Anyone get notice of their 2020 Obamacare premiums? (2015, status, deduction)
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I don't care what the rest of the world does, I want free market health care here.
And maybe you should stop the fear mongering and snide comments if you don't understand it. It has nothing to do with back in the day when people died of teeth problems - which actually still happens, by the way, because people don't go to the dentist like they should.
Your numbers are off. Self employed, you get the full amount in take home pay. So $50,000 a year is $4166/month, not $3500.
The person could still have $4166/month if they have certain write offs, or they could end up worse than your scenario.
It is absolutely possible, the IRS does give some write offs that ultimately make it so that you break even but keep every bit of my money that was earned throughout the year. I know, because I've done it.
If they have $4166/month, then after their rent of $1200, they would have $2966. Utilities - depends on where they live. Get a place where either the landlord pays for the heat, (oil, gas) or find a place with a fireplace and/or wood burning stove.
So she has other bills (cell phone, internet, car insurance), then food. Well, food is more expensive up in NE than say, the states lower than that, but she should be fine feeding herself - in fact, comfortably feeding herself on $300. Let's say she's frugal (because she has to be) and it's $500 in bills, plus rent, so $1700 taken out of the $4166. She still has $2466 remaining. Let's toss her another $300 just in case money. She still has $2166 remaining, but we'll round it to 2160.
Her premium is a grand. Now she has $1660 remaining. She has to visit the doctor for whatever reason. Now she has $1060 remaining. Annoying - but still doable and still doable comfortably - as long as nothing goes wrong, and she is able to invest or save that money for the times things go wrong.
However, if she does NOT get enough write offs, she's in worse shape than what you're saying. She has to pay her own everything - no employer to pay part of it. She needs to set aside 30% of her earnings for the IRS man. That's $1250 she has to set aside every single month, leaving her with $2916.
Take out the $1700 we talked about before, she's got $1216 left. We can't give her that $300 "just in case" like we did in the last scenario, because she has to pay that dumb Obamacare $1000 each month.
Now she's got $216 left to pay for food, utilities, etc. Most people are not going to get the deduction I'm talking about. So, your friend is probably in the second scenario status - which means it's even worse for her than you painted.
She could be somewhere in the middle - even then, even if we tacked on another $500 to that, it would go to her food, utilities, and whatever, and she would be left with maybe $100 - doubtful, but possible. But, whatever, as someone jokingly reminded me recently, she "didn't build that" anyway - considering some actually agree with that, according to those types, she deserves to live paycheck to paycheck.
Self employed have to pay fed/state taxes plus medicare/ss out of that. They don't get to keep it all.
Okay, I'll try to explain my viewpoint as concisely as possible:
In my opinion, it is unfair that middle-income people have to pay exorbitant insurance premiums and out of pocket medical expenses while corporations make obscene (imo) profits and many poor people pay almost nothing for their medical care.
And by "exorbitant", I mean more than 25% of their household income.
And by "obscene", I am referring to the 21% profit margin that Forbes estimated for the healthcare technology industry, making it by far the most profitable industry of all, according to the following article:
Fairness is another one of those pesky subjective terms.
Spending 25% of household income on healthcare insurance is INSANE.
The premium subsidies are a cliff.
Tax credits are limited to those with incomes no more than 400% of FPL, again another cliff.
A few $ can make a huge difference.
Premiums as a fixed percentage of income, gross or AGI or MAGI makes some sense for the less than 10% of the people who buy Individual Plans Just throwing it out there....say 12%. Good for the Middle Class. Good for everyone, including low income to have skin in the game. Not so much for high income earners. So I guess a cap would be necessary.
Of course it would be necessary for the Federal Government to make up the diff.
Healthcare insurers are not becoming “ fat cats” off Individual Plans. They make the big $ off lucrative Medigap and large Group lines, not Individual Plans.
I don’t know what healthcare tech includes/ excludes. Speculation on my part the healthcare tech is only a piece of the healthcare puzzle.
