UPDATE: The $20,000 figure is wrong. Here is the correction from Investors Business Daily: (H/T Sonya M. via Scott S.)
The most current information from the Congressional Budget Office and the Joint Committee on Taxation put the cost of a family policy purchased through an employer in 2016 at $20,000 vs. $15,745 last year.
In 2016, average premiums for a family of four buying a silver-level plan through ObamaCare’s exchange are expected to be $15,400 — before subsidies. The lowest-cost bronze plan, which is far less comprehensive than typical employer policies, would cost about 85% of a silver plan, or $13,000.
CNS News with some sobering news about health care.
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.
In the new final rules published Wednesday, IRS set in law the rules for implementing the penalty Americans must pay if they fail to obey Obamacare’s mandate to buy insurance.
You might be thinking that you will be OK because you have health care through your employer, but there are lots of problems with that. First, your premiums are going up already because your insurer has to cover more people. Second, Obamacare is designed to drive out and eliminate private health insurers. Third, you may not have your job much longer because of the taxes, spending and regulations that harm your employer’s ability to stay afloat.