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Health insurance subsidy calculator
09-24-2012, 07:37 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,266
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Health insurance subsidy calculator
Someone recently posted a link to a health insurance subsidy calculator that was NOT the Kaiser calculator. It seemed better to me in that it could do calculations for various family sizes other than just single and family of four.
I can't seem to find it. Does anyone remember this and have the link? Thanks.
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09-24-2012, 09:05 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Jul 2012
Location: Mississippi
Posts: 1,894
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I think it was this one from berkeley
National Health Reform Calculator
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09-24-2012, 09:09 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by rbmrtn
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Yes, I think that was the one.
The most important calculator may be the one which tells you where 399% of the federal poverty level is for your household situation, so you can make sure you don't earn more than that.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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09-24-2012, 09:16 AM
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#4
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Full time employment: Posting here.
Join Date: Dec 2006
Location: chicago burbs
Posts: 806
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Are dividends/interest considered part of family income? Or has this yet to be clarified?
Golfnut
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09-24-2012, 09:24 AM
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#5
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Recycles dryer sheets
Join Date: May 2005
Posts: 193
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Quote:
Originally Posted by rbmrtn
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Thanks. It is showing Medicaid for an income of 30,000 and family of four. How will this effect ER, it would still be possible to buy private insurance and get subsidy rather than covered under Medicaid? I guess for LYBM ERs, 30000 is good income with a paid up house.
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09-24-2012, 09:39 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Jul 2012
Location: Mississippi
Posts: 1,894
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Quote:
Originally Posted by golfnut
Are dividends/interest considered part of family income? Or has this yet to be clarified?
Golfnut
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Yes, I think they use something call MAGI ( modified adjusted gross income ) for calculations similar to IRA eligibility. It adds back other items as well, like tax exempt interest.
Some explanation in this doc...
http://www.kff.org/healthreform/upload/8194.pdf
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09-24-2012, 09:41 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Jul 2012
Location: Mississippi
Posts: 1,894
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Quote:
Originally Posted by landover
I guess for LYBM ERs, 30000 is good income with a paid up house.
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Works for me
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09-24-2012, 09:43 AM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,266
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Quote:
Originally Posted by rbmrtn
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That's the one I was looking for. Thanks.
Has anyone compared the two using the same assumptions? I assume that this is just a more refined calculator but follows the same scheme.
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09-24-2012, 09:43 AM
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#9
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Full time employment: Posting here.
Join Date: Dec 2006
Location: chicago burbs
Posts: 806
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Quote:
Originally Posted by rbmrtn
Yes, I think they use something call MAGI ( modified adjusted gross income ) for calculations similar to IRA eligibility. It adds back other items as well, like tax exempt interest.
Some explanation in this doc...
http://www.kff.org/healthreform/upload/8194.pdf
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Thanks for this info!
Golfnut
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09-24-2012, 09:43 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by landover
Thanks. It is showing Medicaid for an income of 30,000 and family of four. How will this effect ER, it would still be possible to buy private insurance and get subsidy rather than covered under Medicaid? I guess for LYBM ERs, 30000 is good income with a paid up house.
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Livable income for two empty-nesters with a modest lifestyle in a low-cost area. Doesn't seem like much for a family of 4, paid off house or not. But maybe that's just me.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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09-24-2012, 09:45 AM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,266
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Quote:
Originally Posted by landover
Thanks. It is showing Medicaid for an income of 30,000 and family of four. How will this effect ER, it would still be possible to buy private insurance and get subsidy rather than covered under Medicaid? I guess for LYBM ERs, 30000 is good income with a paid up house.
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I plan to have my income be higher than the Medicaid limit because I would rather have private insurance than Medicaid. I'm thinking that I will limit my Roth conversions so I am just inside the subsidy income limit.
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09-24-2012, 09:52 AM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by pb4uski
I'm thinking that I will limit my Roth conversions so I am just inside the subsidy income limit.