Oh really. Give an example of how one might avoid penalties. Obamacare legislation had everyone trussed up and suspended in it.
If I recall, if premiums were greater that 8% of household income you got a pass.
No shortage of self employed do not declare all their income.
Native American tribes, Amish and those enrolled in religious healthcare sharing ministries also got a pass.
Many simply checked the box and claimed they were insured.
Highly subsidizes flood insurance, regardless of income/ assets.
If there’s a mortgage on the property, the lender, not the Federal Government, requires flood insurance if the property is in a flood zone.
Glad i paid cash for my house as i go bare. I am right on the gulf. I also don't have HC Ins. All a rip off. That moron Obmabutt did a number on this country.
If I recall, if premiums were greater that 8% of household income you got a pass.
No shortage of self employed do not declare all their income.
Native American tribes, Amish and those enrolled in religious healthcare sharing ministries also got a pass.
Many simply checked the box and claimed they were insured.
Nobody got passes if the premiums were greater than 8% of income.
Enrollment in a healthcare sharing ministry is still a mandate.
The IRS didn't just take your word for it if you checked the box. You had to provide the insurance information next to it.
Yes. It seems the liberal elites setting insurance policy know what is best for "the masses," but you can bet your bottom dollar that should one of them need care, they will not subject themselves to what they thought was good enough for everyone else.
Case in point: When I told my liberal neighbor that Obamacare forced me to lose my excellent specialist and that I was now relegated to someone with a lesser reputation, she actually said - full of sanctimony - that it should be worth it to me to give up the best specialist, knowing I'd still have someone, so that poor people can get the care they need. Then, a month later, I saw her putting a suitcase in the trunk and asked if she were going on vacation. Nope. She said she was going to a different city for a cataract removal - a simple cataract! - because she wanted the very best operating on her eye, and he happened to be in another state.
There has never been any certainty that the MD you want is a part of your PPO or HMO.
My former employer used to change insurers every single year. And we had to change primary care and dentists every single year. Back then, records were mostly hard copy. We had to pay fees for the copies.
MDs / medical practices can opt in/ out of any given PPO.
We have very good BCBS. Nonetheless, my husband often is faced with 6 month wait lists for preferred specialists.
Those on the Medicare for all bandwagon may not realize no practice has to accept Medicare reimbursement. While most do, they also limit the number of Medicare patients. Same deal for Medicaid. This can get dicey in regions with heavy senior populations.
10,000 baby boomers are turning 65 every day. Then comes Gen X.
Glad i paid cash for my house as i go bare. I am right on the gulf. I also don't have HC Ins. All a rip off. That moron Obmabutt did a number on this country.
How did Obama affect homeowners' insurance? Our property insurance was subject to the amount of hurricane damage spread around the state by the insurance companies.
Don't those on right on the coast have access to the government-subsidized FEMA insurance?
The premiums now would be even higher had the ACA not passed. You can get those cheap junk policies again. Good private health insurance was not cheaper. In addition, before the ACA the insurance companies were entitled to charge you whatever they wanted or REJECT you.
Going without insurance is not bad if you just pay cash for services--less out of pocket than health insurance. BUT, if you have a heart attack, stroke, pneumonia or accident, how will you pay for it? Just use the ER and let others pay for it?
The main things that have changed is that the companies have to accept you under the ACA, have to pay for preventive screenings and cannot refuse to pay for pre-existing conditions.
I am on expanded Medicaid that I was only able to get because of the ACA. It costs taxpayers several thousands a month for my medical care. If I don't get some of the medical care, I will die. Since I don't want to die then I will continue to accept expanded Medicaid.
Again, having insurance all my life but after Obamacare my premiums went from $450 a month to almost $1,500 a month so since I couldn't afford $1,500 a month I don't have insurance, I'll die because I can't afford the insurance to pay but np, you'll live.
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