ACA Rate Increases For 2020

[scrabbler1]

You would have a reduction in the itemized expense, thus a reduction in itemized deductions. If it occurs mid year during the tax year, as ours did, seems like taxes would catch it the first go around.

Or was our rebate for prior year?

Oh, well, not itemizing medical anyway. Nor do I pay state taxes.

When mine came in a later year after the actual (deductible) premiums were taken, I included the rebates as "Other Income" as described it on the 1040 form.

A few years ago, I received 2 property tax rebates, one for a prior year and one for the current year. The prior year one I had to add back as income. The current year one I subtracted from the deductible property taxes shown on Schedule A. As I was putting together my taxes, I had originally added both of them back as income, not realizing right away they applied to different tax years. After I made this fix, my total tax bill actually dropped by about $100 because the ACA premium subsidy is based on (M)AGI, and my (M)AGI dropped when I applied the second rebate as an offset to the current year's property tax deduction. Kinda unfair that I get penalized simply because I get a rebate after the tax year instead of during the tax year, huh?

It's all moot now because I don't itemize any more due to the recent tax law change.

 

[Aerides]

nice, i looked up my florida blue plan, same plan is about $40 less per month next year, a 9% decrease.

 

[ivinsfan]

I haven't gotten a letter from my insurance provider yet regarding 2020 ACA offerings. However, acasignups.net reported that the average preliminary unsubsidized rates in Wisconsin dropped by 3.2% and my specific insurer requested a rate reduction of 9.35%. They attribute the Re-Insurance Program that Wisconsin put into effect in 2019 for the rate reductions.

That plan will come back and haunt you on the income tax end. But it does distribute the cost more widely, but yet again higher income people pay more and pay rack rate for ACA polices.

 

[MichaelB]

I'm pretty sure Florida insurers were waiting for me to get on Medicare before starting to lower premiums. While I was using individual insurance it was double digit increases yearly. Oh well...

 

[ivinsfan]

I'm pretty sure Florida insurers were waiting for me to get on Medicare before starting to lower premiums. While I was using individual insurance it was double digit increases yearly. Oh well...

 

[NW-Bound]

I suspect that a lot of previously uninsured patients flocking to ACA drove the healthcare cost up.

Now, that they have been in the system for a few years and getting treatment, the cost is stabilized and not going up at the same rate.

 

[ivinsfan]

I suspect that a lot of previously uninsured patients flocking to ACA drove the healthcare cost up.

Now, that they have been in the system for a few years and getting treatment, the cost is stabilized and not going up at the same rate.

I think a few more state are implementing reinsurance plans as well. This artificially lower the cost of HI. In MN it kicks for the insurers on claim between 50 and250K.

 

[teejayevans]

nice, i looked up my florida blue plan, same plan is about $40 less per month next year, a 9% decrease.

Where did you find 2020 prices for bcbsfl plans?
TIA

 

[mitchjav]

True good point, but not to the point of making them "whole" again.

OK Confused - will be going on ACA next year - it will be for me, my wife and my younger daughter (who's in college). My older daughter is still living at home, but working full time, is covered for health care by her employer and is no longer a dependent on my taxes (actually with the new tax law is there such a thing as a dependent?). So, do I need to include her income for the ACA MAGI?

 

[oscar1]

I was pleasantly surprised at Ambetter this year in Texas. If you got your annual physical, flu shot in September, take a 10 minute health assessment survey on-line, and record regular exercise sessions (honor system but they also have automatic updates from devices like Fitbit, Strava, etc.), Ambetter will give each member a $250 gift card. I like that they, at least, are trying give people an incentive to be healthier.

 

[NW-Bound]

OK Confused - will be going on ACA next year - it will be for me, my wife and my younger daughter (who's in college). My older daughter is still living at home, but working full time, is covered for health care by her employer and is no longer a dependent on my taxes (actually with the new tax law is there such a thing as a dependent?). So, do I need to include her income for the ACA MAGI?

I don't believe so.

 

[Conundrum]

Well there is a simple solution as the rest of the world is doing it. But just like investing and Saving.
The Solution is simple, but not easy.

Counterpoint: Two of my friends in Canada (two different households)are both grateful they have private health insurance through their employers. Their personal experience with the national health care system has not been good. They also pay a lot of taxes apparently. They marvel at the price of goods when they come to the states to visit. Some goods as much as half the price in USA as compared to back home in Canada. Only two households so not a clear analysis but it did make me stop and think.

Does that make the state of healthcare in the US acceptable? Of course not

Sorry to derail the thread

 

[scrabbler1]

I found this release from August for New York HI rate changes for 2020. I haven't been told if my company's proposed rate increase of 10% for my specific policy got cut back.


https://www.dfs.ny.gov/reports_and_publications/press_releases/pr1908091


DFS INDIVIDUAL MARKET RATE ACTION
Company
Requested 2020 Rate Actions
Approved 2020 Rate Actions
DFS Modification
(In Percentage Points)
CDPHP*
7.0%
6.5%
-0.5
Emblem (HIP)*
13.5%
13.5%
0.0
Excellus*
6.3%
6.3%
0.0
Fidelis (NY Quality Healthcare Corp)*
6.8%
3.9%
-2.9
Healthfirst Insurance Company, Inc.
12.0%
9.8%
-2.2
Healthfirst PHSP, Inc.*
8.0%
6.4%
-1.6
Healthnow New York*
10.0%
8.6%
-1.4
HealthPlus HP, LLC (Formerly Empire)*
6.2%
0.0%
-6.2
IHBC*
3.3%
1.7%
-1.6
MetroPlus*
8.6%
7.6%
-1.0
MVP Health Plan*
6.8%
6.8%
0.0
Oscar*
15.4%
14.0%
-1.4
UnitedHealthcare of New York Inc*
27.1%
15.0%
-12.1
All Companies
9.2%
6.8%
-2.4**
* Indicates the company offers products on the New York State of Health Marketplace.

 

[scrabbler1]

I just found out today what I will be paying per month in 2020, if I stay with the same IC. The increase will be 8.8% higher than in 2019, slightly less than the +10% change they told me in a letter a few months ago, and much less than the 14% overall change the company was granted by the state. So, I guess I didn't end up too bad. And if I can qualify for an APTC, not a certainty but quite possible (I asked the folks at the NYS Marketplace and someone there actually KNEW something useful!), that will knock off about $200 per month.