Anti-Obamacare forces have tried to convince people to go without approved health insurance because the “penalty” is less expensive than health insurance premiums would be.
That may be true, but the penalty is not as inexpensive as $95. I can be much more than that. Starting in 2014 the penalty for not having approved insurance is either a percentage of your taxable income or a flat fee per person, WHICHEVER IS HIGHER.
The amount of the penalty will increase every year.
On top of the penalty, if you suffer an accident or an unplanned illness during the year, you will not be able to get health insurance. Unless you lose your Obamacare approved health insurance, through no fault of your own, you will not be able to purchase non-medical health insurance after March 31 (unless Obama changes the rules again.)
Some insurance companies will still offer “non-compliant” health insurance after that date but they will be conditioned on your good health. They will not pay claims for an accident that has already happened or an illness that has already shown symptoms.
If you are going to boycott Obamacare by not buying approved health insurance, that is your option. Only make your political statement after reviewing the facts. Do not rely on angry propaganda.
If you are going to show your displeasure with Obamacare, take the time to review your health insurance options. Short Term health insurance plans are not approved plans under Obamacare. They will not cover pre-existing conditions and have exclusions, like not covering maternity. However, if you are not willing to purchase one of the Obamacare approved plans, Short Term health insurance plans can help you pay the bills if you suffer an accident or unplanned illness in 2014.
One other benefit for Short Term health insurance is that they tend to be significantly less expensive than Obamacare approved plans.
You will still probably have to pay some of what you save in premiums towards that IRS penalty, but at least you will not be stuck with a high medical bill in addition to the penalty if something goes wrong in 2014.
Click the banner below to learn more about Short Term health insurance.