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Old 12-30-2013, 09:39 PM
 
Location: Sonoran Desert
39,024 posts, read 51,075,331 times
Reputation: 28217

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Quote:
Originally Posted by Kibby View Post
Calculations are done both monthly an annually, depending on the circumstances. You have to show that you had insurance for every month, you have a choice about whether you take the subsidy on a monthly basis to pay premiums or on an annual basis when you do your tax return.

The important thing that probably very few people are aware of ...... is that you must inform the Government of any "life change" that would effect your insurance or payments. The examples given were 'job change', 'move to another area', 'divorce'. I believe it is the IRS that will be tracking this information, but if Medicaid is involved - you should probably talk to the Social Security office.

It doesn't matter if you are in a Medicaid expansion State or not - all individuals are subject to the penalty under the law and must show proof of insurance for all months. Of course that could be 'waived, delayed or tossed on the scrap pile by Obama at any given minute ...... which is why everyone needs to be on top of their own situation.

Both Politico and The Hill seem to be on top of all the "new" rules as they come out. I read a report early this morning about the IRS and reports of 'life change' on Politico.
The bolded is not true. People in non-medicaid expansion states who would have qualified for medicaid under the new rules are not subject to penalty for not obtaining insurance. Also, you do not have to have insurance for "all months". You can't have a break without insurance for more than three months.
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Old 12-30-2013, 10:55 PM
 
33,016 posts, read 27,388,296 times
Reputation: 9074
Quote:
Originally Posted by EmeraldCityWanderer View Post
You do know that taxes are paid the year after, right? You don't pay what you estimate you will be taxed in the same year.

If you under, or over, estimate for the last year then you owe or get get money back based on your income and deductions. You can file for whatever health insurance you can apply for based on your need when the event occurs (quit or get fired) and get coverage based on your current situation, just like regular health insurance coverage.

Just a question I need to ask, did something happen to your job flipping burgers? It's easier to tailor advice to specific situations instead of beating around the bush and pretending like it's some one else.

Nothing happened to my job, just curious. In this case, he pays taxes in the current year (withholding) and at the end of the year finds excess taxes have been withheld.
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Old 12-30-2013, 11:08 PM
 
33,016 posts, read 27,388,296 times
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Quote:
Originally Posted by Kibby View Post
That "low penalty" won't stay low , it's going to jump right up there after the first year or so. You could call the $95 penalty rate an "introductory rate".

some people would call it a "teaser rate".
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Old 12-30-2013, 11:29 PM
 
Location: Sonoran Desert
39,024 posts, read 51,075,331 times
Reputation: 28217
The penalty is going to be more than $95 for most people. It is $95 per adult in the family plus %47.50 per child up to $285 OR 1% of the amount above the base at which you are required to file taxes, whichever is greater. So a couple making 50K and filing jointly will pay $400 this first year.
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Old 12-31-2013, 01:00 AM
 
1,199 posts, read 732,801 times
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Quote:
Originally Posted by malamute View Post
The penalty for not buying obamacare is so low, why not just take the penalty? It won't matter if you have a pre-existing condition, you can wait until you need health care and then buy it.
Yaaaaaaa, how about no. ACA will have open enrollment periods each year when you can sign up for insurance. If you don'y purchase insurance during this period, not only are you fined, but you are SOL if you get hospitalized or develop a chronic condition in which if that scenario occurs, you will be fully responsible. But don't worry, the people paying their premiums and the tax payers will pick up the tab when you declare bankruptcy on your medical bills because you didn't want to take the responsibility to buy insurance.
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Old 12-31-2013, 01:35 AM
 
Location: South Bay
1,404 posts, read 1,030,088 times
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Quote:
Originally Posted by malamute View Post
The penalty for not buying obamacare is so low, why not just take the penalty? It won't matter if you have a pre-existing condition, you can wait until you need health care and then buy it.
You know the stereotypical story of how to get a kid hooked on drugs is to give it to him for free... at first?

This is how I view Obamacare, If you check the fines as they progress, they become quite significant. In 2016 they will be 2.5% of income or $2000, whichever is more. Is that a small penalty?

Basically, the government is forcing EVERYONE on it within 2 years. The fines will be about the same as the premiums.

The NSA can tap your phones, the IRS is in charge of your health insurance, and the government bails out the richest of the corporations and banks with your money, while covering up their mistakes like Benghazi and Gun Walking... and all the little sheeple are snug in their beds.

Welcome to the Orwellian Society.
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Old 12-31-2013, 05:31 AM
 
Location: Fredericktown,Ohio
7,168 posts, read 5,355,764 times
Reputation: 2922
My insurance entered the helter skelter phase of how to plan for the future to be in compliance with the Obamacare law. My employer dropped coverage a few days before Christmas and did n't even say happy new year. Because of my low figure of reported income I was automatically kicked into Medicaid for all of 2014.

What will take place in 2015 is any bodies guess? will my employer who was exempted in 14 offer insurance in 15 or pay the fine? If not, I won't qualify for Medicaid in 15 due to I will make well over the income limit for a single person. And that leaves me with Obamacare where I won't qualify for a subsidy because I will easily make over 17,500.

None of the above caught me by surprise, I was predicting my employer to stop offering insurance. I think why they waited so long to do it is changes to the law were taking place frequently causing uncertainty.
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Old 12-31-2013, 09:17 AM
 
2,672 posts, read 2,712,519 times
Reputation: 1041
Quote:
Originally Posted by Swingblade View Post
My insurance entered the helter skelter phase of how to plan for the future to be in compliance with the Obamacare law. My employer dropped coverage a few days before Christmas and did n't even say happy new year. Because of my low figure of reported income I was automatically kicked into Medicaid for all of 2014.

What will take place in 2015 is any bodies guess? will my employer who was exempted in 14 offer insurance in 15 or pay the fine? If not, I won't qualify for Medicaid in 15 due to I will make well over the income limit for a single person. And that leaves me with Obamacare where I won't qualify for a subsidy because I will easily make over 17,500.

None of the above caught me by surprise, I was predicting my employer to stop offering insurance. I think why they waited so long to do it is changes to the law were taking place frequently causing uncertainty.
You will still get a subsidy all the way to $28,000 approximately. Using a single person age earning $24,000 in Arizona I came up with a bronze plan for $1340 per year. At $20,000 it drops to $774 per year.

I also ran this on Ohio which has some of the best rates and at $20,000 its only $304. Thats only $25 a month for insurance. Probably what Obama was hoping for except most state came out much higher.
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Old 12-31-2013, 10:10 AM
 
42,732 posts, read 29,808,044 times
Reputation: 14345
Quote:
Originally Posted by Swingblade View Post
My insurance entered the helter skelter phase of how to plan for the future to be in compliance with the Obamacare law. My employer dropped coverage a few days before Christmas and did n't even say happy new year. Because of my low figure of reported income I was automatically kicked into Medicaid for all of 2014.

What will take place in 2015 is any bodies guess? will my employer who was exempted in 14 offer insurance in 15 or pay the fine? If not, I won't qualify for Medicaid in 15 due to I will make well over the income limit for a single person. And that leaves me with Obamacare where I won't qualify for a subsidy because I will easily make over 17,500.

None of the above caught me by surprise, I was predicting my employer to stop offering insurance. I think why they waited so long to do it is changes to the law were taking place frequently causing uncertainty.
I think you will qualify for a subsidy.
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