ACA Tax Penalty

Beginning this year (2014), the ACA (Affordable Care Act) requires that most Americans have healthcare insurance. If you did not get insurance, the you will have the ACA Tax Penalty. The penalty’s amount depends on several factors, including income and family size. Go to this site Tax Policy Center  and use the calculator to estimate the potential ACA penalty for individuals and married couples. There are certain groups who are exempt from the penalty tax .To find this group click for the list. Hopefully, you were one of the lucky ones and had health insurance coverage through your employer or were able to sign-up for insurance using the government web site.

Today on CNBC, one of the announcers stated that in order for the ObamaCare to succeed for insurance companies,15,000.000 people needed to sign-up for the insurance. This would help insurance companies cover the healthcare costs of the sick because they would not have to pay as much for the healthy people who sign-up. Thus far, however, only 7,000,000 people have signed up. The offset at this rate is not good for insurance companies. There are not enough healthy people enrolled to offset the costs of the sick. Don’t believe that the program is a success until you see 15 million or more people enrolled.

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