Monday, September 30 2013 6:30 AM EDT2013-09-30 10:30:08 GMT
(RNN) - One of the many growing pains related to the Affordable Care Act could be the effect on hospitals focused on treating low-income patients and those without insurance. The majority of healthcareMore >>
The Affordable Healthcare Act promises insurance for everyone, but that still may not mean you can visit any hospital you want - even if it's right down the street.More >>
Sunday, September 29 2013 7:30 AM EDT2013-09-29 11:30:05 GMT
The medical profession became a profession in the 19th century as scientific advances broadened the amount of knowledge so much that specialization was necessary.More >>
A burst of scientific advances in the 19th century so broadened the amount of knowledge required to practice medicine, that specialization became necessary, essentially turning the practice of medicine from a hit-or-miss avocation into a profession. The evolution of medicine caused the cost of care to rise so that the practice of medicine - and insurance - became money-making industries. More >>
Saturday, September 28 2013 6:30 PM EDT2013-09-28 22:30:11 GMT
(RNN) - The profit of insurance companies may plummet once the new Affordable Care Act, better known as Obama Care, goes into effect. According to MSN, this is bad news for the largest U.S. medical insurer,More >>
The profit of insurance companies may plummet once the new Affordable Care Act, better known as Obama Care, goes into effect.More >>
Saturday, September 28 2013 7:33 AM EDT2013-09-28 11:33:06 GMT
(RNN) - One major aspect of the Affordable Care Act is that it makes preventive care for those insured under Marketplace private insurance plans, free - which means no co-payment, coinsurance or deductible. However,More >>
One major aspect of the Affordable Care Act is that it makes preventive care for those insured under Marketplace private insurance plans, free - which means no co-payment, coinsurance or deductible.More >>
Saturday, September 28 2013 6:42 AM EDT2013-09-28 10:42:30 GMT
(RNN) – The success or failure of Obamacare in the hands of Millennials, that's why a generation raised on the internet is being marketed to harder than any other. According to a Pew Research Center surveyMore >>
Millennials and how they respond to advertisements for and against the Affordable Care Act is directly related to the success or failure of President Obama's cornerstone legislation.More >>
Friday, September 27 2013 4:30 PM EDT2013-09-27 20:30:59 GMT
(RNN) - The list of major companies publicly pleading their case over rising prices and inability to retain workers once the new healthcare law takes effect was like a row of dominoes. First, one companyMore >>
Some businesses are still worried about the financial effect the new healthcare law will have on their bottom lines. The reality is there isn't as much to be afraid of as a lot of people think. More >>
Thursday, September 26 2013 7:09 PM EDT2013-09-26 23:09:36 GMT
(RNN) - If you haven't already been hearing a lot about the federal health reform lately, chances are you will soon . Several major provisions of the law, commonly known as Obamacare, are taking effectMore >>
Several major provisions of the Affordable Care Act, commonly known as Obamacare, are taking effect in the coming months. Here are some details on what's happening, how it will work, and what it means for you.More >>
Wednesday, September 25 2013 9:58 AM EDT2013-09-25 13:58:39 GMT
(RNN) - Republicans in Congress are threatening to shut down the government because they say Obamacare is too expensive and the government needs to rein in spending. But just who is paying for it? TheMore >>
Beginning in 2014, the main parts of the Affordable Care Act, otherwise known as "Obamacare," take effect. But who's paying for it, and how much, is going to have long-term implications on our checkbooks. More >>
Monday, September 23 2013 4:52 PM EDT2013-09-23 20:52:42 GMT
The confusion over Obamacare has created an opportunity for scammers to prey on the public by targeting vulnerable people who do not understand how the new healthcare exchange will work or how to sign up for it.More >>
The confusion over Obamacare has created an opportunity for scammers to prey on the public by targeting vulnerable people who do not understand how the new healthcare exchange will work or how to sign up for it. More >>
(RNN) - One of Obamacare's most controversial elements is the requirement that most Americans carry health insurance or face a fine. The Treasury Department in August released a 75-page guideline detailing what's expected and who is included.
The IRS will enforce the mandate for "minimal essential coverage" for individuals and businesses.
The fine for people not carrying insurance starts small in 2014, at $95 per person or 1 percent of income, whichever is higher. In 2015, the fine is the higher of $325 per person or 2.0 percent of taxable income until it reaches $695 per person or 2.5 percent of income by 2016. Spouses and dependent children up to the age of 26 must be covered, as well, or the taxpayer is subject to fine.
Initially, paying the fine will be far cheaper than the cost of mandatory insurance, and thus would not act as a strong financial incentive to purchase healthcare. And even though the fine increases sharply after the first year, current trends in rising healthcare costs indicate the fines are unlikely to be as costly as high-end insurance, according to Forbes.
Employers with more than 50 full-time-equivalent employees must offer healthcare to employees and dependents under the age of 26, but are not required to offer coverage for spouses. The employee will have to buy insurance for the spouse under such plans. Employees who do not receive health insurance from their employer will have to buy it for themselves and dependents.
The minimal requirements of essential coverage are low. According to the IRS Code, either the government plan or any other plan legally sold in the state will qualify. Low-cost plans that offer a small range of services will be available to businesses and individuals.
However, the IRS is limited in the ways it can collect the fine. The Affordable Care Act stipulates that taxpayers are not subject to criminal prosecution or penalty for refusing to pay. The IRS cannot place a lien on property, either, as it can when collecting back taxes.
The only way the IRS can collect the mandate fine is by taking it out of withholding or deducting it from tax refunds of those who receive one. The IRS has no way to collect the fine from people who do not participate in withholding – however, making it more likely they will receive a return.
If the cost of insurance is more than 8 percent of your income, you may be exempt from the mandate if you buy your own insurance. This is meant to protect low-income older people, who pay more for insurance than young ones. Many older Americans may be exempt from the mandate altogether.
People below the poverty level and who do not file an IRS return are exempt from the mandate. Recognized religious organizations and American Indians are also exempt.
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