Wednesday, December 05, 2012

Follow the Money – States Opt out of “Obamacare”, Individuals Opt Out for Religion, the Penalty and Who will Pay.

Where you State Stands – image from: Avalere Health

According to Forbes States that Opt out of the Affordable Health Care Act (Obamacare), are doing so because it is a fiscal incentive. The premise of Obamacare is that states must set up insurance exchanges allowing consumers to buy at all levels, including those on Medicaid (the expanding Medicaid). Once a State is signed on, and has an exchange operational, the Federal government may supplement the costs for Medicaid participants, and, if for some reason the Fed’s can’t or won’t cover the bill, those states are obligated to do so.(Forbes)

The States opting out to date: Wisconsin, Maine, Ohio, Texas, Alabama, Nebraska, Louisiana and Alaska. Those on the Fence: Florida, Oklahoma, Arizona, and Pennsylvania. The balance of the states will be setting up exchanges and those who don’t, will allow the Federal Government to do so (there really isn’t a choice, or Health and Human Services. Avalere Health is the consultant. (Huffington Post)

Some, according to MSNBC will be able to opt out of the mandate including : objections for religion reasons, financial hardship, American Indians, those without coverage for less than three months, undocumented immigrants, and incarcerated individuals. . Those opting out without the benefit of an excuse, but not holding coverage will pay the penalty which, according to MSNBC

In 2014, the most you’d pay for not having health insurance is 1% of your taxable income; 2% in 2015; and after 2016, the maximum penalty will be “increased annually by the cost-of-living adjustment,” according to the Kaiser Family Foundation.

So which is makes less of a dent in your wallet—the penalty or the plan?

The average employer-funded plan costs about $2,200 a year. So for those making $100,000 or less, it’s technically cheaper to go with the penalty. As for plans not funded by an employer, those average about $4,300 a year.

Welcome to Massachusetts!!

So where does that money go? No one can tell you for sure, however, it is estimated that six million individuals will be paying fines to the Feds.(Huffington Post)

In Massachusetts fines are paid directly to the State Department of Revenue. One would think that these collective fines would be used to pay down the deficit, fund something, similar to Health Care – yet – there are no answers to that question.

Obamacare, with the loads of regulations on employers and taxes that will affect businesses tied to Health Care, and individuals who are caught in a public plan (Medicaid expansion), Public (watch those premiums skyrocket), or paying the piper for lack of insurance (giving a large donation to the Federal Government) should be taken back to the drawing board – post haste.

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