From the Raleigh News & Observer, November 15, 2017: eliminating the mandate in the Affordable Care Act (aka Obamacare, ACA) for obtaining health insurance will save the Federal Government $300 billion.
If the taxpayer must pay a penalty for being uninsured, isn’t that payment revenue? If that revenue is eliminated, how does that save $300 billion?
I did a cost comparison on the Kaiser Family Foundation (KFF) website for a family of four (husband and wife both 45; children 10 and 14) living in Wake Forest, NC, with no health insurance from their jobs and annual income of $50K. No health insurance: penalty estimate, $2,045/year. Health insurance premium estimate: $17,534/year.
And the explanation on the KFF site indicated that the family’s cost might wind up at $0 with the standard deduction. I’m no accountant, but I do know that you can’t get insurance companies to charge you $0. Wouldn’t that family would have to fork over $1,461 a month? And when and how do they wind up at $0?
If I’m wrong thinking this is yet another form of voodoo economics, please set me straight.