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Old 03-24-2010, 11:33 AM   #41
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Subsidies (taxes in general) look at your income for each year. They don't look at your net worth. And this legislation is the same - everything is annual income based.

So sounds like you are eligible for generous subsidy to me if you are living off only $12K a year. Is that true?

Audrey
No, we have other savings that we can dip into before collecting SS. If what you say is true then the current assets based medicaid eligibility requirements are going away
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Old 03-24-2010, 11:56 AM   #42
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This is exactly what I get out of the limited amount I've read so far. It looks like low-income, high-net-worth people will have the majority of their health-care premiums paid by Medicaid.
Medicaid eligibility depends on income and assets, so high net worth people are not eligible.
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Old 03-24-2010, 11:59 AM   #43
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If what you say is true then the current assets based medicaid eligibility requirements are going away
No, not if someone is on Medicaid. That is, and will continue to be, subject to an assets test as well as an income test.

If you're not on Medicaid, you have no current or former employer coverage and can live on very little taxable income, congratulations. You just hit the jackpot.
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Old 03-24-2010, 12:33 PM   #44
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No, we have other savings that we can dip into before collecting SS. If what you say is true then the current assets based medicaid eligibility requirements are going away
Ooops - my bad. I didn't realize we were talking about Medicaid eligibility. Shouldn't have posted anything!

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Old 03-24-2010, 12:42 PM   #45
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Second, it limits the age component cost uplift to 3 times the lowest age bracket cost.
I hadn't heard about this part. Do you mean that insurance companies won't be able to charge a 60 year old more than three time what they charge a 20 year old?
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Old 03-24-2010, 12:44 PM   #46
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I hadn't heard about this part. Do you mean that insurance companies won't be able to charge a 60 year old more than three time what they charge a 20 year old?
Correct. As I understand it, anyway.
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Old 03-24-2010, 12:55 PM   #47
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So, they will just jack up the 20 year old cost to cover the 60 year old cost. That's what I'd do.
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Old 03-24-2010, 01:01 PM   #48
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I hadn't heard about this part. Do you mean that insurance companies won't be able to charge a 60 year old more than three time what they charge a 20 year old?
Yes- if 20 is the youngest bracket. They can (and will) also charge for smoking and family size.

An excellent resource is Kaiser Family Foundation. A summary here http://www.kff.org/healthreform/upload/8023-S.pdf
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Old 03-24-2010, 01:04 PM   #49
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So, they will just jack up the 20 year old cost to cover the 60 year old cost. That's what I'd do.
Hey, if the incoming, subsidized masses substantially raise their costs, then they have to raise their rates. But they have to spend 80% of proceeds on health care so they won't be able to arbitrarily raise them beyond that threshold.
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Old 03-24-2010, 01:51 PM   #50
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No, not if someone is on Medicaid. That is, and will continue to be, subject to an assets test as well as an income test.

If you're not on Medicaid, you have no current or former employer coverage and can live on very little taxable income, congratulations. You just hit the jackpot.
If this is true then I'm going to set my ER date to 1/1/2014
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Old 03-24-2010, 02:22 PM   #51
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Just heard that the new bill will cost big pharmaceutical companies $90 billion. Any ideas on where the next blockbuster drugs will come from that take billions to develop and get clinical trials on?
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Old 03-24-2010, 02:29 PM   #52
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Just heard that the new bill will cost big pharmaceutical companies $90 billion. Any ideas on where the next blockbuster drugs will come from that take billions to develop and get clinical trials on?
They weren't spending money on developing life-saving drugs or drugs that really cure diseases anyway. They focus on drugs that people have to take every day for the rest of their lives, outrageously priced cancer treating drugs that barely extend life (and where Medicare has no negotiating power), and recreation enhancing drugs such as viagra that they spend oodles on advertising. I'm not so impressed by their spending habits.

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Old 03-24-2010, 02:39 PM   #53
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Just heard that the new bill will cost big pharmaceutical companies $90 billion. Any ideas on where the next blockbuster drugs will come from that take billions to develop and get clinical trials on?
IIRC this is less than the difference in price Medicare pays vs other private insurance industry.
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Old 03-24-2010, 02:49 PM   #54
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They weren't spending money on developing life-saving drugs or drugs that really cure diseases anyway. They focus on drugs that people have to take every day for the rest of their lives, outrageously priced cancer treating drugs that barely extend life (and where Medicare has no negotiating power), and recreation enhancing drugs such as viagra that they spend oodles on advertising. I'm not so impressed by their spending habits.
IMO, there's no way penicillin and antibiotics like it would have been developed by Big Pharma today.

There's no money in cures, only in treating symptoms for life. And yes, I am that cynical.
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Old 03-24-2010, 02:56 PM   #55
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outrageously priced cancer treating drugs that barely extend life
Herceptin gave my sister 6 more years of life when she was told she had 6 months to live back in early 2000. I guess you haven't been personally affected by cancer so I will take your comment as a general one rather than a blanket statement...........
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Old 03-24-2010, 03:11 PM   #56
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There's no money in cures, only in treating symptoms for life. And yes, I am that cynical.
So treating AIDS is not good?
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Old 03-24-2010, 03:16 PM   #57
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So treating AIDS is not good?
Quite a stretch to take my comments and make that remark, and not worth my time to dignify it with a clarification.
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Old 03-24-2010, 03:21 PM   #58
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Herceptin gave my sister 6 more years of life when she was told she had 6 months to live back in early 2000. I guess you haven't been personally affected by cancer so I will take your comment as a general one rather than a blanket statement...........
Nope, quite the opposite. I am very personally acquainted with Avastin and how such modern cancer drugs are priced.

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I wonder how income will be determined for the subsidies
Old 03-24-2010, 03:24 PM   #59
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I wonder how income will be determined for the subsidies

Ordinarily, income would be considered as line 22 total income, or perhaps line 37 adjusted gross income. But there is a problem using this - what about folks who are converting a traditional IRA to a Roth IRA? They haven't taken any money out, so it really isn't income. Conversely, what about folks who take a withdrawal from a Roth IRA? In that situation, they would not have any additional amount on lines 22 & 37.
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Old 03-24-2010, 03:27 PM   #60
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Yes- if 20 is the youngest bracket. They can (and will) also charge for smoking and family size.

An excellent resource is Kaiser Family Foundation. A summary here http://www.kff.org/healthreform/upload/8023-S.pdf
That is dated January 2010. Is this the exact same bill that was passed into law? And is the bill that was passed and signed into law the final health care bill? What is the deal with reconciliation amendments and handshake deals between the house and senate to agree to change the law?

I'm really confused and was hoping for some common sense concise explanations of what was just passed so that the common person (like me) could read a few pages (maybe 10 pages) and understand how they and their business would be impacted generally. I saw these concise summaries months ago when they were selling the House and Senate flavors of the bill, but have not seen anything concise that summarizes what was passed (with or without reconciliation/amendments etc).

Links please?

(this is a general comment directed to anyone)
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