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Obamacare Tax Guide for Individuals

Obamacare makes it mandatory for all qualifying persons inclusive of children to possess a health insurance effectually by January 1, 2014. Anybody who fails to get himself insured may be accountable for a penalty fee of laid down as $95 for every adult and $47.50 per child in 2014. It is essential for parents to get the dependent children enrolled if they have individual coverage or they may have to own up the penalties of the children. However a setback has been announced lately about furthering the implementation of the employer penalties by a year until 2015. The ObamaCare tax and the Obamacare tax penalties have affected every American in some way.

The ObamaCare 2013 tax plan intends to bring down the deficit, pump some money back into economic infrastructure and generate jobs. Technically, ObamaCare aims to provide the maximum middle class tax cut in healthcare ever done. According to an estimate of 2012 by the Congressional Budget Office, it has been suggested that about 30 million Americans will be without insurance in the year 2016, and approximately 6 million of them may have to face Obamacare tax penalties. The severity of the penalties in terms of fine to be paid by individuals is likely to augment every year.  That means any uninsured American will have to pay either a fee or percent of household income either of which is more. Insurers will have to offer  discount to the consumers if they expend less than 80 to 85% of premium dollars on medical care.

ObamaCare tax Penalty can be evaded only by having a health insurance that fulfills the legal bare minimum standards for coverage. This “minimum essential coverage” should be provided by some individual insurer or small employer offering health insurance. The health insurance should not provide only limited benefits like only dental coverage but some others as well or else they fail to meet this standard for minimal essential coverage. Though penalties can be comprehended, the rules regarding who must have insurance may be tricky. The U.S. government had to all possibilities in which a person’s coverage, employment, marital, dependent status and even family situation might change during a year. The basic goal of Obamacare 2013 taxes and Obamacare Penalty is that most Americans will discover that they are paying a lesser price for improved healthcare. It has brought quality healthcare within the reach of most Americans and also brought down wasteful spending on health care to a considerable extent.