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Just wondering if we can get on this subsidy also? Is is based on AGI? We're in the 6 figure range in a low cost of living area. But if we can use S Corp losses and 401k contributions enough to fall under the subsidy range, I figure it's worth a shot. Anyone else who doesn't need the subsidy trying to get on it?
It is based on a modified AGI (adding back in earnings from tax-free bonds and such).
400% FPL is $110,280 for a family of five.
Contributing to retirement accounts is a perfectly valid reduction to AGI.
Good news! My brother-in-law lives a very comfortable lifestyle with his wife making $80K per year and can qualify. Works zero overtime and a very cushy job also. I will look into signing up for it also if I can reduce our income enough, since wifey stays home with our kid.
"If you are self-employed, total SEP-IRA contributions are permitted up to $49,000, or up to 25 percent of the employee’s compensation, whichever is lower. This can be a combination of employer and employee contributions. This is a great plan for self-employed individuals. It allows you to control your contributions and defer funding them until October 15 of the following year."
Is this useful for those one income earners? Spouse can start a business and contribution in addition to the 17.5K limit. It's important to sign up for as many subsidies as possible even if you don't need it, then brag about it to people just outside that limit to help foment resentment.
I know this is a dumb question to ask, but where is all this money to provide subsidies going to come from? Just think of all the millions of people that'll be able (required, I should say) to get health insurance and the government will be paying for a large portion of the premiums - won't that be in the billions and billions of dollars? Not to mention all the folks that'll be added to the Medcaid rolls, which will involve addtional huge sums of money.
I'm no mathematical genius here, and while I fully support the idea of affordable health insurance for all, I just help but to think that there's something very, very wrong here in regard to the federal budget - I mean, the money's gotta come from somewhere, right? And what happens if the money's not there in the budget to pay for all these subsidies - does that mean all those folks who signed up for the health care exchange plans will be left out in the cold?
I know this is a dumb question to ask, but where is all this money to provide subsidies going to come from? Just think of all the millions of people that'll be able (required, I should say) to get health insurance and the government will be paying for a large portion of the premiums - won't that be in the billions and billions of dollars? Not to mention all the folks that'll be added to the Medcaid rolls, which will involve addtional huge sums of money.
I'm no mathematical genius here, and while I fully support the idea of affordable health insurance for all, I just help but to think that there's something very, very wrong here in regard to the federal budget - I mean, the money's gotta come from somewhere, right? And what happens if the money's not there in the budget to pay for all these subsidies - does that mean all those folks who signed up for the health care exchange plans will be left out in the cold?
So many questions, so few answers....
The money will come from consolidating small practices into hospital run ones. Everyone will wait in the same queue for health care, except for the fortunate few who go with cash only practices.
[quote=NorthStarDelight;31119628]I know this is a dumb question to ask, but where is all this money to provide subsidies going to come from?
Why that perpetual liberal money tree called the American Taxpayer.
I know this is a dumb question to ask, but where is all this money to provide subsidies going to come from?
Why that perpetual liberal money tree called the American Taxpayer.
??? Haven't liberals noticed yet that median income is tanking and taking income tax revenue with it?
"If you are self-employed, total SEP-IRA contributions are permitted up to $49,000, or up to 25 percent of the employee’s compensation, whichever is lower. This can be a combination of employer and employee contributions. This is a great plan for self-employed individuals. It allows you to control your contributions and defer funding them until October 15 of the following year."
Is this useful for those one income earners? Spouse can start a business and contribution in addition to the 17.5K limit. It's important to sign up for as many subsidies as possible even if you don't need it, then brag about it to people just outside that limit to help foment resentment.
You can't contribute to a SEP if you also contribute to a 401K. The IRS regs say nothing about just having the 401K as an option, but you can't contribute to both. However, profit sharing plans are allowed.
400% of poverty line will pull in tens of millions of middle class workers and give them subsidies.
Ain't it great ? We can't afford to live in the US anymore so the government steps in to subsidize our lives.
Who would have ever thought that someone making $60-80K a year qualifies for government subsidies.
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Just think of all the millions of people that'll be able (required, I should say) to get health insurance and the government will be paying for a large portion of the premiums - won't that be in the billions and billions of dollars? Not to mention all the folks that'll be added to the Medcaid rolls, which will involve addtional huge sums of money. 
