IRS Begins Implementation of Obamacare

IRS Begins Implementation of Obamacare

The IRS has begun implementing Obamacare; starting in 2014, “people who choose not to buy insurance and don’t qualify for an exemption from the mandate will have to pay a fine of $95.”

The $95 penalty will increase to $695 in 2016, and continue to grow thereafter at a “pre-determined” rate.

Households that do not earn enough to pay federal income tax are exempt from the penalty of the mandate, as are persons who are temporarily unemployed or transitioning from one job to another.

The current rules of the healthcare overhaul also say that if you have insurance “for one day of a month,” it will count as having coverage for that entire month.