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Bottom Line: you (everyone) must have “minimal essential coverage” – MEC – or you will pay, not a penalty, not a tax, but your “shared responsibility” amount.  This, according to the MEC Rules, in Section 5000A of the Internal Revenue Code.

Officials are estimating that 36 million taxpayers will have to fill out MEC-related paperwork.  Unions and employees who are leased to PEO’s are exempt.  IRS officials also:

  • Decide taxpayers should have to take responsibility for health penalties paid by any dependents, whether they live with them or not
  • Suggest that, to keep things simple, people can get out of paying the penalty if they can show their dependents have coverage for at least one day per month for at least nine months out of the year.

Response from Tim Thornton, from (State withheld): I’m 44, unemployed, and on food stamps. My state did not expand Medicaid, any my income is so low, I do not qualify for subsidies.  In other words, this (ObamaCare) does not help me at all.  I’m not a female, pregnant, with an STD and on drugs.  Should I do drugs, contract an STD in order to get help?  

If you are confused, or like Tim, you feel your options are limited or ridiculous, feel free to contact me at 404-551-5339 or bob@legacyfinancialpartner.com.