So, now that every single American must have health insurance or face a penalty, how do you budget for that cost, and how would that affect your other debts? Do you know how much extra in interest you will now be paying due to this new expense? What if you don't obtain any health insurance? What's that going to cost you?
Well, for one, in 2016, you're subject to either of the following penalties, depending on which one is higher.
It's important to always consider your "true cost" by taking each or your expenses and adding the amount you could have saved in interest by applying the money for that expense to the Program. Doing so will help you realize how much you will be paying in interest by taking on the penalty. Although I don't advocate taking a penalty just to avoid paying expensive health insurance because you may be healthy, the program will help you realize the true cost to taking on either the monthly health insurance expense, or the cost of the penalty.
Shane D. Sorensen, MBA
Hi. Thanks for checking out my blog! I decided to blog my experience with the Money Max Account while offering other helpful, financial advice. I hope what I share proves useful.