Minimum Health Insurance vs. Shared Responsibility Payment
Every American must be very clear on how much each household will be mandated to pay if not have the government required minimum health insurance coverage. It is essential to have the facts straight, read through the lawsuits, and understand how Obamacare will affect each member of your household.
The Patient Protection and Affordable Care Act signed into law by President Obama was on March 23, 2010. The Health Care and Education Reconciliation Act, which amended it, became law on March 30, 2010.
Section 1501 of the Patient Protection and Affordable Care Act requires individuals and their dependents to purchase and maintain a level of minimum health insurance coverage.The Act has a provision that if an individual does not have the required minimum health coverage, then the government will mandate the person pays and annual shared responsibility payment. Of course, the government does not want to call it what it is such as a “penalty”and/or “tax.”
The shared responsibility payment will be imposed for any month in a given year that an individual fails to maintain minimum essential coverage and is included on a taxpayer’s income tax return for that taxable year.
The total shared responsibility payment amount per household for each taxable year cannot exceed 300 percent of the applicable dollar amount for that calendar year.
An Example:
Tax Return Filing amount: $50,000
The shared responsibility payment amount per year would be, at minimum, $500.00(1% of income) for 2014, $1,000(2% of income) for 2015, and $1,250(2.5% of income) for 2016 or later.
Below you can do your own reading on this life changing mandate that will affect the whole country:
Court: No severability, no ObamaCare
26 states filed cases against mandated Obamacare