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Cheaper to sign up for Obamacare, or pay the penalty?

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Old 06-04-2013, 06:52 PM
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Cheaper to sign up for Obamacare, or pay the penalty?

Reports are coming out now that say the cheapest Obamacare plan for a family of four, costs around $20,000.

If that family does not sign up for Obamacare, and just pays the penalty it calls for, (oops, the Supremes say that's a "tax" now)... then how much to they pay?

BTW, they pay the penalty only if they are due an Income Tax refund on April 15, right? If they have to write the govt a check on April 15 instead, then the govt can't charge them that Obamacare penalty.

So, is that family of 4 better off financially if they don't sign up for Obamacare? And if one of them does get sick or injured, then they can sign up at that point, and the Obamacare insurance company must take them, even though the sickness or injury is now a "pre-existing condition".

So, what's the best deal, dollar-wise? Pay $20,000 for Obamacare, or pay only the penalty on April 15 (which might be zero), and then sign up later if you get sick or injured and pay only that fraction of the $20,000? After you are cured, then of course you drop the Obamacare policy immediately, to minimize what you pay... until the next time you get sick.
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Old 06-04-2013, 09:12 PM
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Quote: Originally Posted by Little-Acorn View Post
Reports are coming out now that say the cheapest Obamacare plan for a family of four, costs around $20,000.
No, premium numbers are coming out now that show that number isn't even half that.

Quote:
And if one of them does get sick or injured, then they can sign up at that point, and the Obamacare insurance company must take them, even though the sickness or injury is now a "pre-existing condition".
After the initial open enrollment period this year, there will be seven weeks each year in which an uninsured family can go shop for a private plan in an exchange. Get sick or injured outside of that seven week open enrollment window and all costs accrued belong solely to you. Which means you better time that heart attack or car accident just right if you want your scam to work.
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Old 06-04-2013, 09:25 PM
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Thanks for allowing the peasants that whole 7-weeek period to shop for insurance, Uncle Joe!
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Old 06-05-2013, 09:18 AM
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So, is it better financially for a family to sign up to pay $20,000/yr as the IRS has described? Or to drop Obamacare, pay the penalty (which could be zero), and sign up only when you get sick or injured, then dropping the policy after you're cured?
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Old 06-05-2013, 09:21 AM
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Might be better to cut to the chase and have a tax revolt.
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Old 06-05-2013, 01:24 PM
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Quote: Originally Posted by Little-Acorn View Post
So, is it better financially for a family to sign up to pay $20,000/yr as the IRS has described? Or to drop Obamacare, pay the penalty (which could be zero), and sign up only when you get sick or injured, then dropping the policy after you're cured?
The usual liberals seem to be avoiding this question like the plague.
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Old 06-05-2013, 01:27 PM
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Quote: Originally Posted by Greenbeard View Post
Quote: Originally Posted by Little-Acorn View Post
Reports are coming out now that say the cheapest Obamacare plan for a family of four, costs around $20,000.
No, premium numbers are coming out now that show that number isn't even half that.

Care to post them?

Quote:
And if one of them does get sick or injured, then they can sign up at that point, and the Obamacare insurance company must take them, even though the sickness or injury is now a "pre-existing condition".
After the initial open enrollment period this year, there will be seven weeks each year in which an uninsured family can go shop for a private plan in an exchange. Get sick or injured outside of that seven week open enrollment window and all costs accrued belong solely to you. Which means you better time that heart attack or car accident just right if you want your scam to work.
wow 7 days, thanks government I love my loss of freedom so buttboinkers like greenbeard can feel like they helped someone, when in reality they are hurting people!!!!!!!!!!!!
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Old 06-05-2013, 01:33 PM
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This is the scenario that they envisioned, an extra 30 million paying a 600-1000 dollar fine every year. An extra 30B to the govt...which they won't pay for insurance purposes. Another govt do gooder ponzi scheme but the uninformed think the govt is looking out for them.
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Old 06-05-2013, 05:15 PM
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Quote: Originally Posted by buckeye45_73 View Post
wow 7 days, thanks government I love my loss of freedom
Seven weeks. If you someday hold a job that offers benefits, the concept of open enrollment will become quite familiar to you. For now, ask your parents.
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Old 06-05-2013, 06:02 PM
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Wow...Seven whole weeks!

