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Final Obamacare "Individual Mandate" Rules Released: This Is What You Will Pay

Tyler Durden's picture





 

With president Obama taking his role as Warmonger-In-Chief ever more seriously, it is easy to forget that the only important function before the greatest presidential teleprompter reader in history, is that of Socialized Healthcare Provider-in-Comrade. And so today, in the fog of pre-war, the Obama administration released the final rules on the "Individual Mandate" component of Obamacare, which requires most Americans to buy health insurance starting in 2014 or be fined. Specifically, the rules list lay out the amount of penalties that Americans will face if they opt out of socialized healthcare.

The WSJ was kind enough to read the Treasury Department release and summarize it as follows:

  • Most Americans will be required to have health insurance starting in 2014 and will have to report whether they had coverage on their 2015 tax returns. An individual who opts against carrying insurance will be subject to a fine of $95 next year or 1% of income above a certain threshold, which is ever greater. The penalty increases to $695 per person in 2016 and beyond – or 2.5% of taxable annual income – with the amount rising by inflation.
  • There are exceptions in the law for people with incomes below the threshold that’s required to file an income tax return, which is about $10,000 for an individual in 2013. People with certain religious exemptions and those who are members of Indian tribes are exempt from requirements under the health law. People who lack insurance coverage for less than three months in a given year also won’t be penalized.
  • People who obtain health insurance through an employer, or are on Medicare, the federal health insurance program for people age 65 and older, qualify as having insurance and won’t be subject to any penalties. The federal government and states are setting up online exchanges or marketplaces where people can purchase health insurance starting Oct. 1. Many people are expected to qualify for tax credits to offset the cost of monthly insurance premiums.
  • In a statement posted on Treasury Department’s website, the agency said the requirement for individuals to carry health insurance is “integral to delivering the Affordable Care Act’s consumer protections at an affordable cost.”

Or, said otherwise, Obamacare will only be affordable, if every unemployed person pays.

In retrospect, it is probably impressive that with foreign policy mirroring such domestic brilliance, that the whole world isn't one big mushroom cloud yet.

 


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