Tags: Healthcare Reform | Obamacare | fines | four | million

Four Million Expected to Pay Obamacare 2015 Fines

Thursday, 05 Jun 2014 05:34 PM

 

Four million people are projected to pay the penalty for not carrying health insurance next year, about one-third less than previously estimated, after the Obama administration created exemptions from the fine.

The Patient Protection and Affordable Care Act requires most Americans to carry insurance starting this year, or pay a tax of as much as 1 percent of income. The Congressional Budget Office lowered its estimate of the number of people who will pay that fine in a report released Thursday, saying the government will take in $3 billion less than expected from the payments.

The requirement to carry insurance is the heart of the law, known as Obamacare, part of a deal struck with insurers to guarantee coverage to anyone regardless of their health. Late last year, the Obama administration carved out a series of "hardship" exemptions from the requirement, such as home foreclosure, bankruptcy or a death in the family.

"Among the uninsured people subject to the penalty, many are expected to voluntarily report on their tax returns that they are uninsured and to pay the amount owed," the budget office said in its report. "However, other people will try to avoid payments."

The office said it lowered its estimate of the number who will pay the penalty by 2 million because it expects more Americans to be exempt after the administration's rules for hardship exceptions and "changes in the economic outlook."

About 79 percent of Americans are covered by health insurance from their employers or a government program such as Medicare, according to the Kaiser Family Foundation.

© Copyright 2015 Bloomberg News. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Northeastern US Braces for 'Crippling' Blizzard

Monday, 26 Jan 2015 13:51 PM

The U.S. Northeast on Monday braced for a massive, crippling blizzard that could dump as much as three feet of snow as t . . .

Black NYT Writer Blasts Yale Police After Son Held at Gunpoint

Monday, 26 Jan 2015 12:31 PM

New York Times columnist Charles M. Blow criticized Yale University police for holding his son at gunpoint after mistaki . . .

Bill Clinton: Healthcare Begins With Grassroots 'Wellness' Efforts

Monday, 26 Jan 2015 06:55 AM

Former President Bill Clinton called for an intensified emphasis on wellness as opposed to fixing sickness, KESQ News re . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved