  Someone making that little to be subject to the penalty?  The national average bronze is the $204/mo.  For some reason, I thought that was the cost number we were going to use.  But walking thru the form, worksheets and instructions, it appears that these lower premiums will kick in the penalty for much lower premium amounts.

 

 

[Pacun]

That's correct. The calculation is 95/12*9 or 5600*.01, whichever is higher.

 

As we said on another post, unless you are a heavy smoker, health insurance will always be affordable. If you make too little, the government will pay a lot and that will make it affordable. If you make a lot, you will be able to afford it.

 

The affordability is like your medical bills that you paid are deductible. Have you had any one that qualifies to deduct his medical expenses now that it is raised to 10%?

[Randall]

Thanks.

[Pacun]

OH, but wait for other opinions about affordability.

[mcb39]

 

 

As we said on another post, unless you are a heavy smoker, health insurance will always be affordable. If you make too little, the government will pay a lot and that will make it affordable. If you make a lot, you will be able to afford it.

 

But, our Governor refused the offer of Federal Aid and has gone on to cut most of the state aid for low income people.