FANOFJESUS
Thinks s/he gets paid by the post
What happens if you make less than the poverty level and your state did not expand Medicaid? Does the federal goverment pick you up?
What happens if you make less than the poverty level and your state did not expand Medicaid? Does the federal goverment pick you up?
What happens if you make less than the poverty level and your state did not expand Medicaid? Does the federal goverment pick you up?
What's even more fun is that if your income would have qualified you for medicare in a state that didn't expand the system you are not eligible for a subsidy when buying your own HI on the exchanges. Also, you can still be fined/taxed if you don't purchase HI. Some might say that this aspect was not considered completely before the bill was passed.
Individuals who are ineligible for Medicaid solely based on a state’s decision not to implement the Medicaid expansion under the Affordable Care Act. This rule will protect individuals in states that, pursuant to the Supreme Court decision, choose not to expand Medicaid eligibility;
A novel approach to tax fraud. Claim extra income! I can only imagine the jury trial for that. I want to be on it!How about some constructive fraud? Set your income at the appropriate level to get a subsidy and report phantom income for off the table day labor, slot machine winnings, whatever amount it takes to bump you up. At that level the income tax implication must be de minimus. Notwithstanding all the hand wringing over the legality/morality of doing so, would that work?
A novel approach to tax fraud. Claim extra income! I can only imagine the jury trial for that. I want to be on it!
My main question is will the Insurance Marketplace offer a better HSA (there's so little if any discussion on HSA with ACA) than I currently have. If the Marketplace does have HSAs, then I'll take a look and compare. If not, then ... I like grandfathers
For my state/area HSA plans are offered. I found them on our state insurance commissioner's website with prices and deductibles (built into names) but have not been able to get further details yet because our state's online exchange is down. I could call in but think I'll just wait until I can get on the site.
I was pleased to see that HSAs were offered as I hadn't seen any discussion of them either so had assumed there would be none. I did call in a couple of weeks ago with a couple of other questions and when I mentioned HSAs they were badmouthed by the obviously ill-informed person on the other end who confused HSAs with catastrophic plans.
This looked so good at first now I don't know. That is wild if my income was a little higher I would get a lot of help. Some people want their income to go up for this and some people want it to go down. At first I thought the calculator had a bug in it but maybe not. This what I see
Subsidy Calculator | The Henry J. Kaiser Family Foundation
I guess it is right? It is kind of funny I guess I am too poor.
Couldn't you simply withdraw enough from your IRA to put you at 138% of the poverty level? Looks like the subsidies would more than cover the 50% penalty on an early withdrawal. Using the numbers in your link:
(138/81) x 9300 = 15,844 => a 6,544 withdrawal which would incur a penalty 3,272 or 272 per month
Assuming the age shown in your link is correct, you would only have to pay the penalty for 2 years.
Alternatively, you could set up a 72t plan to avoid the penalty, altogether
(Hi everyone!)
Couldn't you simply withdraw enough from your IRA to put you at 138% of the poverty level? Looks like the subsidies would more than cover the 50% penalty on an early withdrawal. Using the numbers in your link:
(138/81) x 9300 = 15,844 => a 6,544 withdrawal which would incur a penalty 3,272 or 272 per month
Assuming the age shown in your link is correct, you would only have to pay the penalty for 2 years.
Alternatively, you could set up a 72t plan to avoid the penalty, altogether
Hi Martha.First T-Al, then Martha.
This must be homecoming week.
Thx. That's good to know that HSAs are offered. My state's exchange pointed me to the national marketplace which was down when I was there.
HSAs ..the best kept secret that's been around awhile
Yes and contributions to your HSA account reduce your MAGI for ACA purposes.
http://laborcenter.berkeley.edu/healthcare/MAGI_summary13.pdf
Hi Martha. Thanks for stopping by!I talked to someone at the federal exchange and he said that actually it remains unclear what will happen if your income falls below the subsidy level yet you are not eligible for medicaid, either because you did not know your income was too low until year end, or because you are in a state that refused to expand medicaid.
So, we can't yet assume that the subsidy will automatically disappear if your income drops too low.
Unfortunately, if in fact it remains a hole in the system the odds of it getting fixed may not be good.
(Hi everyone!)
If tax credits and premium assistance were extended, the taxpayer is later deemed ineligible and the taxpayer's income is less than 200% of the FPL, reimbursement is limited to $300 per individual, $600 joint filing. That was written for exchange eligible policies, but is the default for this Medicaid ineligible situation until replaced with a more specific provision.
Not really. Mostly things I have read. The $300/$600 limit to premium credit is probably not what you are referring to, but can be found here http://www.cms.gov/CCIIO/Resources/Fact-Sheets-and-FAQs/Downloads/income-verification-8-5-2013.pdfThanks. This isn't consistent with what I was told. Do you have a place I can find this info?