The application for healthcare exchange

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.

The application for healthcare exchange

Postby Johm221122 » Wed May 01, 2013 8:44 pm

Here is article and you can download application for healthcare exchange, download asks how much income yearly from retirement account, not total assets
http://money.cnn.com/2013/05/01/news/ec ... ?iid=HP_LN
John
Johm221122
 
Posts: 4848
Joined: Fri May 13, 2011 7:27 pm

Re: The application for healthcare exchange

Postby gerrym51 » Wed May 01, 2013 10:15 pm

i have a question.

if a husband and wife make a family but only one needs insurance-the other on medicare how does it work.

all calculators i've found say family.no calculator gives you an option of saying 2 in family but only one needs insurance -except this ct. calcutor.

It says family income
it asks for oldest age
then it asks how many in family need insurance

it's the ony calculator i've found that does this.

http://www.accesshealthct.com/how-to-save/

if you answer 1 it uses the single 45,700 max and since most 2 people familys on this board are over this 1 is not eligible

anybody got more info
gerrym51
 
Posts: 1611
Joined: Sat Apr 27, 2013 2:44 pm

Re: The application for healthcare exchange

Postby Johm221122 » Thu May 02, 2013 9:40 am

I can't answer your question but here is government site
http://www.healthcare.gov/marketplace/index.html
Here is another calculator, but only two choices, single or family of 4 :oops:
http://healthreform.kff.org/SubsidyCalculator.aspx
Here is Google search of calculators
http://www.google.com/search?redir_esc= ... 24&bih=600
John
Johm221122
 
Posts: 4848
Joined: Fri May 13, 2011 7:27 pm

Re: The application for healthcare exchange

Postby gerrym51 » Thu May 02, 2013 9:51 am

John,

i have researched this. i have not been able to find the info anywhere on the internet, I have been in other forums and the same thing. they either don't know or offer their opinion(not your fault).

a few places i have been they have asked this to their current insurance provider and they say they don't know yet.

My provider can't answer the question either-i am in this situation.

thanks for the reply though
gerrym51
 
Posts: 1611
Joined: Sat Apr 27, 2013 2:44 pm

Re: The application for healthcare exchange

Postby zed » Thu May 02, 2013 11:15 am

gerrym51 wrote:John,

i have researched this. i have not been able to find the info anywhere on the internet, I have been in other forums and the same thing. they either don't know or offer their opinion(not your fault).

a few places i have been they have asked this to their current insurance provider and they say they don't know yet.

My provider can't answer the question either-i am in this situation.

thanks for the reply though


gerrym51,

I'm also interested in the answer to this question. Like you I have raised the question on other forums. To date nobody seems to know.

zed
User avatar
zed
 
Posts: 325
Joined: Wed Jan 07, 2009 4:01 pm
Location: A river runs thru it

Re: The application for healthcare exchange

Postby gerrym51 » Thu May 02, 2013 11:20 am

Hey Zed,

i am banned on the ER forum until may 3rd-for obamacare stuff(although i have been reading using another browser). it seems more people are posting about the stuff i was banned for. :mrgreen:
gerrym51
 
Posts: 1611
Joined: Sat Apr 27, 2013 2:44 pm

Re: The application for healthcare exchange

Postby Cut-Throat » Thu May 02, 2013 11:23 am

Johm221122 wrote:Here is article and you can download application for healthcare exchange, download asks how much income yearly from retirement account, not total assets
http://money.cnn.com/2013/05/01/news/ec ... ?iid=HP_LN
John


The form I saw was for a Singe person only. Do you know if there is a form for a couple?
User avatar
Cut-Throat
 
Posts: 2011
Joined: Sun Oct 17, 2010 10:46 am

Re: The application for healthcare exchange

Postby zaboomafoozarg » Thu May 02, 2013 11:24 am

I wonder if your gross or net income is used to determine which bracket you're in and the assistance that you get.
User avatar
zaboomafoozarg
 
Posts: 1103
Joined: Sun Jun 12, 2011 1:34 pm

Re: The application for healthcare exchange

Postby orlandoman » Thu May 02, 2013 11:35 am

I've researched these issues pretty throughly & here are a couple of comments:
- assets have nothing to do with ACA premium subsidaries
- single/family income is the only criteria for insurance thru healthcare exchanges
- family size & family income is used to determine premium subsidary, regardless of how many people in family need insurance (i.e. family size 2, one needs subsidary & other member with employee coverage or medicare)
"If You Are The Smartest Person In The Room ... You Are In The Wrong Room"
orlandoman
 
