OBAMACARE – Thoughts Leading Up to October 1st

Good Morning!

I was thinking about the fast-approaching October 1st enrollment date for ObamaCare and the implications for individuals with private healthcare policies or no health insurance at all. I jotted down some quick thoughts. Here they are:

Jot 1 – Enrollment in the health insurance marketplace (exchanges) can be accomplished either online, by mail or in-person.

Jot 2 – If you decide not to purchase health insurance, you will pay the piper a minimum penalty on your 2014 Form 1040 of $95 but no more than 1% of your total income. Let’s say the penalty is $95. This is the penalty for the whole household regardless of the number of people in the household. It’s not $95 per person. There are some exceptions.

Jot 3 – If you do buy an insurance policy for yourself and family, you will get a refundable tax credit on your 2014 Form 1040 which could be as high as $5,548 but will average $2,672. You will get a check. I have pulled these numbers from various studies. But, keep this in mind. If your total income is greater than $94,200, you are out in the cold. There will be no tax credits, no nothing for you. Yes, the premiums on your policy are going to be higher. Sorry for the bad news.

Jot 4 – Be logical in the assessment of adequate insurance coverage you need to protect your family. At a minimum you should have some type of catastrophic health insurance policy to cover the terrible and unexpected happenings.

Jot 5 – While I’m at it, depending on your age, it’s not a bad idea to have some type of disability and long-term care insurance policy to help pay the medical costs of nursing homes or incapacitation. These policies can be reasonable if you are in good health.

My comments are just a roadmap to give you the mindset for exploring your options. It’s a whole new world out there.

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