The carrot and the stick
- September 18, 2013 - 9:33 PM
About 17 percent of the Minnesota’s 18- to 34- year-olds are uninsured, according to an analysis by the Washington, D.C.-based public policy group Young Invincibles. Getting young healthy people signed up for insurance coverage will be important to keeping premiums low for everyone.
Federal tax credits can ease the cost of premiums to those who qualify, and more people will be eligible for government health plans starting next year.
Medical Assistance: Up to $15,282 for individuals or $20,628 for a family of two
MinnesotaCare: Up to $22,980 for individuals; $31,020 for two
Tax credits: Up to $45,960 for individuals; $62,040 for couples
Anyone who doesn’t have insurance by March 31, 2014, will have to pay a fine, no matter their age. In 2014, the penalty will $95 or 1 percent of household income, whichever is higher. It rises to $325 or 2 percent of income in 2015 and $695 or 2.5 percent in 2016.
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