MONDAY, DECEMBER 15, 2014
Obama Care (or the Affordable Care Act)- Understanding the Penalties (or tax implications)... By now we have all heard that you need to file for "Obama-care" or you're going to be taxed. We ALL need Health Insurance today, people are setting themselves up for the "catastrophic realities of how expensive healthcare can be and how fragile our health is going into the unseen future" (according to the Reform Experts latest post in Insuring America).
The scary part of all of this is that many people do not even know that the penalties exist or how severe they truly can be. Since the penalties are assessed when taxes are filed, people are going to get sticker shock when they file this coming spring for 2014. Some people will tell you that the penalty is only $95, others will tell you it's only a small percentage of your income. In 2014, a family making $50,000 (as an example) will be charged somewhere in the neighborhood of $297 each, up to five members of the family. In 2015, the penalty for families not having insurance goes up to either 2% of the "family income" ($1,000 based on the same $50,000 earning example) OR $325 per adult in the household and $162.50 per child in the household WHICHEVER IS HIGHER!!!
What this means simply is that a family of four would be looking at almost $1,000 in penalties for NOT ENROLLING in healthcare coverage.
If you have any questions, please feel free to call Birchell Insurance Agency 407-936-1572 OR 800-978-8813.