Friday, February 1, 2013
The Internal Revenue Service (IRS) says that under Obamacare the cheapest health insurance plan available in 2016 for a family will cost $20,000 for the year
Under Obamacare, Americans will be required to buy health insurance or pay a penalty to the IRS. The IRS's assumption that the cheapest plan for a family will cost $20,000 per year is found in examples that the IRS gives to help people understand how to calculate the penalty that they will need to pay the government if they do not buy a mandated health plan. The examples point to families of four and families of five, both of which the IRS expects in its assumptions to pay a minimum of $20,000 per year for a bronze plan. “The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000,” the regulation says. Bronze will be the lowest tier health-insurance plan available under Obamacare - after Silver, Gold, and Platinum. Under the law, the penalty for not buying health insurance is supposed to be capped at either the annual average Bronze premium, 2.5% of taxable income, or $2,085.00 per family in 2016.