Wednesday, August 23, 2017

IRS: 4 million Americans paid Obamacare penalties averaging $708 for 2016

Obamacare has rear its ugly head again this time it's about money, four million Americans paid Affordable Care Act penalties averaging $708 for not having insurance in 2016, based on the preliminary figures released by the Internal Revenue Service.

The average is just over the base penalty of $695 imposed for a whole year without coverage; those with higher incomes paid more. Overall, that's about $2.8 billion. The agency noted that those numbers are subject to change as processing continues.

The penalty started in 2014 with a base penalty of $95. The IRS reported that 7.9 million people paid an average of $210 that year, for a total of $1.6 billion.

In 2015 the base penalty rose to $325, and the IRS reported that 6.5 million people paid an average of $470, for a total of $3 billion. The penalty is called the individual shared responsibility payment (Obama tax), you owe the fee for any month you, your spouse, or your tax dependents don’t have qualifying health coverage. You pay the fee when you file your federal tax return for the year you don’t have coverage. There are few health coverage exemption from the requirement to have insurance.

Liberals and freeloaders wants to increase these penalties they say the penalties are not steep enough to push enough people into the marketplace.    

Good thing President Donald Trump ordered the Internal Revenue Service to stop their plan to reject tax returns that didn't indicate whether or not people had health insurance. So, if you have no health insurance just don't tell the IRS and don't pay the penalty!

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Wednesday, August 9, 2017

Wells Fargo Guaranteed Auto Protection Insurance Program

insurance, Wells Fargo

Wells Fargo's Guaranteed Auto Protection Insurance Program (GAP) is intended to protect a lender against the fact that a car, which is the collateral for its loan, loses significant value the moment it is driven off the lot. Basically it protects the bank or financial institution that lends the buyer money for the purchased car. GAP insurance makes up that difference for a lender if, for instance, a car is stolen before the loan is paid off. Regular car insurance typically covers only the current market value.

Wells Fargo is being investigated for this, The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau are examining this issue.

Wells Fargo is in hot seat again over the last few weeks after it was exposed that they may have forced unwanted insurance on customers who took out car loans. On Tuesday, California’s insurance regulator said he would investigate the bank and the insurer, National General Holding Corp., over the "improper placement" of such coverage.

More bad news about Wells Fargo, the company said that they found more fake accounts that has been created by employees.

The bank said in a regulatory filing that its review of potentially unauthorized accounts could reveal a “significant increase” in the number of accounts involved, up from the 2.1 million that it previously estimated. Wells Fargo said it had expanded its investigation to add three years to its review period, which covered accounts opened from 2011 to mid-2015.

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