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Obamacare: Cheapest bronze plan premiums exceed $ 20,000./yr

In Uncategorized on February 1, 2013 at 8:18 AM

IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family

In a final regulation issued Wednesday, the Internal Revenue Service (IRS) assumed that under Obamacare the cheapest health insurance plan available in 2016 for a family will cost $20,000 for the year. Under Obamacare, Americans will be required to buy health insurance or pay a penalty to the IRS.

The IRS’s assumption that the cheapest plan for family will cost $20,000 per year is found in examples the IRS gives to help people understand how to calculate the penalty they will need to pay the government if they do not buy a mandated health plan.

The examples point to families of four and families of five, both of which the IRS expects in its assumptions to pay a minimum of $20,000 per year for a bronze plan.

“The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000,” the regulation says.

Bronze will be the lowest tier health-insurance plan available under Obamacare–after Silver, Gold, and Platinum. Under the law, the penalty for not buying health insurance is supposed to be capped at either the annual average Bronze premium, 2.5 percent of taxable income, or $2,085.00 per family in 2016.

In the new final rules published Wednesday, IRS set in law the rules for implementing the penalty Americans must pay if they fail to obey Obamacare’s mandate to buy insurance.

To help illustrate these rules, the IRS presented examples of different situations families might find themselves in.

In the examples, the IRS assumes that families of five who are uninsured would need to pay an average of $20,000 per year to purchase a Bronze plan in 2016.

Using the conditions laid out in the regulations, the IRS calculates that a family earning $120,000 per year that did not buy insurance would need to pay a “penalty” (a word the IRS still uses despite the Supreme Court ruling that it is in fact a “tax”) of $2,400 in 2016.

For those wondering how clear the IRS’s clarifications of this new “penalty” rule are, here is one of the actual examples the IRS gives:

“Example 3. Family without minimum essential coverage.

“(i) In 2016, Taxpayers H and J are married and file a joint return. H and J have three children: K, age 21, L, age 15, and M, age 10. No member of the family has minimum essential coverage for any month in 2016. H and J’s household income is $120,000. H and J’s applicable filing threshold is $24,000. The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000.

“(ii) For each month in 2016, under paragraphs (b)(2)(ii) and (b)(2)(iii) of this section, the applicable dollar amount is $2,780 (($695 x 3 adults) + (($695/2) x 2 children)). Under paragraph (b)(2)(i) of this section, the flat dollar amount is $2,085 (the lesser of $2,780 and $2,085 ($695 x 3)). Under paragraph (b)(3) of this section, the excess income amount is $2,400 (($120,000 – $24,000) x 0.025). Therefore, under paragraph (b)(1) of this section, the monthly penalty amount is $200 (the greater of $173.75 ($2,085/12) or $200 ($2,400/12)).

“(iii) The sum of the monthly penalty amounts is $2,400 ($200 x 12). The sum of the monthly national average bronze plan premiums is $20,000 ($20,000/12 x 12). Therefore, under paragraph (a) of this section, the shared responsibility payment imposed on H and J for 2016 is $2,400 (the lesser of $2,400 or $20,000).” SOURCE :


BCNN- Bradley County News Network reaches 20,000 readers in over 80 countries

In Uncategorized on June 3, 2012 at 1:33 PM

Thanks once again for reaching this milestone! The many readers that visit this site are realizing we are in the middle of one of the greatest threats to our county, our country and across the globe. Globalism is replacing our Constitutional Republic. The country is being run by bureaucrats that nonlonger have our best interest in mind but would rather see our community and our children sacrificed to the greater good of the world. Socialism no matter how or who is promoting it or how it is reached is still Socialism.

The political correctness generation is now talking the helm and our country is starting a steep decline. When freedom of speech is limited, a government is tyrannical while raising taxes at every turn, or the people no longer can speak up without fearing their government we have already realized little time is left unless we do something and quick.

Searches to our site from Australia, Uganda, Iraq and many others tells me you are seeking information and you are coming to the BCNN website for that information.

This is so humbling and encouraging in the same sentence.

Bradley County and it’s many bureaucrats in conjunction with Chattanooga and ICLEI in our region are leading the way toward our demise. The West Coast is in shambles and believe it or not Bradley County is leading the way, using methods that the left coast used 20 plus years ago and you know where their economy is.

The epicenter of the east coast is centered in our region because we have leaders who cannot say no to any federal money and who are seeing “hope and change” in our community as the only way to survive.

Endless spending has been proven to not help with our economy. Raising taxes to get us over one hump only to create a mountain on our future generations is not the answer.

Eventually and hopefully soon our leaders will either change their ways and put our representative house in order or step out of the way and let concerned citizens who are not appointed by the good ole boy network to continue that trend.

I like to think that I, through this network, with your assistance, we are making a little difference while reporting the News that doesn’t always make the front pages.

Please continue to read and I will continue to pump out the truth!

Subscribe to this site and get updates everytime a blog or the news is reported. I try to write or construct a news story every other day, time permitting. Spread the word and believe me there is no profit in this for me, only the satisfaction that a breaking news story is getting out to the world. That’s the true advantage of a blog. It’s information that sees the world at an alarming speed!

Good day and thanks for your support!

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