Wednesday, December 1, 2010

Government penalties for being unable to afford health insurance?

I will be married in a courthouse on October 10th because we've been trying for two years to get married and simply cannot afford a wedding. Now I hear that this Health Insurance plan requires us to buy insurance we cannot afford or be penalized by the government. How do they keep track? How do they know if we have insurance or not? How much is the fine for a married couple who does not have insurance? I qualify for Medicaid, because I am disabled. My fiance does not, unless they are loosening up the requirements for working adults.
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You ahve to get all the facts and you cant do that from hearsay. You must check out the summaries of the health care bill and those provisions that pertain to you. In 2014 there will be an insurance exchange which will offer from basic to elaborate policies. There will be a subsidy for these policies, the amount depending on your income. There is a hardship exemption from buying insurance which you would have since you have Medicaid, so none of this applies to you anyway. Your fiance would buy insurance unless his job offers health benefits. If one is required to buy insurance and did not, instead of a tax credit when you file your return, there would be a tax liability or a penalty. The tax credit is an inducement to buy health insurance instead of wasting money on the fine, I think. But you have Medicaid so you dont have to worry about it.
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