The tax and PPACA plan for 2013, 2014 and beyond.

[pb4uski]

In many states it might not even need to be a lady.

 

[pb4uski]

I hate to rain on your parade of rug rats, but they (exemptions) and all schedule A deductions are after MAGI. You HSA and CG losses are before.....

Yes, but FPL is based on family size so the hurdle would increase and his income would not. But his headaches would.

 

[Mulligan]

Yes, but FPL is based on family size so the hurdle would increase and his income would not. But his headaches would.

That was the math I was using PB. I played with calculator and would get an Obamacare subsidy. But, I would still pay more in total insurance costs than just paying full freight on my own. Plus I wouldn't need to pay for the headache medicine.

 

[packrat44]

I know personally we have over $350,000 that has already been taxed...I could pull it out of the CDs, Ibonds, and a few of the index funds with no tax due. In other words, I could provide a $50,000 income stream for the next 7 years on already taxed money...qualifying me to be on Medicaid if I wanted.

Best check the asset limitation in WA state before contemplating that move.

 

[Fermion]

Best check the asset limitation in WA state before contemplating that move.

I just wanted a subsidy, not Medicaid, but I was under the impression that asset testing was being eliminated under Medicaid expansion and ACA. Do you have other info?

 

[packrat44]

I just wanted a subsidy, not Medicaid, but I was under the impression that asset testing was being eliminated under Medicaid expansion and ACA. Do you have other info?

I stand corrected. I have been living under a rock. I did not realize until now ACA was intended to allow multi-millionaires a way to milk the system by receiving "free" medical aid by jockeying their assets and going on MEDICAID.

 

[pb4uski]

I stand corrected. I have been living under a rock. I did not realize until now ACA was intended to allow multi-millionaires a way to milk the system by receiving "free" medical aid by jockeying their assets and going on MEDICAID.

Why would anyone want to go on Medicaid?

 

[CH]

I met a woman who is part of the team drafting NY state's health care exchange. She said the IRS has stated that they will not allow any other agency access to their records, so for now at least, providing income information for the purpose of exchange subsidies is completely on the honor system (unbeknownst to anyone).

Information from the woman saying that the IRS will not allow any other agency to access their records is not correct. IRS files can be legally shared with other federal and state agencies. Happens all the time.

 

[pb4uski]

My HI provider had an ad on the radio about some online tools they had to compare plans in anticipation of the exchange opening. One cool tool is that you put in your subscriber number and it shows you a side-by-side comparison of your current 2013 plan vs the closest similar 2014 plans to be offered (by that carrier) under the exchange.

Still digesting it but it seems that for the most similar plan that the premium will only be ~$50/month more than what I currently pay, but I'll be eligible for ~$300/month Obamacare subsidy so my net cost will decline by $250/month if I manage my income right.

2014 plan will have lower deductibles but include co-pays (none now) and higher maximum out-of-pocket costs. Since our actual health care usage is typically way under the deductibles, I don't think the coverage differences will change our actual medical costs aside from the insurance premiums much at all.

Overall good news for me.