MarketNeutral
6th April 2010, 05:20 AM
OBAMACARE CREATES IRS CODE 5000A which requires individuals to “maintain minimum essential amounts†of health insurance coverage.
This “individual requirement†is specified in the newly passed Patient Protection And Affordable Care Act/Section 5000A.
Minimum essential coverage includes various government-sponsored programs, eligible employer-sponsored plans, plans in the individual market, grandfathered group health plans and other coverage as recognized by the Secretary of the Treasury, historically occupied by a Goldman Sachs agent by way of the revolving door between Wall Street and the White House.
While that level of coverage and purchasing cost will be defined at a later date by the Treasury Secretary, it will be the responsibility of the IRS to monitor and punish individuals who do not comply.
Under ObamaCare, every individual is required to report to the IRS on their tax returns, whether they have purchased or provided the required level of coverage AND disclose to the IRS which months, if any, in which they failed to do so.
Individuals who fail to maintain minimum essential coverage will be subject to a penalty equal to $750 (up to $2,250 per household) and will be indexed for inflation after 2016. View IRS Enforcement Of Health Care Bill Here, Here & Here.
http://www.realzionistnews.com/?p=491
This “individual requirement†is specified in the newly passed Patient Protection And Affordable Care Act/Section 5000A.
Minimum essential coverage includes various government-sponsored programs, eligible employer-sponsored plans, plans in the individual market, grandfathered group health plans and other coverage as recognized by the Secretary of the Treasury, historically occupied by a Goldman Sachs agent by way of the revolving door between Wall Street and the White House.
While that level of coverage and purchasing cost will be defined at a later date by the Treasury Secretary, it will be the responsibility of the IRS to monitor and punish individuals who do not comply.
Under ObamaCare, every individual is required to report to the IRS on their tax returns, whether they have purchased or provided the required level of coverage AND disclose to the IRS which months, if any, in which they failed to do so.
Individuals who fail to maintain minimum essential coverage will be subject to a penalty equal to $750 (up to $2,250 per household) and will be indexed for inflation after 2016. View IRS Enforcement Of Health Care Bill Here, Here & Here.
http://www.realzionistnews.com/?p=491