How will I pay for "IT"? What will "IT " cover?
What if I do not buy "IT"?
What is "IT"?
Well since you are reading an article from Castell Insurance I think we can assume "IT" is health insurance, since the biggest story about health insurance, is Obamacare, we can assume Obamacare is "IT". So let's look at "IT" and answer what we know.
1) How much does it cost?
Well the truth is we still do not have that information, but we do know that it is not going to be less expensive.
NO this legislation is not going to decrease the cost of healthcare;
it was designed to cover people who could not afford or did not have health insurance coverage.
All kinds of numbers have been thrown around as to how much it is going to go up, but since I cannot stomach fear mongering, I will just tell you to expect increases.
2) How will I pay for it?
Why, you just write a check for it...But seriously premiums are based on your income.
If you are under 400% of the Federal Poverty Line (FPL) then you will receive tax credits to purchase the insurance.
FPL for a family of 4 is $94,200.00
Again, this is based on the level of coverage that you purchase, which will be likely based upon what you can afford.
There will be 4 metallic levels Bronze, Silver, Gold and Platinum. We will get more in depth on coverage next month.
4) What will happen if I do not buy the insurance?
There will be penalties.
The IRS has been tasked with being the watch dog and applying penalties, BUT they have also been told not to be aggressive about collecting the penalties. The biggest stick they have is to withhold tax refunds. It is a very complicated system on who will get the penalty and who will not. There are many reasons a person would not get a penalty. They include income, being Native Americans, religion, and the list goes on. Income based exclusions can be figured out using the link here to a calculator from the Kaiser Family Healthcare Trust.
Click here for information
There are many details we have not mentioned but at this early point we just want to assure you that we will inform you as soon as it is practical. For our clients that have major medical with us, we will help you and we will do our best to get you coverage that fits your budget and your needs.
So when the time comes for this to happen, look for us to provide you with the great service that you have come to expect and tell your friends about us here at Castell Insurance.
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