As we wind down tax season and start writing those checks to Uncle Sam, we know that more than few folks are trying to figure out how much they more they could be owing Uncle Sam in the future if the Supreme Court upholds the Affordable Care Act (or “Obamacare”). While no one knows what the Supreme is going to decide, here’s a quick cheat sheet on what could happen under Obamacare:
You Don’t Have to Have Health Insurance Until 2014. First of all, if you don’t have health insurance now, don’t panic! Even if the Supreme Court upholds Obamacare, the individual mandate (i.e. the requirement to have health insurance) still doesn’t kick in until 2014. However, starting in 2014, most people will be required to carry health insurance or pay a fine.
You Could Be Eligible For Health Insurance Subsidies. Again, don’t panic! Millions of additional people will qualify for Medicaid or federal subsidies to buy health insurance under the law.
The Fine For Not Carrying Health Insurance Will Depend on Your Income. Even if you don’t carry health insurance, any fine you have to pay will depend on how much money you make. For individuals, the penalty would start at $95 a year, or up to 1 percent of income, whichever is greater, and rise to $695, or 2.5 percent of income, by 2016. For families the penalty would be $2,085 or 2.5 percent of household income, whichever is greater by 2016 and beyond.
Do you think the Supreme Court will uphold Obamacare? Tell us about it in our discussion forums!
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