Affordable Care Act penalty as a TN?

[raindrop]

So, for the 2015 tax year, the only insurance I will hold is Dental. I'm healthy, lead a healthy llifestyle, etc - I just hope and pray that a calamity doesn't happen to me this year. At any rate, at the end of the year, I will pay the penalty. My taxable income this year will likely stay at around 11/hr. I will talk to an expert, but I'd like your take on this. Will the percent that I owe be based off my annual income of the 11/hr rate? Is that fraudulent? I'm really making around 90k.

[NedRN]

Subsidies are for those who meet the income requirements. If you have a problem with the way the law is written, you should discuss it with your elected representative.

I don't know if she is eligible, that is why I asked. There have been a lot of posts here about insurance prices recently in that price range, and I read an article in the NY Times yesterday about prices of insurance in Colorado. In some areas there, it is possible to get insurance for less than $300 a month before any subsidy. So it could depend on where she lives.

You could ask that question as well, it is fair for some people to pay less than half of others with no subsidy, just based on where they live? Or that nurses make twice as much as someone with a masters of English? Nope, not fair at all.

[ParalyticAgent]

I live in WI and was able to obtain a HDHP through the exchange for $227. I am not eligible for any subsidies.

[wanderlust99]

I had to have my gallbladder out as a traveler. I had company insurance at the time, which was cheap at 7/week, but really crappy. I don't remember my bill I think it was 40-60K, but I had to pay 8K out of pocket. At the time, that was most of my savings:( Better safe than sorry I say.

[garn12]

If you are a fairly healthy person and just covering yourself i think the higher deductible lower premium plans are the better option. Think of it like this...you MUST pay your premium every month but you may not ever reach your dedictible anyway...and they way insurance is these days its a safety net for a big disaster they dont really cover much anyway

[NedRN]

Another advantage of a high deductible plan is a self directed healthcare savings plan. You contribute to these plans before taxes so they spend like forty percent more. That is huge!

There is a fairly low annual contribution allowed based on your age but it rolls over every year so it can grow indefinitely if not spent on healthcare (which unlike your actual insurance can be used for most anything including OTC and acupuncture).

Don't confuse this HSA with older employer based ones with thi same acronym that were use it or lose it. This one will grow indefinitely with contributions and appreciation - you can invest it just like a retirement account. In fact if it grows too much, you can roll it over into a retirement account.