403-The Health Insurance Series, Part 4: How to Avoid (and Evade) the Obamacare Tax Penalty
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 6 December 2016
⏱️ 75 minutes
🧾️ Download transcript
Summary
One of the major burdens that the passage of the Affordable Care Act placed upon us is that we are required by law to maintain health insurance coverage. Or, if we don't, we have to pay a tax penalty.
But, as with most taxes, the Obamacare tax penalty is, in some ways, optional.
In today's show I teach you all of the ways that I know to escape it!
We cover:
- How to calculate the tax penalty
- What happens if you don't pay the penalty
- All of the exemptions that you can qualify for
Enjoy!
Joshua
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Transcript
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| 0:00.0 | This episode is brought to you by Pepsi Max. Christmas is great, but there's loads of ways to make it better. |
| 0:08.0 | Like sneaking some chili into the gravy for some extra oint or build in a playlist that will even get your |
| 0:14.8 | none up on the table or just cracking open an ice cold Pepsi Max. |
| 0:20.1 | Christmas. Better with Pepsi Max. |
| 0:25.0 | Welcome to Radical Personal Finance, the show dedicated to providing you with the knowledge, skills, insight, and encouragement you need to live a rich and |
| 0:35.6 | meaningful life now while building a plan for financial freedom in 10 years or less. |
| 0:39.7 | My name is Josh Washits and I'm your host. |
| 0:41.6 | Today we continue our discussion on health insurance generally |
| 0:46.0 | with a specific focus on Obamacare, specifically today. I've been needing to get this out for a couple of weeks here and as I record this and release this on December 6, 2016, |
| 1:00.0 | we've got just a little bit of about a month left before open enrollment ends for the |
| 1:03.8 | health care exchanges and so I obviously got to get this information to you if it's |
| 1:08.2 | going to be useful so we're going to be doing a lot of health insurance this |
| 1:12.3 | week and if there's anything less left next week as well. |
| 1:15.8 | Today we cover three specific topics. |
| 1:18.9 | I'm going to talk through the Obamacare penalty. |
| 1:22.5 | I want to explain to you what it is, |
| 1:25.8 | do some actual calculations so that you know how it impacts you. |
| 1:30.8 | Next I want to talk about what happens if you don't pay the penalty and number three I want to talk to you about how to get out of paying the penalty. |
| 1:44.7 | That's the content of today's show. |
| 1:46.4 | Before we get to that, a couple of quick announcements |
| 1:48.3 | and one ad for you. |
| 1:50.6 | One announcement number one, as I mentioned on a recent show, I've opened up the Radical Personal |
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