Obamacare Made Simple
"Those who don't know history are destined to repeat it." Edmund Burke
Isaiah 46:9-10 Remember the former things of old: for I am God, and there is none else; I am God, and there is none like me, Declaring the end from the beginning, and from ancient times the things that are not yet done, saying, My counsel shall stand, and I will do all my pleasure:
“When we give government the power to make medical decisions for us, we, in essence, accept that the state owns our bodies.” Ron Paul
Some interesting info on Obamacare:
From Forbes website
http://www.forbes.com/sites/mikepatton/2013/10/28/obamacare-penalties-and-exemptions/
We find the following information
Exemption From Non-Compliance Penalties
Certain individuals will be exempt from Obamacare. According to the website, healthcare.gov, you may qualify for an exemption if:
- You’re uninsured for less than 3 months of the year;
- The lowest-priced coverage available to you would cost more than 8% of your household income;
- You don’t have to file a tax return because your income is too low;
- You’re a member of a federally recognized tribe or eligible for services through an Indian Health Services provider;
- You’re a member of a recognized health care sharing ministry;
- You’re a member of a recognized religious sect with religious objections to insurance, including Social Securityand Medicare;
- You’re incarcerated, and not awaiting the disposition of charges against you; and
- You’re not lawfully present in the U.S.
It should also be noted that if your income is less than 133% of the federal poverty level, you will be relieved of this penalty. At first blush, the exemptions seem to focus on the poor, those in prison, Native Americans, and illegal immigrants. There is, however, another list of qualified exemptions.
Hardship Exemptions
You may qualify for a hardship exemption if:
- You were homeless;
- You were evicted in the past 6 months or were facing eviction or foreclosure;
- You received a shut-off notice from a utility company;
- You recently experienced domestic violence;
- You recently experienced the death of a close family member;
- You experienced a fire, flood, or other natural or human-caused disaster that caused substantial damage to your property;
- You filed for bankruptcy in the last 6 months;
- You had medical expenses you couldn’t pay in the last 24 months;
- You experienced unexpected increases in necessary expenses due to caring for an ill, disabled, or aging family member;
- You expect to claim a child as a tax dependent who’s been denied coverage in Medicaid and CHIP, and another person is required by court order to give medical support to the child. In this case, you do not have the pay the penalty for the child;
- As a result of an eligibility appeals decision, you’re eligible for enrollment in a qualified health plan (QHP) through the Marketplace, lower costs on your monthly premiums, or cost-sharing reductions for a time period when you weren’t enrolled in a QHP through the Marketplace; and
- You were determined ineligible for Medicaid because your state didn’t expand eligibility for Medicaid under the Affordable Care Act.
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https://www.healthcare.gov/exemptions/
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From http://obamacarefacts.com/obamacare-taxes.php
We find the following information
The 2013 Federal Poverty Level Guidelines below are used to Determine if your percentage of the poverty level for both taxes and cost-assistance.
Household Size | 100% | 133% | 150% | 200% | 300% | 400% |
1 | $11,170 | $14,856 | $16,755 | $22,340 | $33,510 | $44,680 |
2 | 15,130 | 20,123 | 22,695 | 30,260 | 45,390 | 60,520 |
3 | 19,090 | 25,390 | 28,635 | 38,180 | 57,270 | 76,360 |
4 | 23,050 | 30,657 | 34,575 | 46,100 | 69,150 | 92,200 |
5 | 27,010 | 35,923 | 40,515 | 54,020 | 81,030 | 108,040 |
6 | 30,970 | 41,190 | 46,455 | 61,940 | 92,910 | 123,880 |
7 | 34,930 | 46,457 | 52,395 | 69,860 | 104,790 | 139,720 |
8 | 38,890 | 51,724 | 58,335 | 77,780 | 116,670 | 155,560 |
For each additional person, add | $3,960 | $5,267 | $5,940 | $7,920 | $11,880 | $15,840 |
This following table is an example of how premium tax credits work. Please note that the numbers below are purely for example and don't reflect your personal rates.
Income % of federal poverty level | Premium Cap as a Share of Income | Income $ (family of 4) | Max Annual Out-of-Pocket Premium | Premium Savings | Additional Cost-Sharing Subsidy |
---|---|---|---|---|---|
133% | 3% of income | $31,900 | $992 | $10,345 | $5,040 |
150% | 4% of income | $33,075 | $1,323 | $9,918 | $5,040 |
200% | 6.3% of income | $44,100 | $2,778 | $8,366 | $4,000 |
250% | 8.05% of income | $55,125 | $4,438 | $6,597 | $1,930 |
300% | 9.5% of income | $66,150 | $6,284 | $4,628 | $1,480 |
350% | 9.5% of income | $77,175 | $7,332 | $3,512 | $1,480 |
400% | 9.5% of income | $88,200 | $8,379 | $2,395 | $1,480 |
In 2016, the FPL is projected to equal about $11,800 for a single person and about $24,000 for family of four. Use the Kaiser ObamaCare Cost Calculator for more information. DHHS and CBO estimate the average annual premium cost in 2014 to be $11,328 for family of 4 without the reform. Source: Wikipedia |
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"To compel a man to subsidize with his taxes the propagation of ideas which he disbelieves and abhors is sinful and tyrannical." Thomas Jefferson