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Obamacare? What will happen if I don't have health insurance by tax time?

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Obamacare? What will happen if I don't have health insurance by tax time?

Postby betzalel15 » Fri Oct 26, 2012 4:43 pm

I would have insurance if I could afford it my son is on medicaid. But me and my husband don't have insurance. I was looking up obamacare stuff and everything said smething different. So what will happen to familys who can not afford insurance? Will it effect what you get back on taxes which we were counting on to pay off student loans. My husband works hard and has paid a lot into taxes.
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Obamacare? What will happen if I don't have health insurance by tax time?

Postby sheply » Fri Oct 26, 2012 4:46 pm

I would have insurance if I could afford it my son is on medicaid. But me and my husband don't have insurance. I was looking up obamacare stuff and everything said smething different. So what will happen to familys who can not afford insurance? Will it effect what you get back on taxes which we were counting on to pay off student loans. My husband works hard and has paid a lot into taxes.
Welfare will be expanded to those who make less than 133% of the Federal Poverty Level. You can find the FPL for your family size here: http://www.yourhealthplanadvisor.com/FPL.html but these are 2012 figures and will most likely increase by 2014.

If you make between 133% and 400% there will be subsidies to help you pay for the policy. However, to get the subsidy you'll first need to purchase the insurance and when you file your 2014 taxes you can claim the subsidy at that time.

If you don't purchase insurance you will be required to pay a penalty when you file your 2014 taxes.

All of this is subject to change at any time because 1) the Secretary of Health can change it to suit her and the current administration whenever she feels like it or 2) because if we get a new administration portion of the bill will be repealed.
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Obamacare? What will happen if I don't have health insurance by tax time?

Postby storm81 » Fri Oct 26, 2012 4:48 pm

StepenW is ABSOLUTELY correct - if you can't afford insurance nothing will happen,
The thing is according to the government YOU can afford insurance or else you would have medicaid like your children.

Insurance is your 4th most important bill = 1. taxes (which you can always afford since it's a portion of income). 2. lodging 3. basic food 4. insurance
= you have internet access on this Sunday afternoon. Learn to prioritize. Not having internet makes it difficult to stay on top of things - you have to go to the library or read newspapers. Not having health insurance can cause you to be desitute. What happens tomorrow if you walk up with appendicitis = you will be bankrupt. If you don't have internet or cable or a cell phone or even car insurance = you will not be bankrupt.
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Obamacare? What will happen if I don't have health insurance by tax time?

Postby vareck » Fri Oct 26, 2012 4:53 pm

If you are very low income you may qualify for Medicaid under Obamacare even though you are over 21 if your state participates in the Medicaid expansion. If not, you should have a basic insurance plan which you buy from an exchange. Since your husband works and files a tax return, he will get a tax credit when he buys insurance. If you cant buy the insurance you can claim a hardship exemption without paying the tax penalty. Prioritizing means health care comes first, then rent. You have enough funds to get some insurance in 2014.

Read the Obamacare website !
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Obamacare? What will happen if I don't have health insurance by tax time?

Postby kenta » Fri Oct 26, 2012 5:04 pm

The tax penalties under Obamacare don't take effect until 2014. If you are low income, you will fall somewhere between being eligible for subsidy for health insurance and exempt from the penalty if you can show financial hardship, which you may very well be able to do.
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Obamacare? What will happen if I don't have health insurance by tax time?

Postby arno » Fri Oct 26, 2012 5:10 pm

Nothing. Absolutely nothing will happen.

The Obamacare law specifically says anyone who cannot afford insurance does not have to get it. Nothing can happen unless you can either afford insurance or can get it free.
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Obamacare? What will happen if I don't have health insurance by tax time?

Postby steward » Fri Oct 26, 2012 5:18 pm

Well, that hasn't been quite figured out yet.

Some people will be exempted from having to buy it due to income, and the IRS has already said it won't enforce the law, but the truth is, no one really knows.
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Obamacare? What will happen if I don't have health insurance by tax time?

Postby aundray84 » Fri Oct 26, 2012 5:23 pm

Obamacare doesn't go into effect until 2014. Since you cannot afford it, there will be federal subsidies to assist you. Only those who can afford it and refuse to pay will be taxed.
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