Health Care Reform
I have a question about the Health Care Reform and was wondering if anybody understands it enough to even take a shot at it.
Everyone will be REQUIRED to buy Health Insurance of a certain level. It's my understanding the IRS will be the final determiner of whether each individual is doing so and there will be fines if you don't do it.
The lower-income people will be provided tax credits to pay for their coverage, but credits come (normally) in the aftermath of an action. For example, you buy health insurance in 2012 and you get the tax credit on your 2012 return in early 2013.
How exactly are the lower-income people supposed to pay for that first year (2012) of health care?
Everyone will be REQUIRED to buy Health Insurance of a certain level. It's my understanding the IRS will be the final determiner of whether each individual is doing so and there will be fines if you don't do it.
The lower-income people will be provided tax credits to pay for their coverage, but credits come (normally) in the aftermath of an action. For example, you buy health insurance in 2012 and you get the tax credit on your 2012 return in early 2013.
How exactly are the lower-income people supposed to pay for that first year (2012) of health care?