Posts: 279
Joined: Tue Oct 19, 2010 8:27 am

Re: The application for healthcare exchange

Postby gerrym51 » Thu May 02, 2013 11:38 am

orlandoman wrote:I've researched these issues pretty throughly & here are a couple of comments:
- assets have nothing to do with ACA premium subsidaries
- single/family income is the only criteria for insurance thru healthcare exchanges
- family size & family income is used to determine premium subsidary, regardless of how many people in family need insurance (i.e. family size 2, one needs subsidary & other member with employee coverage or medicare)



use this calculator-then see i you still say that. using this calculator if you have a family of 2 but only one needs insurance it says your single.

http://www.accesshealthct.com/how-to-save/

then it forces you to use family income with single parameters
gerrym51
 
Posts: 1611
Joined: Sat Apr 27, 2013 2:44 pm

Re: The application for healthcare exchange

Postby Oicuryy » Thu May 02, 2013 12:24 pm

gerrym51 wrote:all calculators i've found say family.no calculator gives you an option of saying 2 in family but only one needs insurance -except this ct. calcutor.

Here is a result from California's calculator. Two-person family, only one person insured through the exchange, there is a subsidy. Change it to a one-person family and the subsidy disappears.
Image
http://www.coveredca.com/calculating_the_cost.html

Ron
Money is fungible | Abbreviations and Acronyms
User avatar
Oicuryy
 
Posts: 865
Joined: Thu Feb 22, 2007 11:29 pm

Re: The application for healthcare exchange

Postby gerrym51 » Thu May 02, 2013 12:28 pm

yes-dueling calculators. no one seems to know which one is correct. thats my query

you do not know for sure if the california calculator is reading 0 as no one or an age. having done programming in my youth i believe the california calculator is reading 0 as an age.

the only age that is important is the age of oldest person in household. it makes the age of spouse irrelevent.

if the california calculator actually asked if second person needs insurance i would be more likely to believe it.

ps . i went to the california calculator and put 2 years old in spouses age. it showed the same 0 did.
gerrym51
 
Posts: 1611
Joined: Sat Apr 27, 2013 2:44 pm

Re: The application for healthcare exchange

Postby Jack » Thu May 02, 2013 1:17 pm

The way it works is that you get a subsidy such that a family pays no more that a certain percentage of their total income for health insurance premiums from the exchange. It is calculated by family income. It doesn't matter how many members need insurance from the exchange. It is based on percentage of family income used for exchange premiums, that is, total exchange premiums paid divided by total family income.

The premium cost in the calculation isn't the actual cost for your selected plan. It is based on the cost of the second lowest silver (middle) plan in the exchange. So whether you choose a bronze, silver or gold plan, you get the same subsidy as if you had chosen the silver plan. You get to choose whether you want more savings in the bronze plan or more benefits in the gold plan and save or spend the difference.

The amount of the subsidy depends on your family income as a percent of the federal poverty level (FPL). The FPL is determined by size of family. For 2013 a 133% level is $15,281 for a family of one, $20,628 for two, $25,974 for three, etc. (Alaska and Hawaii have slightly higher levels). A 400% level is $45,960 for a family of one, $62040 for two, $78,120 for three, etc.


For example:

If your family income is less than 133% of the FPL, you will pay no more than 2% of your family income for all of your exchange premiums (calculated as the price of the second lowest silver plan). The government will pay the difference.

If your family income is less than 400% of the FPL, you will pay no more than 9.5% of your family income for all your exchange premiums.


So to answer the original question, it doesn't matter how many in the family need exchange insurance. The subsidy is based on how much income the combined family has and limits the out of pocket expense for combined family exchange premiums. So the calculator only needs to know total family income and total number of people in the family requiring exchange plans (and their ages since that affects premium cost).

