Now that the Affordable Care Act has become the “Law of the land” to quote John Boehner, there is a rush to find out how does the Health Care Act affect me.
DSMW has covered the ins and outs of this issue for more than four years. Use our search field to access this information by entering ObamaCare, Healthcare or the Affordable Care Act.
As of January 2013 you and your family will be required to carry insurance to be provided by your employer or paid for by you. A list of insurance carriers for your area can be found online. If you do not choose to be covered by an insurance policy by a local or national carrier you will pay a yearly fine of $695. to the government. This fine will be applied to what you will receive from the social security check you will receive at the end of the year. This amount will increase if you have a family and will top out at 3 X $695. At the end of the year the Social Security Administration will notify you by way of a form that this amount will be paid by you to the government. Everyone is subject to this Affordable Care Tax.
For those of you that have never carried insurance and do not wish to now, those days are over. You will have to carry a policy or pay the $675. fine or 3 times this amount for your family. That is why the Supreme Court ruled earlier this year the Affordable Care Act fine to actually be a personal tax.
Also starting January 2013 included in the Affordable Care Act will be a 3.85 % capital gains tax on everything from the sale of stocks to your personal residence. – DSMW