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It seems if you are 1% over the 400% poverty limit, you could get screwed thousands in healthcare subsidies. So it seems fairly obvious for many self employed people like myself. It may make sense just to work less and make less because my "net" income when re-adding back subsides the government will give me.
I just don't understand why the government would leave this kind of huge gap in subsidy. Makes no sense why someone making $90K with family of 4 would get a big subsidy. While someone making 100K would get nothing.
Some of my friends who are in their late 50s paid upwards to $3K a month in healthcare premiums as a self employed family with kids. So 24K a year in healthcare premiums is not unheard of in the real world for people nearing 60 years old with families. It's not like it's going to get cheaper overnight starting in 2014.
Can't figure how to resize my photo. But I plugged in 60 years old making $90K a year with family of 4. And the health premiums were 24K. Government would subsidized $15492 because the max income we would pay is 9.5% of our income.
But if I plug in 60 years old making 100K with family of 4. Since it's over 400% of poverty, that same family would get zero subsidy. Paying effectively $15492 more than someone making less than them.
I just think it gives people incentive to just work less.
And from what I read. It's indexed for inflation. Which makes it even worst for the taxpayers. Since the poverty line will move up more. Think it's currently around $11k. You just have to target the 400% number.
I see many 62 years olds just plan on taking early retirement and fly way under the 400% poverty line and get bigger subsidies. A double whammy cause that impacts social security and the ACA.
Oh and if they smoke that could be an extra $5K per year on top of the normal healthcare cost and the government won't subsidize that.
How are they going to find out if people are lying? Take your hair samples? And why should someone who smokes say two packs a week pay the same as someone who smokes two packs a day?
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