Note: for those concerned about the potential "cliff" at the 400% FPL, the subsidy is only for the amount of exchange premiums that are above 9.8% of family income. That would be about $6000 for a family of two, for a silver plan.
Jack
 
Posts: 3255
Joined: Tue Feb 27, 2007 3:24 am

Re: The application for healthcare exchange

Postby gerrym51 » Thu May 02, 2013 1:25 pm

http://www.accesshealthct.com/how-to-save/


again this calculator does not agree. I do not know for sure. i hope you are correct. i can find no verification of this
gerrym51
 
Posts: 1611
Joined: Sat Apr 27, 2013 2:44 pm

Re: The application for healthcare exchange

Postby orlandoman » Thu May 02, 2013 1:35 pm

FYI, the ACA application says that you do not have to list/count SSI income.
Last edited by orlandoman on Thu May 02, 2013 4:44 pm, edited 1 time in total.
"If You Are The Smartest Person In The Room ... You Are In The Wrong Room"
orlandoman
 
Posts: 279
Joined: Tue Oct 19, 2010 8:27 am

Re: The application for healthcare exchange

Postby zed » Thu May 02, 2013 1:45 pm

Jack wrote:So to answer the original question, it doesn't matter how many in the family need exchange insurance. The subsidy is based on how much income the combined family has and limits the out of pocket expense for combined family exchange premiums. So the calculator only needs to know total family income and total number of people in the family requiring exchange plans (and their ages since that affects premium cost).
.


But the calculators dont ask for the total number of people in the family requiring exchange plans. They ask the family size.

The scenerio in question has to do with when one or more family members require an exchange plan AND one or more family members dont -- ie medicare eligible. Is the implication that the medicare premium is no longer applicable?

If the answer is in your response I'm sorry I'm not seeing it.

Zed
User avatar
zed
 
Posts: 325
Joined: Wed Jan 07, 2009 4:01 pm
Location: A river runs thru it

Re: The application for healthcare exchange

Postby Jack » Thu May 02, 2013 1:49 pm

Oicuryy wrote:Here is a result from California's calculator. Two-person family, only one person insured through the exchange, there is a subsidy. Change it to a one-person family and the subsidy disappears.

That is because a two person family has a higher federal poverty level than a one person family. That is, given the same income, a two-person family is poorer than a one-person family and therefore the subsidy is higher.

Step 1: What is your income level?
This depends on total family income and family size. It is expressed as the percentage of FPL.

Step 2: What is your subsidy level?
If your income level is less than 133% of FPL, your subsidy level is the premium cost greater than 2% of income
If your income level is less than 400% of FPL, your subsidy level is the premium cost greater than 9.5% of income.
The subsidy level is graduated between these two levels.

Step 3: Multiply your family income by the subsidy level.
That is the amount you must pay.

Step 3: What is the cost of the second lowest silver plan for all the members of your family that require exchange insurance?
Subtract the amount you must pay from the cost of the silver plan and the government pays the difference.
Jack
 
Posts: 3255
Joined: Tue Feb 27, 2007 3:24 am

Re: The application for healthcare exchange

Postby Confused » Thu May 02, 2013 1:52 pm

gerrym51 wrote:i have a question.

if a husband and wife make a family but only one needs insurance-the other on medicare how does it work.

all calculators i've found say family.no calculator gives you an option of saying 2 in family but only one needs insurance -except this ct. calcutor.

It says family income
it asks for oldest age
then it asks how many in family need insurance

it's the ony calculator i've found that does this.

http://www.accesshealthct.com/how-to-save/

if you answer 1 it uses the single 45,700 max and since most 2 people familys on this board are over this 1 is not eligible

anybody got more info


That calculator told me that my spouse and I, with a combined gross income of $48,000, would have to pay $380/month. And the label above the chart had the audacity to call it my "projected savings"! $380/month is almost as much as we pay in rent ($400), and is over 11% of our net income. We'd essentially be spending 25% of my spouse's net income on health insurance?! That's absolutely unaffordable. We can get coverage through Regence for $77/month.
Confused
 
Posts: 418
Joined: Wed Jun 20, 2012 2:23 pm

Re: The application for healthcare exchange

Postby Jack » Thu May 02, 2013 1:59 pm

zed wrote:But the calculators dont ask for the total number of people in the family requiring exchange plans. They ask the family size.

The scenerio in question has to do with when one or more family members require an exchange plan AND one or more family members dont -- ie medicare eligible. Is the implication that the medicare premium is no longer applicable?

