The Triton

News

Obamacare penalty eliminated for U.S. tax paying crew

ADVERTISEMENT

By Maria Karlsson

Since Jan. 1, the Tax Cuts and Jobs Act of 2017 (TCJA) has eliminated the shared responsibility payment — more commonly known as the individual mandate — that penalizes U.S. tax-paying individuals not covered by a health care plan that provides at least minimum essential coverage, as outlined in the Affordable Care Act of 2010 (ACA).

Individuals will no longer be penalized for failing to obtain acceptable health insurance coverage.

This is great news for the yachting industry since most U.S. domestic policies are not flexible enough for our industry and lifestyle.

U.S. domestic plans usually don’t cover work-related injuries and accidents on a yacht, nor do they offer in-network benefits outside the area or state in which you sign up, and coverage outside the U.S. is limited to emergency treatment, and if at all while spending extended periods of time abroad.

Additionally, the U.S. deductibles, co-insurance and annual out-of-pocket max are outrageously high, and the plans are unaffordable, especially for families. The monthly premium is often comparable to a mortgage payment.

Now, yacht crew can finally enroll into a health care plan that’s suitable for their needs, a policy that covers worldwide, while working onboard, taking courses, on vacation and between jobs. Furthermore, they will most likely have better coverage for lower premium.

I urge all crew to review their policy wording carefully or ask a licensed insurance professional for assistance.

Maria Karlsson is president of Superyacht Insurance Group in Fort Lauderdale. Comments are welcome below.

Related Posts...
By Capt. Jeff Werner There is no emergency aboard a Read more...
By Joe Johnson The main reason to do background checks Read more...
By Lisa Samuels As I grow wiser in my life Read more...
By Stew Diana Riordan ‘Twas the night before Charter, when Read more...

Share This Post

Leave a comment

Your email address will not be published. Required fields are marked *

Please answer the question below to leave a comment. * Time limit is exhausted. Please reload CAPTCHA.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Editor’s Picks

Acrew announces 2019 Crew Award finalists

Acrew announces 2019 Crew Award finalists

Finalists for Acrew’s 2nd annual Crew Awards have been announced. The finalists will be presented to an independent and anonymous panel …

News in the brokerage fleet: Alia project sells; Admiral new builds listed

News in the brokerage fleet: Alia project sells; Admiral new builds listed

Yachts sold Project Al Waab II, a 180-foot (55m) new build from Alia Yachts designed by Vripack, with delivery scheduled for summer …

Crew Compass: Working for liveaboards a seismic shift from charter life

Crew Compass: Working for liveaboards a seismic shift from charter life

Crew Compass: by Lauren Loudon People always ask me what it’s like to work on yachts? You must have some good stories, they say. …

Port state CIC inspections this fall to focus on emergency systems

Port state CIC inspections this fall to focus on emergency systems

The Paris and Tokyo MoUs on port state control will conduct a Concentrated Inspection Campaign (CIC) on vessel emergency systems and …