Theodore's World: IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family

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February 01, 2013

IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family

IRS: Cheapest Obamacare Plan Will Be $20,000 Per Family...


In a final regulation issued Wednesday, the Internal Revenue Service (IRS) assumed 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 the IRS gives to help people understand how to calculate the penalty 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 percent of taxable income, or $2,085.00 per family in 2016.

In the new final rules published Wednesday, IRS set in law the rules for implementing the penalty Americans must pay if they fail to obey Obamacare's mandate to buy insurance.

To help illustrate these rules, the IRS presented examples of different situations families might find themselves in.

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Wild Thing's comment.................

I wish there would be a way to force everyone that voted for Obama to have to pay for this for the rest of us and pay for any and all taxes we have now because of Obama.

Posted by Wild Thing at February 1, 2013 12:40 AM


obamacare will eventually be the biggest cost in the average American's life. Even more than a home mortgage.

Posted by: TomR, armed in Texas at February 1, 2013 12:59 PM