The calculator needs to know family size and income in order to determine your subsidy level based on the federal poverty level. From this it can determine the maximum amount you will pay for exchange premiums. It doesn't matter how many family members need exchange premiums, that's the maximum you pay and the government pays the rest. That is the only number that is important to you. The amount of the subsidy paid by the government is only estimated and will depend on the number of people in your family needing insurance, the cost of the silver plan in your state, etc.
Last edited by Jack on Thu May 02, 2013 2:14 pm, edited 1 time in total.
Jack
 
Posts: 3255
Joined: Tue Feb 27, 2007 3:24 am

Re: The application for healthcare exchange

Postby Jack » Thu May 02, 2013 2:12 pm

Confused wrote:That calculator told me that my spouse and I, with a combined gross income of $48,000, would have to pay $380/month. And the label above the chart had the audacity to call it my "projected savings"! $380/month is almost as much as we pay in rent ($400), and is over 11% of our net income. We'd essentially be spending 25% of my spouse's net income on health insurance?! That's absolutely unaffordable. We can get coverage through Regence for $77/month.

A $48,000 income for a family of two puts you at the 300% of poverty level. This means your subsidy level is a maximum of 9.5% of your income which can go to exchange insurance premiums. 9.5% of $48,000 is $4560, that is, $380 per month. This is the maximum you will pay. You may select a lower benefit (bronze plan) and pay less.

I don't know what kind of insurance you are getting for $77/month for two people but it can't be much at all.
Last edited by Jack on Thu May 02, 2013 2:17 pm, edited 1 time in total.
Jack
 
Posts: 3255
Joined: Tue Feb 27, 2007 3:24 am

Re: The application for healthcare exchange

Postby Cut-Throat » Thu May 02, 2013 2:13 pm

Confused wrote:That calculator told me that my spouse and I, with a combined gross income of $48,000, would have to pay $380/month. And the label above the chart had the audacity to call it my "projected savings"! $380/month is almost as much as we pay in rent ($400), and is over 11% of our net income. We'd essentially be spending 25% of my spouse's net income on health insurance?! That's absolutely unaffordable. We can get coverage through Regence for $77/month.


You can buy coverage wherever you want ! NABFD!
User avatar
Cut-Throat
 
Posts: 2011
Joined: Sun Oct 17, 2010 10:46 am

Re: The application for healthcare exchange

Postby gerrym51 » Thu May 02, 2013 2:16 pm

orlandoman wrote:FYI, the ACA application says that you do not have to list/count Social Security income.



you misread it. you do count ss income. You do not count SSI-supplementary ss income
gerrym51
 
Posts: 1611
Joined: Sat Apr 27, 2013 2:44 pm

Re: The application for healthcare exchange

Postby hicabob » Thu May 02, 2013 2:19 pm

gerrym51 wrote:
orlandoman wrote:FYI, the ACA application says that you do not have to list/count Social Security income.



you misread it. you do count ss income. You do not count SSI-supplementary ss income


Another reason to postpone taking SS until 70?
hicabob
 
Posts: 1748
Joined: Fri May 27, 2011 6:35 pm
Location: cruz

Re: The application for healthcare exchange

Postby gerrym51 » Thu May 02, 2013 2:24 pm

hicabob wrote:
gerrym51 wrote:
orlandoman wrote:FYI, the ACA application says that you do not have to list/count Social Security income.



you misread it. you do count ss income. You do not count SSI-supplementary ss income


Another reason to postpone taking SS until 70?


it depends on you total tax situation. i think it more likely is a maybe
gerrym51
 
Posts: 1611
Joined: Sat Apr 27, 2013 2:44 pm

Re: The application for healthcare exchange

Postby Cut-Throat » Thu May 02, 2013 2:25 pm

hicabob wrote:
gerrym51 wrote:
orlandoman wrote:FYI, the ACA application says that you do not have to list/count Social Security income.



you misread it. you do count ss income. You do not count SSI-supplementary ss income


Another reason to postpone taking SS until 70?


Absolutely !
User avatar
Cut-Throat
 
Posts: 2011
Joined: Sun Oct 17, 2010 10:46 am

Re: The application for healthcare exchange

Postby Jack » Thu May 02, 2013 2:46 pm

hicabob wrote:
gerrym51 wrote:
orlandoman wrote:FYI, the ACA application says that you do not have to list/count Social Security income.



you misread it. you do count ss income. You do not count SSI-supplementary ss income


Another reason to postpone taking SS until 70?

