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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, 09:58 AM   #61
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Originally Posted by La literatura View Post
Explain the significance of your thread, pete.
Um, no...how's that, smartass?
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Old 02-01-2013, 09:58 AM   #62
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Originally Posted by petegz28 View Post
Parts of Obamacare level it out. Parts of it make it worse for everyone.
Nobody is going to confuse you for knowing what you're talking about when it comes to Obamacare.
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Old 02-01-2013, 09:59 AM   #63
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Again, you are going to make a terrible litigator. Let me ask you this, does a reporter have to have a specific take on every story they report? And moreso is their take relevant to reporting a story at all?
I disagree he will fit in perfectly. Court is not setup in a debate format. It is all about winning over the jury. Saying things for effect and redirecting, diverting from harmful testimony. Saying things knowing there will be a sustained objection. It is nothing like a face to face debate. Like him or not the kid can argue~
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Old 02-01-2013, 09:59 AM   #64
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Originally Posted by La literatura View Post
Nobody is going to confuse you for knowing what you're talking about when it comes to Obamacare.
Gee....you are too cool for school
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Old 02-01-2013, 10:00 AM   #65
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I disagree he will fit in perfectly. Court is not setup in a debate format. It is all about winning over the jury. Saying things for effect and redirecting, diverting from harmful testimony. Saying things knowing there will be a sustained objection. It is nothing like a face to face debate. Like him or not the kid can argue~
Well I will give you that. He can argue.
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Old 02-01-2013, 10:01 AM   #66
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Originally Posted by petegz28 View Post
Um, no...how's that, smartass?
That's exactly what I expected. Asking you that causes you to evaluate your life on this board as a regurgitating bag of vomit for right-wing hysteria. And you probably find it discomforting to realize that you can't think for yourself.
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Old 02-01-2013, 10:02 AM   #67
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This isn't about arguing. It's about honesty and integrity. And Pete has very little of either. And a huge part of that is for reasons like this thread represent.
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Old 02-01-2013, 10:03 AM   #68
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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
I'm sorry, I was busy. You seem to have plenty of time on your hands, though. Slow day at Littlefish & Associates, I take it?
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Old 02-01-2013, 10:03 AM   #69
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Originally Posted by La literatura View Post
That's exactly what I expected. Asking you that causes you to evaluate your life on this board as a regurgitating bag of vomit for right-wing hysteria. And you probably find it discomforting to realize that you can't think for yourself.
Hmmm, I wouldn't know....I mean since I can't think for myself and all....
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Old 02-01-2013, 10:04 AM   #70
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This isn't about arguing. It's about honesty and integrity. And Pete has very little of either. And a huge part of that is for reasons like this thread represent.
the kid if kids has spoken.....
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Old 02-01-2013, 10:04 AM   #71
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I'm sorry, I was busy. You seem to have plenty of time on your hands, though. Slow day at Littlefish & Associates, I take it?
Take your time and read the options. Ask a lawyer to help you out if you can't understand one.
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Old 02-01-2013, 10:06 AM   #72
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Hmmm, I wouldn't know....I mean since I can't think for myself and all....
Don't feel too bad. Just try to completely change your pathetic self. The sooner the better.
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Old 02-01-2013, 10:07 AM   #73
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Take your time and read the options. Ask a lawyer to help you out if you can't understand one.
This is much more fun. How much longer until you throw another one of infantile temper tantrums? The last one was epic.
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Old 02-01-2013, 10:07 AM   #74
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I'm sorry, I was busy. You seem to have plenty of time on your hands, though. Slow day at Littlefish & Associates, I take it?
I think Jensen might be onto something here. Do you think there could be a possible lack of integrity in our media?

I'm just glad he is here to educate us all on such matters.
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Old 02-01-2013, 10:07 AM   #75
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Don't feel too bad. Just try to completely change your pathetic self. The sooner the better.
Thanks for advice, kid....
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