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 Articles

NMMA names new president

NMMA names new president

Frank Hugelmeyer, former president of the RV Industry Association, has been appointed president of the National Marine Manufacturers Association (NMMA). He succeeds Thom Dammrich, who has led the …

Taking the Helm: People don’t leave jobs; people leave people

Taking the Helm: People don’t leave jobs; people leave people

Taking the Helm: by Capt. Paul Ferdais When the “I’m leaving” conversation happens with the captain, there always seems to be some extenuating circumstance: “I’m off to take courses for …

Culinary Waves: Nutrition, time management, sanitation courses boost chefs’ CVs

Culinary Waves: Nutrition, time management, sanitation courses boost chefs’ CVs

Culinary Waves: by Chef Mary Beth Lawton Johnson Just as captains and all deck crew need to take courses to maintain their licenses on board, chefs need to maintain their culinary knowledge, hone …

Taking the Helm: Leading in times of crisis takes consistency in messaging

Taking the Helm: Leading in times of crisis takes consistency in messaging

Taking the Helm: by Capt. Paul Ferdais In times of uncertainty, crew members and co-workers need to frequently hear from the captain and team leaders to stay informed, feel heard, and remain …

Recent yacht fires a warning: Know your insurance details

Recent yacht fires a warning: Know your insurance details

By Dorie Cox No one wants to burn through a $20 million loss like the 102-foot M/Y Polar Bear in a San Diego shipyard in 2014. The yacht was in for repairs when welding started a fire. Neither …

A primer on COVID-19, precautions, coverage

By Eva Maria Karlsson On Dec. 31, the World Health Organization was informed of a cluster of cases of pneumonia of unknown cause detected in Wuhan City, Hubei Province of China. The novel (new) …

Comments

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.