If you are 65, then you are on Medicare so it doesn't matter. You aren't eligible for the exchange. It might matter if you have a spouse or dependents under 65 who need individual insurance.
Jack
 
Posts: 3255
Joined: Tue Feb 27, 2007 3:24 am

Re: The application for healthcare exchange

Postby zed » Thu May 02, 2013 2:52 pm

Jack wrote:
zed wrote:But the calculators dont ask for the total number of people in the family requiring exchange plans. They ask the family size.

The scenerio in question has to do with when one or more family members require an exchange plan AND one or more family members dont -- ie medicare eligible. Is the implication that the medicare premium is no longer applicable?

The calculator needs to know family size and income in order to determine your subsidy level based on the federal poverty level. From this it can determine the maximum amount you will pay for exchange premiums. It doesn't matter how many family members need exchange premiums, that's the maximum you pay and the government pays the rest. That is the only number that is important to you. The amount of the subsidy paid by the government is only estimated and will depend on the number of people in your family needing insurance, the cost of the silver plan in your state, etc.


Ok I think I get it.

The calculators dont tell you what you WILL have to pay.

The calculators tell you the maximum you MIGHT have to pay. The actual premium will be dependant on the plan selected and conditions submitted at time of application. So in short your premium will be somewhere between zero and the maximum.

Zed
User avatar
zed
 
Posts: 325
Joined: Wed Jan 07, 2009 4:01 pm
Location: A river runs thru it

Re: The application for healthcare exchange

Postby floydtime » Thu May 02, 2013 2:55 pm

This has been a very informative thread. Especially Jack's posts. Thank you!
"Do not value money for any more nor any less than its worth; it is a good servant but a bad master" - Alexandre Dumas
User avatar
floydtime
 
Posts: 401
Joined: Sat Feb 26, 2011 11:09 pm
Location: A book

Re: The application for healthcare exchange

Postby Jack » Thu May 02, 2013 3:38 pm

zed wrote:Ok I think I get it.

The calculators dont tell you what you WILL have to pay.

The calculators tell you the maximum you MIGHT have to pay. The actual premium will be dependant on the plan selected and conditions submitted at time of application. So in short your premium will be somewhere between zero and the maximum.

Close, but not exactly. You could end up spending more than the calculator maximum. That is because your spending is calculated based on a silver plan. If you chose a gold or platinum plan, you could end up spending more than the maximum because the cost of premiums above the silver plan aren't counted towards your maximum.
Jack
 
Posts: 3255
Joined: Tue Feb 27, 2007 3:24 am

Re: The application for healthcare exchange

Postby Confused » Thu May 02, 2013 3:52 pm

Jack wrote:
Confused wrote:That calculator told me that my spouse and I, with a combined gross income of $48,000, would have to pay $380/month. And the label above the chart had the audacity to call it my "projected savings"! $380/month is almost as much as we pay in rent ($400), and is over 11% of our net income. We'd essentially be spending 25% of my spouse's net income on health insurance?! That's absolutely unaffordable. We can get coverage through Regence for $77/month.

A $48,000 income for a family of two puts you at the 300% of poverty level. This means your subsidy level is a maximum of 9.5% of your income which can go to exchange insurance premiums. 9.5% of $48,000 is $4560, that is, $380 per month. This is the maximum you will pay. You may select a lower benefit (bronze plan) and pay less.

I don't know what kind of insurance you are getting for $77/month for two people but it can't be much at all.


It has a $10,000 deductible for each person, so if we were in a horrific car accident together, for example, we would pay $20,000. I feel the likelihood of needing the insurance is extremely small, so I want the lowest premium and highest deductible possible.
Confused
 
Posts: 418
Joined: Wed Jun 20, 2012 2:23 pm

Re: The application for healthcare exchange

Postby gerrym51 » Thu May 02, 2013 4:06 pm

Confused wrote:
Jack wrote:
Confused wrote:That calculator told me that my spouse and I, with a combined gross income of $48,000, would have to pay $380/month. And the label above the chart had the audacity to call it my "projected savings"! $380/month is almost as much as we pay in rent ($400), and is over 11% of our net income. We'd essentially be spending 25% of my spouse's net income on health insurance?! That's absolutely unaffordable. We can get coverage through Regence for $77/month.

