Several groups are exempt from the requirement to obtain coverage or pay the penalty, including: people who would have to pay more than 8% of their income for health insurance, people with incomes below the threshold required for filing taxes (in 2009, $9,350 for a single person and $26,000 for a married couple with two children), those who qualify for religious exemptions, undocumented immigrants, people who are incarcerated, and members of Indian tribes. I especially like the “undocumented immigrants” since that’s the demographic group responsible in part for driving up our healthcare costs — ask California. Next, we have the question of what is the penalty for an individual if he/she decides to forego the purchase of insurance [emphasis mine]: The penalty for people who forego insurance is the greatest of two amounts: a specified percentage of income or a specified dollar amount. The percentages of income are phased in over time at 1% in 2014, 2% in 2015, and 2.5% starting in 2016. The dollar amounts are also phased in at $95 in 2014, $325 in 2015, and $695 beginning in 2016 (with annual increases after that).
Posted on: Sat, 22 Jun 2013 03:25:09 +0000
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