Our next President will be Donald J. Trump. He has vowed to repeal and replace the Affordable Care Act. It’s too early to say for certain, but it’s likely the Obamacare fine will eventually be eliminated.
Unpopular Individual Mandate
There are parts of Obamacare that remain popular with the public. The Individual Mandate requirement is, however, not one of them.
Trump may keep parts of the Affordable Care Act, while removing the requirement for individuals to maintain health insurance. This would effectively put an end to the “Shared Responsibility Payment” part of the law.
In other words, Trump may kill the Obamacare fine sometime in 2017.
Penalty Provision is Still Law
We don’t recommend, at this point, that you forego health insurance. It’s likely the 2016 Obamacare penalty will be enforced by the IRS. We will see, come tax time in April of 2017.
Keep in mind that the Affordable Care Act, and all of its provisions, is still the law of the land. It takes time and may be difficult to reverse, repeal or amend such laws as they currently stand.
Coverage w/ No Possible Fine
It’s difficult to imagine how exactly President Trump will come up with a replacement for Obamacare. Without a penalty, many people will simply not sign up for healthcare coverage.
It’s worth reading this article for more insight.
Will Tom Price Make the Price Right?
Trump has selected Tom Price to be his Secretary of Health & Human Services. Mr. Price is intent on repealing Obamacare and the Individual Mandate’s penalty.