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Thread: Obamacare Subsidies

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    Re: Obamacare Subsidies

    Quote Originally Posted by cpwill View Post
    Is that pre-tax, adjusted, what?
    Modified Adjusted Gross Income.

    The ACA lays out what the "modifications" are for this purpose (and for the purpose of Medicaid eligibility).

    Here's the best explanation I was able to find:

    https://turbotax.intuit.com/tax-tool.../INF22699.html
    Last edited by soot; 11-07-13 at 03:42 PM.
    “Now it is not good for the Christian’s health to hustle the Aryan brown,
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    And the epitaph drear: “A Fool lies here who tried to hustle the East.”

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    Re: Obamacare Subsidies

    And for the record here folks, I'm not in favor of the ACA.

    Being in favor of it, and trying to understand it, are two different things.
    “Now it is not good for the Christian’s health to hustle the Aryan brown,
    For the Christian riles, and the Aryan smiles and he weareth the Christian down;
    And the end of the fight is a tombstone white with the name of the late deceased,
    And the epitaph drear: “A Fool lies here who tried to hustle the East.”

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    Re: Obamacare Subsidies

    Quote Originally Posted by soot View Post
    Modified Adjusted Gross Income.

    The ACA lays out what the "modifications" are for this purpose (and for the purpose of Medicaid eligibility).

    Here's the best explanation I was able to find:

    https://turbotax.intuit.com/tax-tool.../INF22699.html
    Is it calculated off of your previous years earnings, or your current earnings annualized?

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    Re: Obamacare Subsidies

    Quote Originally Posted by cpwill View Post
    Is it calculated off of your previous years earnings, or your current earnings annualized?
    That I don't know.

    I went through the whole calculation on the Healthcare.gov site (since there is no NJ exchange) and it only asked me for my yearly income.

    It didn't specify what year, or at least I don't recall it having done so.

    I would hazard to guess, since there's no calculator to annualize current year income, that they're going off of prior year.

    I can't see them expecting the majority of people who use the exchange to be able to do those calculations on their own.

    I'll also add that I don't recall seeing anything about using AGI or MAGI, it just asked for income.

    I should add that I was just doing this for fun. We earn several times the minimum qualifying amount even at 400% of the poverty level so I was just "fudging" numbers to see what kinds of prices it'd spit out.

    But again, my honest answer to your question, despite all that speculation, is that I don't really know.
    “Now it is not good for the Christian’s health to hustle the Aryan brown,
    For the Christian riles, and the Aryan smiles and he weareth the Christian down;
    And the end of the fight is a tombstone white with the name of the late deceased,
    And the epitaph drear: “A Fool lies here who tried to hustle the East.”

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    Re: Obamacare Subsidies

    Quote Originally Posted by soot View Post
    That I don't know.

    I went through the whole calculation on the Healthcare.gov site (since there is no NJ exchange) and it only asked me for my yearly income.

    It didn't specify what year, or at least I don't recall it having done so.

    I would hazard to guess, since there's no calculator to annualize current year income, that they're going off of prior year.

    I can't see them expecting the majority of people who use the exchange to be able to do those calculations on their own.

    I'll also add that I don't recall seeing anything about using AGI or MAGI, it just asked for income.

    I should add that I was just doing this for fun. We earn several times the minimum qualifying amount even at 400% of the poverty level so I was just "fudging" numbers to see what kinds of prices it'd spit out.

    But again, my honest answer to your question, despite all that speculation, is that I don't really know.
    So, people facing an annual increase in income will be oversubsidized, but people facing a loss of income will be screwed?

    Yeah, that sounds about as well thought-out as the rest of this plan.

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    Re: Obamacare Subsidies

    Quote Originally Posted by cpwill View Post
    So, people facing an annual increase in income will be oversubsidized, but people facing a loss of income will be screwed?

    Yeah, that sounds about as well thought-out as the rest of this plan.
    It could work out that way, and I agree, given how FUBAR this thing is it would come as no surprise.

    But I have to reiterate, I don't really know how income is calculated.
    “Now it is not good for the Christian’s health to hustle the Aryan brown,
    For the Christian riles, and the Aryan smiles and he weareth the Christian down;
    And the end of the fight is a tombstone white with the name of the late deceased,
    And the epitaph drear: “A Fool lies here who tried to hustle the East.”

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    Re: Obamacare Subsidies

    Quote Originally Posted by Mason66 View Post
    Can somebody please explain what these subsidies are supposed to do.

    It is my understanding that the subsidies will be given to people that can prove that they don't make enough money, whatever the cutoff is to pay for the premiums.

    Is the subsidy to pay for the premiums or something else?

    If the subsidy is to pay for the premiums, how will the person pay for the co-pays and the high out of pocket expenses all policy holders must pay before the insurance kicks in?

    They have already proven they don't make enough to pay the premuims ontheir own.

    I am a little confused on this.
    A sobsidy is the government paying the government with your money because you can't afford to pay the government with your money.

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    Re: Obamacare Subsidies

    Quote Originally Posted by Mason66 View Post
    Can somebody please explain what these subsidies are supposed to do.

    It is my understanding that the subsidies will be given to people that can prove that they don't make enough money, whatever the cutoff is to pay for the premiums.

    Is the subsidy to pay for the premiums or something else?

    If the subsidy is to pay for the premiums, how will the person pay for the co-pays and the high out of pocket expenses all policy holders must pay before the insurance kicks in?

    They have already proven they don't make enough to pay the premuims ontheir own.

    I am a little confused on this.
    It's an income tax break designed to offset the cost of the premiums. You pay the premiums for 12 months and get some of it back in your tax return. So, basically, you suck it up 12 months a year.
    ”People willing to trade their freedom for temporary security deserve neither and will lose both.” --- Ben Franklin

    Quote Originally Posted by The German View Post
    Sterotypes are mostly based on truths.

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    Re: Obamacare Subsidies

    Quote Originally Posted by soot View Post
    It could work out that way, and I agree, given how FUBAR this thing is it would come as no surprise.

    But I have to reiterate, I don't really know how income is calculated.
    How do you not know? At the end of the year, you get a little piece of paper that tells you how much you made that year. Have you never had a job?
    ”People willing to trade their freedom for temporary security deserve neither and will lose both.” --- Ben Franklin

    Quote Originally Posted by The German View Post
    Sterotypes are mostly based on truths.

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    Re: Obamacare Subsidies

    Quote Originally Posted by cpwill View Post
    Is it calculated off of your previous years earnings, or your current earnings annualized?
    Current year. Biggest problem with that is getting the pay raise mid year that pushes you over the edge. Then you don't get the tax break you were expecting.
    ”People willing to trade their freedom for temporary security deserve neither and will lose both.” --- Ben Franklin

    Quote Originally Posted by The German View Post
    Sterotypes are mostly based on truths.

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