Does the benevolent patronage of Uncle Joe ever cease?
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Old 06-05-2013, 06:05 PM
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Quote: Originally Posted by Little-Acorn View Post
So, is it better financially for a family to sign up to pay $20,000/yr as the IRS has described? Or to drop Obamacare, pay the penalty (which could be zero), and sign up only when you get sick or injured, then dropping the policy after you're cured?

Considering that the median household income in the U.S. is a tad above $50,000, I doubt families are going to decide to spend 40% of their income just for a health care plan that covers things they neither want nor need.
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Old 06-05-2013, 08:22 PM
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Quote: Originally Posted by Little-Acorn View Post
Reports are coming out now that say the cheapest Obamacare plan for a family of four, costs around $20,000.

If that family does not sign up for Obamacare, and just pays the penalty it calls for, (oops, the Supremes say that's a "tax" now)... then how much to they pay?

BTW, they pay the penalty only if they are due an Income Tax refund on April 15, right? If they have to write the govt a check on April 15 instead, then the govt can't charge them that Obamacare penalty.

So, is that family of 4 better off financially if they don't sign up for Obamacare? And if one of them does get sick or injured, then they can sign up at that point, and the Obamacare insurance company must take them, even though the sickness or injury is now a "pre-existing condition".

So, what's the best deal, dollar-wise? Pay $20,000 for Obamacare, or pay only the penalty on April 15 (which might be zero), and then sign up later if you get sick or injured and pay only that fraction of the $20,000? After you are cured, then of course you drop the Obamacare policy immediately, to minimize what you pay... until the next time you get sick.
First off, premiums of $20,000/yr are extremely unlikely. There is no evidence of this, just a story built on an assumption by a writer that the IRS assumed a $20,000 premium was typical in a penalty calculation in an IRS publication which is yet to be published.

Secondly, 80% of the people will get their insurance though large group plans, Medicare, Medicaid, or other government healthcare plans. The pricing of these plans has no relation to the pricing of individual policies on healthcare exchange. Group policies are typically cheaper than individual plans.

If you elect not to carry insurance, the penalty plus interest which will accumulate yearly and you will miss out on the tax credit for carrying insurance. If you or a family member has a serious accident or illness, you could end up paying all the of the cost because of the time lag between the time you sign up for insurance and the time it takes effect. Neither Medicaid nor private insurance is retroactive.

Here is an estimate of cost for a person age 30 with an income of $35,000/yr and no dependents. A Bronze plan policy would cost $2739/yr after tax credits. For two adults with the same age and income and one child the plan would be $399/yr, a long way from the reported $20,000/yr. This will of course vary by state and providers.

Subsidy Calculator | The Henry J. Kaiser Family Foundation
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Old 06-05-2013, 08:49 PM
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Using a phrase like "sign up for Obamacare" makes it pretty clear that you have no idea what the law does.

What do you think you'll need to "sign up" for?
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Old 06-05-2013, 09:54 PM
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So, basically, you're looking at penalties of approximately the following at the following income levels:
  • Less than $9,500 income = $0
  • $9,500 - $37,000 income = $695
  • $50,000 income = $1,000
  • $75,000 income = $1,600
  • $100,000 income = $2,250
  • $125,000 income = $2,900
  • $150,000 income = $3,500
  • $175,000 income = $4,100
  • $200,000 income = $4,700
  • Over $200,000 = The cost of a "bronze" health-insurance plan
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Old 06-06-2013, 10:48 AM
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Quote: Originally Posted by Little-Acorn View Post
So, is it better financially for a family to sign up to pay $20,000/yr as the IRS has described? Or to drop Obamacare, pay the penalty (which could be zero), and sign up only when you get sick or injured, then dropping the policy after you're cured?
Family of 2 adults and 4 kids with $50,000 income yearly, cost is $348/yr. for the bronze plan which is 1.3% of family income.

Family of 2 adults and 4 kids with $100,000 income yearly, cost is $7483/yr. for the bronze plan which is 4.8% of family income.

These are estimated typical prices after tax credits for individual plans. Only about 20% of the people will be covered by individual plans. Most people will be covered by employee group plans or some type of government insurance.

Subsidy Calculator | The Henry J. Kaiser Family Foundation
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