The affordable Care Act, known as Obamacare could potentially impact your retirement income. Learn what you can do about it and the subsidies you can apply. How to choose the company for your health insurance plan. How to choose the best heath insurance plan for you and your family.
www.MintcoFinancial.com or call 813 964 7100
2. The Affordable Care Act
aka ObamaCare
and How It Could Potentially
Impact Your Retirement Income
All 20,000 pages of the
Affordable Care Act!!!!!
WWW.MINTCOFINANCIAL.COM 813-964-7100
3. INDIVIDUAL MANDATE
Year Per Person Penalty Income Percentage Penalty
2014
(The Greater Of…)
$95 per adult
$47.50 per child
$285 max per family
1% of income not to exceed the national average
of the Bronze Plan (approx. $5,000?)
2015
(The Greater Of…)
$325 per adult
$162.50 per child
$975 max per family
2% of income not to exceed the
national average of the Bronze Plan
2016
(The Greater Of…)
$695 per adult
$347.50 per child
$2,085 max per family
2.5% of income not to exceed the
national average of the Bronze Plan
2017
(The Greater Of…)
Indexed with CPI Indexed with CPI
Source: https://www.healthcare.gov/what-if-someone-doesnt-have-health-coverage-in-2014/
4. If income falls within the following ranges, they will generally qualify
for a tax credit (subsidy). The lower the income within the range, the
larger the credit.
$11,490 to $45,960 for individuals
$15,510 to $62,040 for a family of 2
$19,530 to $78,120 for a family of 3
$23,550 to $94,200 for a family of 4
$27,570 to $110,280 for a family of 5
$31,590 to $126,360 for a family of 6
$35,610 to $142,440 for a family of 7
$39,630 to $158,520 for a family of 8
www.healthcare.gov/will-i-qualify-to-save-on-monthly-premiums/
SUBSIDIES / EXCHANGE
5. Which company and what type
of plan do I choose?
Many Different Insurance Companies
On/off Exchange – what’s the difference?
Different Plan Types HMO/PPO
What providers take the plan?
Do you have a Licensed Insurance Agent who can assist you with choosing
the right plan for you and your family?
6. Thank you for listening
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Notas do Editor
And so just to give you an idea, I’m not going to go over this chart in huge detail, because it will bore you to tears. Here’s what you need to know. If you are under the age of 65, so you’re not on Medicare and you don’t have health insurance, you’re going to have to pay a tax penalty. The way it works is this year 2014, it’s the greatest of $95.00 per adult, $47.50 per child, or a maximum of $285 a family and 1 percent of your income, but not to exceed the national average of what’s called the “Bronze Plan.” You’ll see that in a few minutes. We’re right at about $5,000.00. So here’s what that basically means.
If you’re making more than $50,000.00 a year and you don’t have health insurance and you choose not to get health insurance, you’re going to owe a tax penalty. It’s one percent of income, so one percent it’s like $500.00, if you’re making $50,000.00, $30,000.00, it’s like $300.00, not a big deal, right, this year. It will max out at about $5,000.00. This year it man not be a big deal. Next year though it goes to two percent of your income and then the year after that two-and-a-half percent of your income. And then after 2016 it starts getting adjusted for inflation.
So, if you don’t have health insurance you’re going to pay two-and-a-half percent of your income as a penalty beginning in 2016, because you don’t have it.
If income falls within the following ranges, they will generally qualify for a tax credit (subsidy). The lower the income within the range, the larger the credit.
So let’s go ahead and look at universal coverage. One of the primary objectives of Obamacare is to achieve near-universal coverage. How are they going to make that happen? They use what they call “carrot and the stick.” Well they don’t call it that, but all the analysts do; the carrot in this instance is universal coverage – everyone having health insurance. The stick is the individual mandate that requires everyone under the age 65 to have health insurance.