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Old 02-01-2013, 07:38 AM  
petegz28 petegz28 is offline
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IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family

(CNSNews.com) – In a final regulation issued Wednesday, the Internal Revenue Service (IRS) assumed that under Obamacare the cheapest health insurance plan available in 2016 for a family will cost $20,000 for the year.

Under Obamacare, Americans will be required to buy health insurance or pay a penalty to the IRS.

The IRS's assumption that the cheapest plan for a family will cost $20,000 per year is found in examples the IRS gives to help people understand how to calculate the penalty they will need to pay the government if they do not buy a mandated health plan.

The examples point to families of four and families of five, both of which the IRS expects in its assumptions to pay a minimum of $20,000 per year for a bronze plan.

“The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000,” the regulation says.

Bronze will be the lowest tier health-insurance plan available under Obamacare--after Silver, Gold, and Platinum. Under the law, the penalty for not buying health insurance is supposed to be capped at either the annual average Bronze premium, 2.5 percent of taxable income, or $2,085.00 per family in 2016.

In the new final rules published Wednesday, IRS set in law the rules for implementing the penalty Americans must pay if they fail to obey Obamacare's mandate to buy insurance.

To help illustrate these rules, the IRS presented examples of different situations families might find themselves in.

In the examples, the IRS assumes that families of five who are uninsured would need to pay an average of $20,000 per year to purchase a Bronze plan in 2016.

Using the conditions laid out in the regulations, the IRS calculates that a family earning $120,000 per year that did not buy insurance would need to pay a "penalty" (a word the IRS still uses despite the Supreme Court ruling that it is in fact a "tax") of $2,400 in 2016.

For those wondering how clear the IRS's clarifications of this new "penalty" rule are, here is one of the actual examples the IRS gives:

“Example 3. Family without minimum essential coverage.

"(i) In 2016, Taxpayers H and J are married and file a joint return. H and J have three children: K, age 21, L, age 15, and M, age 10. No member of the family has minimum essential coverage for any month in 2016. H and J’s household income is $120,000. H and J’s applicable filing threshold is $24,000. The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000.

"(ii) For each month in 2016, under paragraphs (b)(2)(ii) and (b)(2)(iii) of this section, the applicable dollar amount is $2,780 (($695 x 3 adults) + (($695/2) x 2 children)). Under paragraph (b)(2)(i) of this section, the flat dollar amount is $2,085 (the lesser of $2,780 and $2,085 ($695 x 3)). Under paragraph (b)(3) of this section, the excess income amount is $2,400 (($120,000 - $24,000) x 0.025). Therefore, under paragraph (b)(1) of this section, the monthly penalty amount is $200 (the greater of $173.75 ($2,085/12) or $200 ($2,400/12)).

"(iii) The sum of the monthly penalty amounts is $2,400 ($200 x 12). The sum of the monthly national average bronze plan premiums is $20,000 ($20,000/12 x 12). Therefore, under paragraph (a) of this section, the shared responsibility payment imposed on H and J for 2016 is $2,400 (the lesser of $2,400 or $20,000).”

