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Could You Afford $20,000 for Health Care?

According to new rules released last week by the IRS, by 2016 you might have to.

Some conservative news organizations have taken a close look at new rules released by the IRS on Jan. 30 on the new health care regulations and found them wanting … wanting much more, in fact, by 2016.

According to Breitbart.com, the IRS estimates that by 2016 the cheapest Obamacare plan will cost $20,000 for a family of five. That would be for a bronze plan.  Other plans offered go up from there to silver, gold and platinum. The IRS used as an example a family of five earning $120,000 a year.

If no family members had insurance, they would be subject to a “shared responsibility” penalty putting them into the Bronze plan. The tax penalty for that is $2,400 a month or $20,000 a year.  Read the IRS regulations here. Alert, there is a lot of reading - examples of plans begin on page 56.

Weigh in on these new rules now released. Do you think your family will be able to afford these costs for health care by 2016?

Kenya February 09, 2013 at 02:37 PM
What I see is an actual incentive(real punishment) to have health insurance. A family making 120k can afford to purchase a regular plan. The point of a very stiff penalty is to make it a very unattractive alternative. If it was cheaper to have the govt option no one would bother to get their own plan and some employers would not offer it to their employees. Maybe this will make both sides revisit the issue and have a real national public option for everyone instead. Even well to do entrepreneurs try to get away without insurance thinking nothing will happen. A serious illness can wipe out a good salary quickly then we all share in the cost anyway when that person can't pay the hospital..

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