March 15, 2014 - Submit payments so coverage begins before the open enrollment period ends, and to avoid the income tax.
March 31, 2014 - Open enrollment for health insurance closes. If you don't have insurance by now, you will be assessed an income tax that's roughly 1% of your Adjusted Gross Income. The minimum tax you can pay is $95 per ad ult and $47.50 per child, capped at $285 per household. However, most families will qualify for free health insurance under Medicaid before they have to worry about paying the minimum tax. The tax can't be more than the cost of purchasing the "bronze" health insurance plan on the exchanges. For details, see Obamacare Taxes.
2015 - The tax on people without insurance rises to 2% of AGI. The open enrollment period shortens, running only from October 7 - December 31 2014.
Small business owners with 50+ workers must pay $2,000 per worker (except for the first 30) if they don't provide insurance, or if employees can find a lower-cost plan with the same benefits on the exchange. Companies will receive a tax credit of 50% of the cost of providing insurance.For more, see How Does Obamacare Work? (Source: HHS, What Is the Employer Shared Responsibility? and SHOP Marketplace)
2016 - The tax on those without insurance rises to 2.5% of AGI.
2018 - Businesses must pay a 40% excise tax on "Cadillac" health insurance plans. These are plans that offer specialized coverage, and their premiums are $10,200 (individuals) or $27,500 (families) or more. They offer super-low copayments, or provide unusual benefits, such as marriage counseling. Businesses also offer Cadillac plans if most of their employees are older, live in an area with expensive health costs, or have dangerous jobs.(Source: Kaiser, Cadillac Tax Explained, March 18, 2010)
The Medicare "donut hole" is eliminated.
Add Your Comment For "When does Obamacare start 2014?"
- Obama tweaks you can keep your plan
- Obamacare rates in california
- Obamacare deadline to sign up
- Obamacare exchanges vs. Employer's Insurance
- Vote Was Obamacare: McAuliffe wins Cuccinelli
- How much is the Obamacare penalty tax?
- Obamacare exchanges states opting out
- Obamacare fine $95 or 1% of income
- Obamacare facts update:The Hidden Impact of Obamacare and the Economy
- What is Obamacare really called