As millions of Americans scramble to file their tax returns, many are shocked by the full cost of ObamaCare’s individual mandate.
“Those who failed to obtain minimum essential health insurance coverage last year will have had to send the Internal Revenue Service (IRS) a check for $1,130, on average,” Doug Holtz-Eakin, former director of the Congressional Budget Office, testified today before a congressional hearing.
An estimated 6.3 million people will be required to pay a penalty this year because they didn’t buy qualifying health insurance in 2014, Holtz-Eakin testified. Another 30 million people didn’t buy the mandated coverage either but won’t have to pay the penalty because of the myriad exemptions the Obama administration is allowing, with or without legal justification.
Holtz-Eakin, now president of the American Action Forum, based his calculations on the number of people who will pay the penalty and the average value of the penalty, using demographic information from the American Community Survey and enrollment statistics from the U.S. Department of Health and Human Services.