IncSmart Washington DC (Small Business and Startups) - Congress votes to end the individual mandate on Obamacare. Absence of the mandate penalties, Americans will voluntarily forgo enrolling in health care coverage, instead of losing coverage. The CBO says the repeal of the mandate will not result in a catastrophe for the American health industry, but just ends forcing all Americans to purchase insurance they may not need or want. The penalty for not having health coverage in 2017 is $695 per adult and $348 per child. This ends up being 2.5% of the household income, whichever is greater. Four million taxpayers paid the penalty in 2016.
The individual mandate required every US citizen to have health insurance or pay the penalty. Democrats are claiming that eliminating the mandate tax penalty would result in the death of 10,0000 people per years. The University of Chicago research said the link between insurance coverage and mortality said the connection is a week argument. The individual mandate however, stops the money flowing into Obamacare, and the Executive order signed by President Trump, will allow the sale of health care insurance across state lines. This will bring down insurance rates by letting companies compete on the national marketplace to bring down the costs, barring collusion between the insurance companies.
By IncSmart Staff Writer
Starting a Business in Washington DC
For 10 years, IncSmart.biz Business Services has helped companies and people from all over the world form DC Corporations and DC Limited Liability Companies. When you call, email, instant message or live chat with our office, expect personal attention. We are very excited about helping you form your new company. Each state is so different when it comes to filing documents, you will know right away you are in the right place.
We are very excited about helping you form your new company. Each state is so different when it comes to filing documents, you will know right away you are in the right place. Think Smart. Think IncSmart.
Think Smart. Think IncSmart.