“I thought when Obamacare went into effect everybody would have healthcare coverage, regardless of their employer or their ability to pay. Why do I have to pay a fee or buy my own insurance?”
The new healthcare law, which takes effect on January first is complicated, and there are parts of the law that people still don’t understand. At AC Financial, we have been studying the issues to become well versed in what you need for your medical insurance. Please call our office to talk with our agents so we can give you clear answers to these questions.
Essentially, most people who have employer provided health coverage, COBRA or individual plans won’t pay the fee, which equates to a tax. but if you don’t have a plan in place by January 1st, you will be assessed a fee based on your income. On the other hand though, if you can afford to pay for your own health insurance and don’t, you will be charged a fee of up to one percent of your income or $95 per person per year, whichever is higher. You also have to pay all of your medical costs out of pocket. This tax, assessed when you file your income taxes is to help defray the costs of healthcare and hospital visits for those people who can’t afford healthcare coverage. Determining whether or not you can afford to pay for your own health insurance is one of the areas that this can become complicated. The level at which this fee is enforced is when an individual’s income is four times the rate of poverty or $45,000, and a family of four exceeds about $92,000. The tax rate for a family of four is $285. Over the next two years that penalty will increase to $695 per individual and $2,085 per family. Call our office and speak to one of the agents at AC Financial and we’ll unravel it for you. We’ve done the homework so you don’t have to.
Visit our website at www.mihealthplans.com for information on qualified health plans. An agent from AC Financial can answer questions you have about getting the right health insurance for you and your family so you avoid paying unnecessary fees and penalties in January.
You may believe you don’t need to pay the fee because you are part of a discounted medical program, are receiving compensation for a work related injury or are covered for a specific disease or disability, but call our office. Your insurance program doesn’t apply. You will still be required to pay this fee, and we can explain why.
The open enrollment period for medical insurance began on October 1. Don’t miss your opportunity to get the right coverage, and the answers your family needs. AC Financial Group has studied the issues and is well versed in the Affordable Care Act, or “ObamaCare.” We want to make sure you avoid paying unnecessary penalties or fees.
