I just wanted to share a story with you regarding the new “affordable” exchanges. This was from an email that someone showed me. Thought it was very interesting. A friend of mine (for over 30 years) and I have had many a heated discussions over Obamacare. He was VERY excited about the “affordable” healthcare. Don’t get me wrong – he doesn’t believe anything in life is free. Here are the FACTS about my friend: 1. Male – age 45 2. State – Ohio 3. Pre-Existing condition – Type 1 Diabetes 4. Income - $45,000 annually 5. Hasn’t had insurance in 3 years 8:00am yesterday morning FINALLY got onto the marketplace. He spent approximately 2 hours navigating through the system trying to compare health plans, filling out forms, attaching documentation, etc. Here are the FACTS about what kind of plan my friend chose: 1. Tier 2 Silver Plan 2. 75/25 – split 3. Well known insurance company – no names to protect all those involved Here are the FACTS about what the cost was for the above mentioned plan: 1. Monthly premium - $597.00 ($7,164 annually) 2. Annual Deductible - $13,988 3. Total out of pocket BEFORE insurance pays 75% - $21,152 (47% of his annual income) Needless to say – NOT AFFORDABLE BY ANY STANDARDS, so he opted out and checked the “no insurance button” Last night he received an email… long story short – this is what it said: 1. Annual penalty for no health insurance - $4,037 (cheaper than the premiums – but still substantial) 2. Non-payment penalty – Attached to your annual tax return THEN there is a REPERCUSSIONS PORTION for non-payment: 1. 1st year no insurance – no payment of fine – Driver’s license is suspended until paid 2. 24 consecutive months no insurance – no payment of fine – Homeowners will have a federal tax lien placed on their home The email suggested to please give them your bank information and they will automatically deduct the penalty in convenient weekly, biweekly or monthly payments.
Posted on: Fri, 04 Oct 2013 09:19:43 +0000
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