The Obamacare Mandate Is Up for Repeal -- What That Could Mean for You
Healthcare reform might be gone from the legislative docket, but the Senate has found a way to build it into its tax reform bill, the "Tax Cuts and Jobs Act," by adding a clause repealing the Affordable Care Act mandate. If the bill is signed into law, the mandate repeal would both reduce the federal budget deficit and make significant progress in unwinding Obamacare. However, it will also make health insurance both more expensive and more difficult to get for many Americans.
The Obamacare mandate is the rule that everyone must have qualifying health insurance coverage or pay a tax penalty (the term you'll see on your tax forms is "individual shared responsibility payment"). In 2018, the penalty for going without health insurance will be the greater of 2.5% of the taxpayer's adjusted gross income or $695 per uninsured adult. If the Senate tax act passes, complete with the mandate repeal, it will take effect in 2019.
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Source: Fool.com
