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That's what happens when government interferes and subsidizes something....none of you has ever borne the true cost of health care.
You people seem to have a tremendous amount of difficulty distinguishing between...
1] the annual cost of an health plan; and
2] the amount the employer contributes; and
3] the amount the employee contributes
It is very possible, even extremely likely, that an family plan will cost $20,000 per year.
But even if that were true, that is not what the employee pays.
As I have explained ad nauseum, the employee's contribution to their own health plan coverage is limited to 9.5% of household income.
So, which part of "9.5% of household income" do you people not understand?
As I have pointed out ad nauseum, the IRS is granting Safe Harbor to employers by allowing them to use the employee's 2013 W-2 Wage as a guide to determine the employee's costs for health plan coverage.
If you obtain health plan coverage through your employer, then your cost for the health plan is limited to 9.5% of your household income.....
Section 36B(c)(2)(C)(i). Household income for this purpose is defined as the modified adjusted gross income of the employee and any members of the employee’s family (which would include any spouse and dependents) who are required to file an income tax return.
There are conflicts because here you see the IRS using "modified adjusted gross income" and then Treasury and other agencies are using "disposable household income" or just "household income."
The definition of disposable income in Economics is not the same as the federal definition, specifically the IRS definition. The IRS definition of "disposable income" is your Adjusted Gross Income on your Form 1040/A/EZ
Again, I stress, this limitation of 9.5% is only for those people who obtain health plan coverage through their employer....not people who obtain coverage on their own.
So your cost for health care through your employer will be 9.5% of your income, plus your spouse, plus dependents who also file tax returns --- for many that will include your child age 16-26 who works and files a tax return.
So let's your spouse earns $48,000/year and you earn $42,000/year, then your child works a part-time job earning $6,000/year. That's $106,000 total, and then let's say you have income from rental property, interest income or any other income and and that brings your Adjusted Gross Income to $140,000.
Your cost for insurance through your employer will be 9.5% of $140,000 ($13,300) or $1,108 per month or $511 bi-weekly.
If you are already paying more than $511 bi-weekly, then your cost will drop and the difference paid by your employer. If you are paying less than $511 bi-weekly, then your employer will shift the cost to you so that you do pay $511 bi-weekly.
Now, depending on which regulations are actually finalized, it could be that your modified household income ends up being your Adjusted Gross Income, or your Adjusted Gross Income minus deductions (or whatever silliness they come up with).
The Safe Harbor for 2014 is to allow employers to use the employee's W-2 from 2013 in lieu of "modified household income" until the idiots extraordinaire figure out a way to collect information on household income and report it to your employer.
If you didn't want your employer to know that you get $1,800/month in rental income, too bad.
So either learn how to distinguish between the annual cost of your health plan, the amount your employer pays, and the amount you pay, or continue to look foolish.
Cheaply...
Mircea
I have no problem with admitting I don't understand something. But hey, thanks for being so gregarious in your answer.
I just went to the Kaiser ACA calculator. They only have a family of 4 not 5 so I put in a family of 4 making $120K per year and it came out to $14K with no government subsidy. I did one individual that came out to $5600 with no subsidy.
Add the two together and you get close to $20K with no subsidy.
That comes out to about $1700 per month.
That's right....the mandates that did that started in mid 98 with HIPAA going into effect. I'm an insurance broker up until then I could a husband and wife and two or more children for $300-400/month. Everyone in the industry knew it was going to happen when HIPAA was put into law and ObamaCare is more of the same but worse.
I truly believe that is the idea.....worse and worse until the system topples. Then Mr Hussein and the
Demor*** can carry out his/their true goals.....which will include Single Payer via Big Brother.
Still waiting for some liberal to explain where families paying the average cost are supposed to get the $20,000 to pay the costs the liberals have imposed on them.
And since dodgers and con artists such as HisterianDude keep pointing out that some are EXEMPT and trying to pretend that's a GOOD thing, I suppose I should also ask where other families are going to get the **MORE THAN $20,000** they are being forced to pay (for their own coverage plus the EXEMPT families' coverage).
On top of all that, the average number of hours worked per retail employee fell to an average of 30.1 hours per week, as opposed to 30.4 hours in December 2013, in spite of an uptick in the number of new retail hires (32,600) according to IBD?
Those reductions applied in several industries, including hospitality, restaurants, general retail and lots of others.
But then what else would you expect from a certified job-killing and income-reducing pile of stupidity such as ObamaCare, a 2,700 page bill with 13,500+ pages of regulations attached to it so far????
I may have scanned your link too fast but I failed to see anything about actual dollar figures. How many pages does one need to read about 5000(a)(A)(d) or something like that before he sees anything about dollars? A lot of legislative gobbledygook is all I found.
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