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Old 10-13-2008, 02:23 AM
 
1,544 posts, read 2,072,704 times
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Quote:
Originally Posted by Katiana View Post
I could be wrong about this, but I thought the credit in McCain's plan went straight to the insurance company. And this fairy-tale that the left-over money will go into an HSA? There will be no left over money! $5000 isn't enough to buy a family plan. You will have to kick in some more of your post-tax dollars to actually pay for the insurance. Forget the HSA.
The credit goes to the insurance company of your choice and the left over money is kept at HSA.

Affordable Individual and Family Health Insurance Quotes

There will be leftover money!!! Try to get a quote at the link above!!!
For a family of 6 as worst case, the premium ranges from $261 to $881 per month.
So for someone who is NOT covered by the employer, this is a good deal!!!!!

If you purchase a higher premium that is more than $416.66 per month, then yes, you would pay out of pocket!!!! As long as you go below $416.66 per month, then you are okay!!!!
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Old 10-13-2008, 08:34 AM
 
Location: Foot of the Rockies
90,316 posts, read 120,488,465 times
Reputation: 35920
Quote:
Originally Posted by ShoppingCartLaw View Post
The cost of PRIVATE insurance varies.

Health Insurance Premiums Vary Widely For Single Adults, Survey Says, USA

EXCERPT

Monthly private health insurance premiums for healthy young people "vary by hundreds of dollars" in US cities......

EHealthInsurance.com ----- examined premium quotes for 30-year-old nonsmoking men and women without pre-existing medical conditions in the 50 most populous U.S. cities. All types of health insurance policies were examined, including HMOs and PPOs. Policies had a maximum $1,000 deductible and 20% coinsurance. Long Beach, Calif., residents paid the lowest premiums, with the least-expensive monthly premium at $54. New York City was the most expensive city, with premiums of $334 for similar coverage. Long Beach, Calif., was the least-expensive city for women, with $54 monthly premiums, while policies offered to men in Columbus, Ohio, were as low as $52. Cost disparities for men and women were found in states where there is no requirement for equal rates for both sexes. In New Orleans, women paid 35% more than men. Bob Hurley, vice president of eHealthInsurance.com, said overall price disparities were a result of factors including state insurance mandates and local competition (Lobb, Wall Street Journal, 7/5).


Under McCain's plan, a single person will get tax credit of $1200 towards the health care plan. So plan on spending not more than $1200 a year on premiums for private health care insurance.

If you do spend more than $1200 a year in premiums for better health care coverage, then you have to be willing to pay out of pocket for the difference.

Under McCain's plan, every SINGLE working USA citizen is guaranteed health care coverage because of the tax credit. All the person has to do is to shop for the best healthcare plan that fits the budget.
I checked the link and here is what I found for my family:

The cheapest: $408.60/mo, roughly 4800/yr, almost the entire $5000 "credit". And look at what that fabulous plan covers:
Office visits: No
Specialist office visits: No
Prescription drugs: No
Physical exams: No
Well baby care (A series of exams and immunizations over two years; 10 visits plus 21 immunizations): NO
Maternity: Optional (meaning additional cost)
Mental Health: No
Chriopractic: No
Out of pocket limit: $12,000 and that is just on the covered benefits. Anything that is not covered would be out of pocket as well.

Most people have no idea what the actual cost of their health care is. If most people opt for a plan like this because it's "affordable", we will be going back to the dark ages of health care, with unimmunized kids, drive-through deliveries, people not taking their meds because they can't afford them, etc. That left-over $200 would be gone in a flash if anyone were taking regular prescription drugs, needed immunizations, a physical exam (required for kids to play sports), etc. More people would be filing for bankruptcy due to medical bills.
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Old 10-13-2008, 08:45 AM
 
Location: Home, Home on the Front Range
25,826 posts, read 20,657,184 times
Reputation: 14818
Quote:
Originally Posted by ShoppingCartLaw View Post
Under McCain's plan, a single person will get tax credit of $1200 towards the health care plan. So plan on spending not more than $1200 a year on premiums for private health care insurance.

If you do spend more than $1200 a year in premiums for better health care coverage, then you have to be willing to pay out of pocket for the difference.

Under McCain's plan, every SINGLE working USA citizen is guaranteed health care coverage because of the tax credit. All the person has to do is to shop for the best healthcare plan that fits the budget.
And, if you have a pre-existing condition, what do you think the chances are that you will be covered at the lower rates if you can find someone to cover you at all?
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Old 10-13-2008, 09:25 AM
LML LML started this thread
 
Location: Wisconsin
7,100 posts, read 9,098,061 times
Reputation: 5191
Quote:
Originally Posted by Katiana View Post
I checked the link and here is what I found for my family:

The cheapest: $408.60/mo, roughly 4800/yr, almost the entire $5000 "credit". And look at what that fabulous plan covers:
Office visits: No
Specialist office visits: No
Prescription drugs: No
Physical exams: No
Well baby care (A series of exams and immunizations over two years; 10 visits plus 21 immunizations): NO
Maternity: Optional (meaning additional cost)
Mental Health: No
Chriopractic: No
Out of pocket limit: $12,000 and that is just on the covered benefits. Anything that is not covered would be out of pocket as well.