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There's that "399% calculator" again.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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09-24-2012, 09:55 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,266
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Might even be less than 399% in that I am concerned that some unanticipated CG distribution or something else out of left field will pop up between year and and when I finalize my return and blow my well laid plan to smithereens.
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09-24-2012, 10:01 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Minneapolis
Posts: 1,172
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Quote:
Originally Posted by landover
Thanks. It is showing Medicaid for an income of 30,000 and family of four. How will this effect ER, it would still be possible to buy private insurance and get subsidy rather than covered under Medicaid? I guess for LYBM ERs, 30000 is good income with a paid up house.
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What I plan on doing, is to do enough IRA to Roth conversions to up my income over the Medicaid Threshold.
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09-24-2012, 10:04 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Location: Kerrville,Tx
Posts: 3,361
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Quote:
Originally Posted by Cut-Throat
What I plan on doing, is to do enough IRA to Roth conversions to up my income over the Medicaid Threshold.
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Check carefully as the Medicaid limit in some states will remain at 100% of Poverty, while in others it will be at 133%. (Due to the supreme court decision)
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09-24-2012, 10:26 AM
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#16
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 4,366
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I'm not seeing a big cliff using the Berkeley calculator.
Family of 3, youngest adult 21 ($506 total HI premium monthly):
$30k -> $398 monthly subsidy
$35k -> $345
$40k -> $285
$45k -> $223
$50k -> $157
$55k -> $87
$60k -> $31
$65k -> $0 (still says this is 340% of Federal poverty level)
This seems much more reasonable than our previous calculations. However, it is for a family of 3, so maybe that's enough different.
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09-24-2012, 10:31 AM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by Animorph
I'm not seeing a big cliff using the Berkeley calculator.
Family of 3, youngest adult 21 ($506 total HI premium monthly):
$30k -> $398 monthly subsidy
$35k -> $345
$40k -> $285
$45k -> $223
$50k -> $157
$55k -> $87
$60k -> $31
$65k -> $0 (still says this is 340% of Federal poverty level)
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Could be because of a 21-year-old in there. Now compare this to a family of 2, youngest is 51 instead of 21:
$30k -> $1110 monthly subsidy
$35k -> $1050
$40k -> $984
$45k -> $912
$50k -> $870
$55k -> $830
$60k -> $791 (397% of FPL)
$60,600 -> $0 (401% of FPL)
That is the most expensive $600 anyone has ever earned. So in this case it's obvious that it's not terribly advantageous to exceed $60,000 in income unless you *greatly* exceed it to the point where the loss of subsidy (to the tune of about $9,500 a year) isn't a major concern.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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09-24-2012, 10:35 AM
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#18
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 4,366
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Family of 2, youngest adult 50 ($1,266 total HI premium monthly):
$30k -> $1110 monthly subsidy
$35k -> $1050
$40k -> $984
$45k -> $912
$50k -> $870
$55k -> $830
$60k -> $791
$61k -> $0 (403% of FPL)
$65k -> $0 (430% of Federal poverty level)
There is a cliff here. Probably worse for a single person? Also apparently depends a lot on the assumed monthly premium. You might want to adjust the age of youngest adult to match a reasonable premium amount. $506 for 3 versus $1266 for 2 is clearly bogus for us, but age based.
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09-24-2012, 10:39 AM
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#19
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Thinks s/he gets paid by the post
Join Date: Jul 2005
Posts: 4,366
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For a family of 3 it looks like the FPL is about $76k according to this, so we should still be able to fill up the 15% tax bracket fairly well for a couple of years at least. Until DS gets a job.
Yep, we doubled Ziggy.
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09-24-2012, 10:42 AM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2011
Posts: 8,363
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If I recall correctly, MAGI does NOT include SS payments. Anyone care to comment?
If that is so, I can think of about 12,000 good reasons to take it as soon as possible.
__________________
Living well is the best revenge!
Retired @ 52 in 2005
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