Frequently Asked Questions
What makes this The World’s Greatest Healthcare Plan?
- This bill provides a sustainable, non-discriminatory approach that incentivizes every American to make their own healthcare decisions and to plan and save for their future.
What would my options be for obtaining health care when this is enacted into law?
- An individual may:
- Become eligible for the health tax credit by opting out of Obamacare coverage and acquiring creditable insurance as defined by law;
- Remain in an Obamacare exchange plan;
- Remain in the employer-sponsored insurance tax system;
- Choose not to obtain health care insurance altogether, and not be subjected to penalties under Obamacare nor be eligible for the Healthcare Tax Benefit.
May an employer remain in the current Obamacare system?
- Employers may elect to remain in the current Obamacare system if they wish without threat of tax penalties, such as the Cadillac tax.
How do I acquire my healthcare tax benefit, and what can I do with it?
- The health tax credit can be used to pay health insurance premiums, transferred to a Roth Health Savings Account (HSA), and is advanceable to use in the current tax year.
- In the year of enactment, individuals are given the option to be added immediately after the date of enactment. You can use the health tax credit in the tax year you are participating in, and not have to wait for next April 15th.
- Once an individual files his or her tax returns, he or she will receive their health tax credit.
If I am a lower income employee what insurance options are available to me?
- This plan provides for lower cost Basic Insurance plans that can be purchased with a partial health tax credit.
- An example of this type of insurance may be a Limited Benefit Insurance plan. Limited Benefit Insurance may contain an annual limit on the amounts payable under the provided coverage. It also may include asset protection and protection against garnishment of wages.