For example, let's examine what the penalty (read: tax) would be on a Virginia household consisting of a man and a woman who, combined, made $150,000 for the year 2014. The woman is covered through her employer by ACA compliant health insurance, but the man is an independent contractor and chose to attain what used to be known as catastrophic health insurance, thus acquiescing to what he thought was going to be a $95 penalty. Using the Individual Shared Responsibility Payment calculator from HealthInsurance.org, the assessed penalty would be $1,297. A full $1202 more than the $95 for which they had planned. By contrast, a non-compliant single person making $75,000 in 2014 would have been assessed a $648.50 penalty. This means that the penalty for the "crime" of being from a household earning $150,000 with a single non-compliant spouse is $648.50; the penalty for being married to a non-compliant spouse is $648.50. The irony here is that the non-compliant spouse was still covered in the event of a medical emergency, even if he wasn't ACA "compliant."
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- February 9, 2015 2:30 pm
It is hard to grin at anything about this ________ ____ __ ! But I did when I heard of someone I know who supported ACA and obama who just discovered that the IRS took all of their tax return as the penalty. Maybe now finally they will GET IT the damn fools that they are. They are so dense that someone has to about walk up and hit them in the head with a stick to get them to pay attention. When it affects their purse maybe they will get a clue.
