Premiums Unveiled For Health Overhaul Plans

[Tiddlywinks]

Unless I'm grossly missing something, from a taxpayer perspective it's pretty simple really.

If you are currently uninsured, starting on October 1st of this year, in many states you will be able to shop the "Health Insurance Marketplace" where you will be able to see competing government (public) and corporate (private) plans and premiums and pick one that suits you.

These plans are typically targeted to cost an individual between 5%-8% of their anual income. In the event that an individual cannot get insurance within that percentile of their anual income range, or if they meet any of the other previously posted exemption requirements then they can file for exemption. If granted they can essentially ignore that the system exists entirely.

In the event someone elects not to receive or participate then they will have a tax "penalty" applied anually, not to 1% of their income or $95 in 2014, whichever value is larger. In 2015 that goes up to $325 or 2%, and by 2016 to $695 or 2.5%. By 2017 tax penalty will increase by the rate of inflation going forward, or 2.5% of your Income.

I think the reason it is staggered like this for 3 years until it begins to match inflation is to give people time (seriously people take 3 years to catch on to shit?) to get aboard, but I could be wrong.

That's basically it as far as purchasing a premium or not is concerned.

Personally I think the lower level coverages blow dick, and thankfully my employer offers me much better for only $1500 anually. Carrying health coverage is also a requirement for employment so I don't care all too much. As a (relatively) fit, young individual, if I did not receive coverage through work I would probably just man up and pay the penalties. As it is I'm already paying less than 2.5% of my anual income for better health insurance anyway, so whatever.