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. Patrick “Doc” Connelly This question could be asked Read more...
By Mike Prado Many times when we visit yachts at Read more...
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...

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Your email address will not be published.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

The Triton networks with Baglietto

The Triton networks with Baglietto

More than 200 captains, crew and industry joined us for Triton Networking last night with Italian yacht builder Baglietto. Our guests …

Latest in the brokerage fleet: Ex-Azzam, Mim sell; Happy Life listed

Latest in the brokerage fleet: Ex-Azzam, Mim sell; Happy Life listed

Yachts sold M/Y Adamas II, originally Azzam, a 200-foot (61m) Dauphin built in 1987, sold by Camper & Nicholsons broker …

Yachts Lohengrin and Reflection burn at Universal Marine Center in Fort Lauderdale

Yachts Lohengrin and Reflection burn at Universal Marine Center in Fort Lauderdale

UPDATE: Nov. 19, 9:22 am By Dorie Cox Fort Lauderdale Fire Rescue trucks headed toward smoke and flames on Marina Mile in Fort …

NOAA seeks public input on end of paper charts

NOAA seeks public input on end of paper charts

The U.S. National Oceanic and Atmospheric Administration is seeking public feedback on its five-year program to end all raster and …