PrintAmerica is going to just love Obamacare
Here's your "free" insurance America. How do ya like them apples?
In a final regulation issued Wednesday, the Internal Revenue Service (IRS) assumed that under Obamacare the cheapest health insurance plan available in 2016 for a family will cost $20,000 for the year.
Under Obamacare, Americans will be required to buy health insurance or pay a penalty to the IRS.
The IRS's assumption that the cheapest plan for a family will cost $20,000 per year is found in examples the IRS gives to help people understand how to calculate the penalty they will need to pay the government if they do not buy a mandated health plan.
The examples point to families of four and families of five, both of which the IRS expects in its assumptions to pay a minimum of $20,000 per year for a bronze plan.
"The annual national average bronze plan premium for a family of 5 (2 adults, 3 children) is $20,000," the regulation says.
Bronze will be the lowest tier health-insurance plan available under Obamacare--after Silver, Gold, and Platinum. Under the law, the penalty for not buying health insurance is supposed to be capped at either the annual average Bronze premium, 2.5 percent of taxable income, or $2,085.00 per family in 2016.
Since there are few families that could afford that amount, most will receive taxpayer subsidies. This will be another "unforeseen" addition to the budget and will result in the cost of Obamacare skyrocketing.
If I hear one Obama voter complaining, I am going to take all 2,500 pages of the law and throw it in their face one at a time. You bought it, America. Now reap what you have sown.
