Pretty to the point, if you do not carry health insurance you will be subject through a fine. $95 or 1% of your income in 2014′, all the way up $695.00 or 2.5% of your income by 2016′.
Couple of other facts that were released that caught me by surprise. One was that employees getting health coverage through a union-sponsored plan. They clarify that these employees will not be penalized, said tax lawyers who reviewed the rules on Tuesday.
Another surprise for me was employees getting healthcare coverage from a temporary staffing agency are safe from penalties.
So whatever you views are with regards to this law, it is coming and quick. October (if all things go as planned) should bring the exchange to the market place for consumers of the state to view coverage’s. From what I know, rates for our state have not been released. However with a little research, you will find other states who have released initial rates that will be going to the market.
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IRS issues final last rules for Obamacare "Individual Mandate" for Michigan