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.

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Your email address will not be published.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

Crew use COVID downtime to make a difference

Crew use COVID downtime to make a difference

By Lucy Chabot Reed Yacht crew all over the world have found interesting and creative ways to make a difference during the COVID-19 …

Owner’s View: Not the recommended procedure for captain, crew career in yachting

Owner’s View: Not the recommended procedure for captain, crew career in yachting

Owner’s View: by Melvyn Miller Decades ago, I was berthed in Cape May, New Jersey, next to a flush-deck motoryacht run by a mature …

FLIBS19: Show’s economic impact jumps 50 percent

FLIBS19: Show’s economic impact jumps 50 percent

The 60th annual Fort Lauderdale International Boat Show, held Oct. 30-Nov. 3, 2019, generated $1.3 billion in economic impact in the state …

Yacht bosun chooses to think like an owner, not spend like one

Yacht bosun chooses to think like an owner, not spend like one

By Bosun Alex Kempin I know, yet another article about personal finance and someone telling you to do something you will never do. I …