http://cnsnews.com/news/article/irs-...e-20000-family
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Old 02-01-2013, 09:17 AM   #31
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Originally Posted by La literatura View Post
What a stunningly deceptive thread. Pete, you're a joke.
Takes one to know one, I'm rubber you're glue, sticks and stones...
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Old 02-01-2013, 09:22 AM   #32
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Originally Posted by La literatura View Post
It's good to have for people like pete and frazod who have the literacy levels of a 6th grade almost-made-the-honor-roll-student.
Ah, Jensen, how I have missed you telling us all how smart you are....
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Old 02-01-2013, 09:28 AM   #33
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Also....are they really going to call it "Bronze, Silver, Gold, Platinum?" sounds more like a car-care package.
It sounds like a class system to me.
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Old 02-01-2013, 09:31 AM   #34
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Originally Posted by frazod View Post
I'm sorry if you don't understand the subject matter, sweetheart, but I already have enough little snot-nosed puppy lawyers to think for without adding another one.
That was a fun dodge.
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Old 02-01-2013, 09:32 AM   #35
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Originally Posted by petegz28 View Post
Ah, Jensen, how I have missed you telling us all how smart you are....
Explain the significance of the thread you started.
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Old 02-01-2013, 09:32 AM   #36
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Originally Posted by Garcia Bronco View Post
It sounds like a class system to me.
Yeah, no such things exist in insurance plans currently. Dammit Obama!
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Old 02-01-2013, 09:36 AM   #37
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Originally Posted by La literatura View Post
Explain the significance of the thread you started.
I just wanted to see you bitch and whine.........thanks
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Old 02-01-2013, 09:37 AM   #38
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Originally Posted by La literatura View Post
That was a fun dodge.
It sure is funny when you little liberal ****s try to give people homework assignments.
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Old 02-01-2013, 09:44 AM   #39
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Originally Posted by frazod View Post
It sure is funny when you little liberal ****s try to give people homework assignments.
This isn't homework. Consider this just another way of avoiding doing the work for the lawyers who pay your wage.

I'll make it even simpler for you. Multiple choice. Even a monkey has a 25% chance of getting this correct.

In Pete's opening post, $20K is mentioned. What is the significance of the $20K?
A. It is an estimate of a self-insured, unsubsidized, bronze plan for a family of 5 people
B. It is the estimate of the cheapest plan per family (Pete's implication).
C. It is the estimated penalty a family of 5 must pay for not purchasing health insurance
D. It is an estimate of the lowest amount health insurance will cost you personally
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Old 02-01-2013, 09:45 AM   #40
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Originally Posted by petegz28 View Post
I just wanted to see you bitch and whine.........thanks
So you intentionally started a deceptive thread for the purpose of me calling out your low character? Is this the purpose of most of your threads?
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Old 02-01-2013, 09:46 AM   #41
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Originally Posted by Garcia Bronco View Post
wow, that's about 16k more than a family of the same size would pay today at my company with a 2k deductable.
You do realize your employer is probably paying two thirds of that, and getting a giant tax break for doing so, right?
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Old 02-01-2013, 09:46 AM   #42
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Originally Posted by La literatura View Post
This isn't homework. Consider this just another way of avoiding doing the work for the lawyers who pay your wage.

I'll make it even simpler for you. Multiple choice. Even a monkey has a 25% chance of getting this correct.

In Pete's opening post, $20K is mentioned. What is the significance of the $20K?
A. It is an estimate of a self-insured, unsubsidized, bronze plan for a family of 5 people
B. It is the estimate of the cheapest plan per family (Pete's implication).
C. It is the estimated penalty a family of 5 must pay for not purchasing health insurance
D. It is an estimate of the lowest amount health insurance will cost you personally
You're not a very good student and even a worse lawyer. I never implied anything. I posted the thread as is, title included.

You get a big ole' F
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Old 02-01-2013, 09:47 AM   #43
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You do realize your employer is probably paying two thirds of that, and getting a giant tax break for doing so, right?
Actually a lot of companies, including the law firm I left in May, will be moving towards giving you a flat amount of $1500 or so and offering nothing but high-deductible plans.
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Old 02-01-2013, 09:48 AM   #44
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Originally Posted by petegz28 View Post
You're not a very good student and even a worse lawyer. I never implied anything. I posted the thread as is, title included.

You get a big ole' F
So you're not implying that you agree that the cheapest Obamacare plan will cost $20K per family?

Do you really expect us to believe that?
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Old 02-01-2013, 09:48 AM   #45
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Originally Posted by La literatura View Post
So you intentionally started a deceptive thread for the purpose of me calling out your low character? Is this the purpose of most of your threads?
I posted the thread as story as is. You already failed once saying I implied something. Don't flatter yourself so much.
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