New draft of healthcare reform application may get scrapped

After all, even after submitting all the required information – which will be evaluated by the Internal Revenue Service (IRS) and at least two healthcare agencies – consumers still have to pick a healthcare plan.

Under the Affordable Care Act law, Americans are obligated to have healthcare insurance by Jan. 1, 2014, or pay a penalty. That fee is set for $95 in 2014, but could increase to nearly $700 by 2016 if current the rule proposals are approved.

The form will be used to apply for federal health insurance options or tax credits in order to make buying it more affordable.