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I know you get fined about 700$ by the IRS if you don’t have health insurance. But what’s the details on that? What if I had it for the last month of the year? Is there a grace period? MA allows you I think 3 or 6 months after losing insurance to get new insurance.
Can I get insurance for one month, cancel it, wait for the grace period to expire, get it again, cancel again?
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Home / Insurance / Blog article: What happens under the new healthcare bill if you only have health insurance for part of the year? |
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April 4th, 2010 at 5:08 pm
unfortunately we still don’t know everything in the bill. we might not find out until it actually rows out in a few yrs.
April 4th, 2010 at 5:08 pm
The Law on this must be read exactly..
Your asking some-one to guess for you..
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The use of Insurance has many things running inside of it..
Looking for LOOPHOLES..is not a wise conclusion in a bad economy..
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If your employed..there should be some healthcare plan//"in your face"..
In all reality..the law would exact a price on employment and healthcare..
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If your un-employed..
I might guess there’s the family..and then there’s the single person..
Those are options to investigate..I would suggest you check your State Government website..
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I went searching for INFO..there isn’t any that I could find–regarding FINES..for NOT having Insurance..
What is re-iterated..is the Deficit-action..of this Healthcare REFORM..
The repeated action that prices are sky-high..and American citizens in poor health..and this is said too be a 100-year fault in the system..
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I found this as a QUOTE–
■Deliver community preventive services by investing in state, territorial and local public health infrastructure and by providing grants to implement recommended services.
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How this is combined with FINES..is unclear to me..
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More INFO::
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The health-care legislation signed into law in March, 2010, would result in an estimated 32 million additional citizens being insured by 2019. An estimated 23 million citizens will still lack coverage in 2019.[66]
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Impose a penalty on employers who do not offer health insurance to their workers.[139]
Impose a penalty on individuals who do not buy health insurance.[139]
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The new law will require most Americans to carry health insurance, starting in 2014, and those who refuse will have to pay a tax. Tax credits will help pay premiums for working families with incomes up to $88,000 a year, and Medicaid will cover more low-income people.
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Impose a $2000 per employee tax penalty on employers with over 50 employees who do not offer health insurance to their full-time workers (as amended by the reconciliation bill).[36] (In 2008, over 95% of employers with at least 50 employees offered health insurance.[37])
Impose an annual penalty of $95, or up to 1 percent of income, whichever is greater, on individuals who do not secure insurance; this will rise to $695, or 2.5 percent of income, by 2016. This is an individual limit; families have a limit of $2,085.[34][38] Exemptions to the fine in cases of financial hardship or religious beliefs are permitted.[34]
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Health insurance companies become subject to a new excise tax based on their market share; the rate gradually raises between 2014 and 2018 and thereafter increases at the rate of inflation. The tax is expected to yield up to $14.3 billion in annual revenue.[38]
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http://en.wikipedia.org/wiki/Patient_Protection_and_Affordable_Care_Act#Legal_challenges_and_state_opposition
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April 4th, 2010 at 5:08 pm
The bill as currently written allows you to go three months without insurance before you are subject to the fine. This was placed in the bill to give you time to get a new policy in place if you need to switch.
April 4th, 2010 at 5:08 pm
The insurance requirement does not happen for 4 years so you willl have all the information by then. Insurance policies spread out premiums over 12 months, so if you plan to cancel it part of the year, you will still have to get a different policy and you may have a grace period. It may structured like auto insurance. As soon as you cancel your pollicy, the DMV is notified and you cannot register you car. You may have to pay quarterly for health insurance, or it may be deducted automatically from your checking. We don’t know how they will set it up yet.But if you need care in between cancelling one and getting another, you may not be able to get it.