Most people have no idea what the actual cost of their health care is. If most people opt for a plan like this because it's "affordable", we will be going back to the dark ages of health care, with unimmunized kids, drive-through deliveries, people not taking their meds because they can't afford them, etc. That left-over $200 would be gone in a flash if anyone were taking regular prescription drugs, needed immunizations, a physical exam (required for kids to play sports), etc. More people would be filing for bankruptcy due to medical bills.

This is exactly right. People really need to get the figures and check things out. They will quickly realize just how much they will lose and how much more it will cost. Far from helping the uninsured get insurance, this plan would result in millions of the insured becoming uninsured.
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Old 10-13-2008, 09:35 AM
 
Location: London UK & Florida USA
7,923 posts, read 8,833,825 times
Reputation: 2059
Not only will your $5,000 go nowhere, you wil be taxed on your health cover. I thought McCain was NOT going to tax people? Maybe he feels that TAX being taken on goods or services is not being taxed? Watch out if McCain gets in as Health is just the tip of the Iceberg as to what he wil tax to try to get money to pay for his "Fat Cat" friends.
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Old 10-13-2008, 09:42 AM
 
Location: Chicago - West Lakeview
1,720 posts, read 2,550,682 times
Reputation: 882
Isn't it only $2,500 if you're single?

Yeah, more Americans will have health care under McCain's plan. SURE! That health plan that was posted was the cheapest the poster could find, and it didn't cover a darned thing. More people will be uninsured under McCain's crappy plan since they won't be able to afford it.
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Old 10-13-2008, 10:04 AM
 
1,544 posts, read 2,072,704 times
Reputation: 276
Quote:
Originally Posted by LML View Post
This is exactly right. People really need to get the figures and check things out. They will quickly realize just how much they will lose and how much more it will cost. Far from helping the uninsured get insurance, this plan would result in millions of the insured becoming uninsured.

This is how I am seeing this work for those insured by the employer. LAYMAN TERMS

1) Your family has a combined salary of $100,000.

2) The employer provides you health benefits that costs them $9000 and costs you $3000 in annual premiums.


3) salary + health benefits = taxable income
$100,000 + $9,000 = $109,000


4) $109,000 is at the 25% tax bracket.

The tax liability for the $9000 is $2,250.

5) The tax credit for the family is $5000.

6) tax credit - tax liability = tax savings
$5000 - $2250 = $2750

7) The $2750 can be invested in the portable HSA.

8) tax savings - tax liability = gain/(loss)
$2750 - $2250 = $500 (overall gain)

The family gains $500 from the government.

It is a roundabout way of getting $500 extra from the government!!!!

http://money.cnn.com/2008/03/10/news...hcare.fortune/

Last edited by ShoppingCartLaw; 10-13-2008 at 10:18 AM..
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Old 10-13-2008, 10:13 AM
 
1,544 posts, read 2,072,704 times
Reputation: 276
Quote:
Originally Posted by geeoro View Post
Not only will your $5,000 go nowhere, you wil be taxed on your health cover. I thought McCain was NOT going to tax people? Maybe he feels that TAX being taken on goods or services is not being taxed? Watch out if McCain gets in as Health is just the tip of the Iceberg as to what he wil tax to try to get money to pay for his "Fat Cat" friends.
I doubt that Congress will pass the taxes on the health insurance.

McCain should just do the following:

Those without employer-provided insurance will get the following tax credit
single = $2,500
family = $5,000


Those with employer-provided insurance will get the following tax credit
single = $250
family = $500


It just makes it simpler!!!!!! And no taxes on the health insurance!!!!!!

I doubt that Congress will pass the taxes on the health insurance.
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Old 10-13-2008, 10:17 AM
 
Location: Foot of the Rockies
90,316 posts, read 120,488,465 times
Reputation: 35920
Quote:
Originally Posted by ShoppingCartLaw View Post
This is how I am seeing this work for those insured by the employer. LAYMAN TERMS

1) Your family has a combined salary of $100,000.

2) The employer provides you health benefits that costs them $9000 and costs you $3000 in annual premiums.


3) salary + health benefits = taxable income
$100,000 + $9,000 = $109,000


4) $109,000 is at the 25% tax bracket.

The tax liability for the $9000 is $2,250.

5) The tax credit for the family is $5000.

6) tax credit - tax liability = tax savings
$5000 - $2250 = $2750

7) The $2750 can be invested in the portable HSA.

8) tax savings - tax liability = gain/(loss)
$2750 - $2250 = $500 (overall gain)

The family gains $500 from the government.


Why McCain has the best health-care plan - Mar. 11, 2008
The more likely scenario: Company drops company-subsidized health insurance, leaving everyone to the joys of the open market. $5000 tax credit goes to inusrance company to provide crappy insurance shown in my previous post. $200 in HSA, gone in one dr. visit for sports physical, immunizations, eye exam, whatever.
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Old 10-13-2008, 10:19 AM
 
16,294 posts, read 28,472,289 times
Reputation: 8383
Note that the benefits are going to be TAXABLE INCOME under McCain's plan. That means that my wife's back surgery several years ago would have increased my taxable income by almost $150,000.00 and the leaving me owing 10's of thousands to the IRS. And we know that owing the IRS is as bad as owing the Mafia, your life becomes a living hell.
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