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03-24-2010, 10:33 AM
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#41
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Recycles dryer sheets
Join Date: Jul 2008
Posts: 150
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Quote:
Originally Posted by audreyh1
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
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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
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03-24-2010, 10:56 AM
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#42
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,586
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Quote:
Originally Posted by Onward
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.
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Medicaid eligibility depends on income and assets, so high net worth people are not eligible.
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03-24-2010, 10:59 AM
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#43
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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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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.
__________________
"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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03-24-2010, 11:33 AM
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#44
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,008
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Ooops - my bad. I didn't realize we were talking about Medicaid eligibility. Shouldn't have posted anything!
Audrey
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03-24-2010, 11:42 AM
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#45
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2006
Posts: 12,880
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Quote:
Second, it limits the age component cost uplift to 3 times the lowest age bracket cost.
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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?
__________________
Al
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03-24-2010, 11:44 AM
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#46
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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 TromboneAl
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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Correct. As I understand it, anyway.
__________________
"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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03-24-2010, 11:55 AM
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#47
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Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 1,645
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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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03-24-2010, 12:01 PM
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#48
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,586
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Quote:
Originally Posted by TromboneAl
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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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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03-24-2010, 12:04 PM
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#49
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,318
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Quote:
Originally Posted by Bimmerbill
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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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.
__________________
Idleness is fatal only to the mediocre -- Albert Camus
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03-24-2010, 12:51 PM
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#50
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Recycles dryer sheets
Join Date: Jul 2008
Posts: 150
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Quote:
Originally Posted by ziggy29
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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If this is true then I'm going to set my ER date to 1/1/2014
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03-24-2010, 01:22 PM
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#51
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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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?
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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03-24-2010, 01:29 PM
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#52
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,008
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Quote:
Originally Posted by FinanceDude
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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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.
Audrey
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03-24-2010, 01:39 PM
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#53
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,586
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Quote:
Originally Posted by FinanceDude
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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IIRC this is less than the difference in price Medicare pays vs other private insurance industry.
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03-24-2010, 01:49 PM
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#54
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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 audreyh1
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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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.
__________________
"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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03-24-2010, 01:56 PM
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#55
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by audreyh1
outrageously priced cancer treating drugs that barely extend life
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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...........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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03-24-2010, 02:11 PM
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#56
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by ziggy29
There's no money in cures, only in treating symptoms for life. And yes, I am that cynical.
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So treating AIDS is not good?
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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03-24-2010, 02:16 PM
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#57
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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 FinanceDude
So treating AIDS is not good?
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Quite a stretch to take my comments and make that remark, and not worth my time to dignify it with a clarification.
__________________
"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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03-24-2010, 02:21 PM
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#58
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,008
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Nope, quite the opposite. I am very personally acquainted with Avastin and how such modern cancer drugs are priced.
Audrey
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I wonder how income will be determined for the subsidies
03-24-2010, 02:24 PM
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#59
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gone traveling
Join Date: Oct 2009
Posts: 125
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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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03-24-2010, 02:27 PM
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#60
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2007
Posts: 7,746
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Quote:
Originally Posted by MichaelB
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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)
__________________
Retired in 2013 at age 33. Keeping busy reading, blogging, relaxing, gaming, and enjoying the outdoors with my wife and 3 kids (8, 13, and 15).
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