Clarification on Obamacare Fines

Posted: October 9, 2013 at 12:10 pm

As the federal government continues working the kinks out of the online health insurance exchange, representatives from Enroll Alaska are helping answer questions on a local level.

 

Joshua Weinstein with Enroll Alaska spoke to Kenai residents this morning on KSRM’s Sound Off program, and explained the fines for those who don’t enroll by March 2014…

 

Weinstein: “It’s 1 percent of your annual income, and that would be paid once a year; however, it’s counted fractionally for each month. So, if someone had coverage for six months of the year, but was uncovered for six months of the year, they would pay half of the 1 percent.”

 

Weinstein said the fine would either be approximately $95 per person, or 1 percent of the individual’s income, whichever is higher…

 

Weinstein: “I think for most Alaskans it’s going to wind up being the 1 percent of household income, and it’s the amount above your filing threshold that’s actually what’s taxes. And so the penalty is significantly less, initially, than buying health insurance for many.”

 

For more, read: Obamacare: What You Need To Know.

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