How is income figured for Obamacare? (debt, agents, bankrupt, stock)
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Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by Driller1
I do file a "C"...but that is deductions...not income.
Schedule C is profit or loss, it does include expenses but only after receipts (income)
and if your business is at all successful the bottom line is the profits on which you
have to pay income tax, transferring that amount to the schedule A.
For the rest of the country right now, just people who need it have health insurance, so they are paying like $600 per person per month (the last someone told me). But I would expect that to go way down???
There is nothing in the health care legislation to compel insurance companies to lower their current rates.
There are things in the bill that insurance companies will be forced to cover in every policy, and insurance companies will be able to raise their rates for the additional coverage.
The legislation calls for the disparity between coverage costs for men and women to be reduced or eliminated. Since there's nothing in it that makes companies lower the rates for women, I would guess that they will be raising the rates for men.
Relatively inexpensive high-deductible insurance will be going away, so people who go to the doctor once every three years for a sinus infection will be paying twice as much for PPO insurance that they don't need.
And don't forget the extra $trillion+ that this is going to cost taxpayers.
In my case, the high-deductible insurance my wife and I have used to be $349. Since the act was passed it's increased twice and is now $452. When it fully kicks in I'll be paying the fine and having no insurance because I won't be able to afford the insurance that I would be forced to buy at that time.
Why? It's got nothing in common with the (Un)Affordable Health Care Act.
Read the part in that Hawaii story about the low insurance premiums. This is simple math.
In other terms....
1000 people have cars.
10 people have car wrecks.
It costs $5000 for those car wrecks total.
If only the people who have car wrecks pay for insurance, it will cost those 10 people $500 a year in insurance each.
If everyone who has a car pays for insurance, it will cost each $5 a year for insurance.
That is the idea of insurance, to SPREAD the cost. So the more people who pay, the lower the rates.
The reason I am bringing this up is that people are seeing the CURRENT COST of health insurance and having a cow about having to pay that (like $600 a month per person). I am simply saying that those rates [in theory] should be much much lower if everyone is paying, so not to worry so much!
And in this case there is Hawaii. People there need healthcare the same as people everywhere else. That costs x amount of dollars. Everyone pays there. The insurance rates are very low.
Read the part in that Hawaii story about the low insurance premiums. This is simple math.
In other terms....
1000 people have cars.
10 people have car wrecks.
It costs $5000 for those car wrecks total.
If only the people who have car wrecks pay for insurance, it will cost those 10 people $500 a year in insurance each.
If everyone who has a car pays for insurance, it will cost each $5 a year for insurance.
That is the idea of insurance, to SPREAD the cost. So the more people who pay, the lower the rates.
The reason I am bringing this up is that people are seeing the CURRENT COST of health insurance and having a cow about having to pay that (like $600 a month per person). I am simply saying that those rates [in theory] should be much much lower if everyone is paying, so not to worry so much!
And in this case there is Hawaii. People there need healthcare the same as people everywhere else. That costs x amount of dollars. Everyone pays there. The insurance rates are very low.
But that's not going to be the case. The additional people who are going to be insured are mostly going to be covered by Medicaid which will have no impact on the insurance market.
IF the health care act was as simple as "You have to carry health insurance" then you are probably correct, the additional people entering the insurance pool would drive the cost down because insurance companies would be able to maintain their profits through pure volume. But that's not the case at all, there are too many additional variables that will negate any potential savings.
Frankly, it's too cumbersome a project to be done on a national scale. Period.
Read the part in that Hawaii story about the low insurance premiums. This is simple math.
In other terms....
1000 people have cars.
10 people have car wrecks.
It costs $5000 for those car wrecks total.
If only the people who have car wrecks pay for insurance, it will cost those 10 people $500 a year in insurance each.
If everyone who has a car pays for insurance, it will cost each $5 a year for insurance.
That is the idea of insurance, to SPREAD the cost. So the more people who pay, the lower the rates.
The reason I am bringing this up is that people are seeing the CURRENT COST of health insurance and having a cow about having to pay that (like $600 a month per person). I am simply saying that those rates [in theory] should be much much lower if everyone is paying, so not to worry so much!
And in this case there is Hawaii. People there need healthcare the same as people everywhere else. That costs x amount of dollars. Everyone pays there. The insurance rates are very low.
Hold your horses. The Dems shrieked that we NEEDED this because at some point everyone needs healthcare.
ObamaCare:
1000 people have cars.
1000 people have car wrecks.
It costs $5000 for those car wrecks total.
1000 people pay $2000 each for insurance. Ouch. Quite the hole that's been dug.
Schedule C is profit or loss, it does include expenses but only after receipts (income)
and if your business is at all successful the bottom line is the profits on which you
have to pay income tax, transferring that amount to the schedule A.
Nope....I transfer the amount to a 1040. It is always a loss.
I do file a "C"...but that is deductions...not income.
A schedule "C" is definetely income. The schedule "A" form is for deductions.
Schedule "C" is 'Profit or Loss From Business'
Line 31 is for net profit (or loss) so the schedule is for income from a business. If you ar just using a schedule C for deductions as you stated, then whatever business you own is operating at a loss every year.
Nope....I transfer the amount to a 1040. It is always a loss.
That is why I get a "0" for income.
And that is where I get confused.
I will be able to get medicare.
It has nothing in the bill about what I own.
Are you confusing your terms? Medicare is age based. You can get it only if you're 65 or older. Medicaid is income based but the $ 0 income you maneuver your income to be won't help if you have assets worth more than the minimum allowed.
Depending on the state you are in,that can be as low as $2000 plus a cheap car.
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