Tag Archives: Coverage Deadline

Obamacare Calculator and Deadline to Avoid Tax Penalties Approaching

As the threat of a Government shutdown looms, another important deadline, one with more individual implications, is looming.

While we do not pretend to understand the workings of the Affordable Care Act, we do understand that it will have a dramatic impact on both the health care industry and individual budgets, an impact that is difficult to calculate.

As a public service here at The Mint, we are embedding a calculator created by the Kaiser Family Foundation which will give individuals and families a general idea of how Obamacare will affect their premiums:


In any event, it is important to understand that, barring Congressional action to the contrary, anyone who does not have coverage in place before January 1, 2014, will pay a penalty on their tax return equal to $95 or 1% of their 2013 income, whichever is greater.  If you do not have coverage, this government website can help guide you:

https://www.healthcare.gov/index.html

But you must act fast as, according to Gary North, whom we must thank for providing this information, the above link will no longer be available after midnight tonight as the government run health insurance exchanges will go live.

Again, you must have a health plan in place before January 1, 2014 to avoid paying a penalty on your 2013 taxes.

Stay healthy and fresh!