A $48,000 income for a family of two puts you at the 300% of poverty level. This means your subsidy level is a maximum of 9.5% of your income which can go to exchange insurance premiums. 9.5% of $48,000 is $4560, that is, $380 per month. This is the maximum you will pay. You may select a lower benefit (bronze plan) and pay less.

I don't know what kind of insurance you are getting for $77/month for two people but it can't be much at all.


It has a $10,000 deductible for each person, so if we were in a horrific car accident together, for example, we would pay $20,000. I feel the likelihood of needing the insurance is extremely small, so I want the lowest premium and highest deductible possible.


i think max deductible under AAcpp is 5000
gerrym51
 
Posts: 1611
Joined: Sat Apr 27, 2013 2:44 pm

Re: The application for healthcare exchange

Postby Frugal Al » Thu May 02, 2013 4:11 pm

Thanks for the good explanation, Jack. It should also be noted that the silver plan covers about 70% of costs, which potentially leaves a good chunk left to be paid out of pocket. Those below 250% of FPL can qualify for cost sharing of co-payments, deductibles, etc.
User avatar
Frugal Al
 
Posts: 1438
Joined: Fri May 28, 2010 11:09 am

Re: The application for healthcare exchange

Postby Jack » Thu May 02, 2013 4:24 pm

Confused wrote:
Jack wrote:I don't know what kind of insurance you are getting for $77/month for two people but it can't be much at all.

It has a $10,000 deductible for each person, so if we were in a horrific car accident together, for example, we would pay $20,000. I feel the likelihood of needing the insurance is extremely small, so I want the lowest premium and highest deductible possible.

You might want to look at your policy more closely. You will probably find that even after you reach your deductible, insurance will only cover 50% to 80% of additional expenses. So if your hospital care were $500,000, you would pay the first $20,000 and then perhaps $160,000 on the remainder, depending on whether there is a out of pocket cap. You could easily run up that kind of bill in the ICU in a couple of weeks.
Jack
 
Posts: 3255
Joined: Tue Feb 27, 2007 3:24 am

Re: The application for healthcare exchange

Postby Cut-Throat » Thu May 02, 2013 4:29 pm

Jack wrote:
Confused wrote:
Jack wrote:I don't know what kind of insurance you are getting for $77/month for two people but it can't be much at all.

It has a $10,000 deductible for each person, so if we were in a horrific car accident together, for example, we would pay $20,000. I feel the likelihood of needing the insurance is extremely small, so I want the lowest premium and highest deductible possible.

You might want to look at your policy more closely. You will probably find that even after you reach your deductible, insurance will only cover 50% to 80% of additional expenses. So if your hospital care were $500,000, you would pay the first $20,000 and then perhaps $160,000 on the remainder, depending on whether there is a out of pocket cap. You could easily run up that kind of bill in the ICU in a couple of weeks.


Yup !!, No really knows what kind of insurance that they have, until they file a claim.

A lot of people that think they have medical insurance have no clue what or how much it covers. They happily pay their premiums and as long as they don't file a claim, everything is wonderful!
User avatar
Cut-Throat
 
Posts: 2011
Joined: Sun Oct 17, 2010 10:46 am

Re: The application for healthcare exchange

Postby Jack » Thu May 02, 2013 4:49 pm

Frugal Al wrote:Thanks for the good explanation, Jack. It should also be noted that the silver plan covers about 70% of costs, which potentially leaves a good chunk left to be paid out of pocket. Those below 250% of FPL can qualify for cost sharing of co-payments, deductibles, etc.

It should also be noted that the 70% number applies to combined expenses for all members of the plan. It does not mean that everyone has to pay 30% out of pocket. For example, if the plan has a $2000 deductible, then most people in the plan will be paying 100% of their expenses while the smaller number of people with higher expenses will pay less than 30%. It remains to be seen exactly how the numbers will work out when plans go on line.
Jack
 
Posts: 3255
Joined: Tue Feb 27, 2007 3:24 am


Re: The application for healthcare exchange

Postby NamedAfterThoreau » Thu May 02, 2013 6:05 pm

Forgive me if I missed it somewhere, but the various calculators say "income". Do they mean Total Income (1040 Line 22) or Taxable Income (1040 Line 43)?
NamedAfterThoreau
 
Posts: 29
Joined: Sun Mar 31, 2013 4:54 pm

Re: The application for healthcare exchange

Postby Confused » Thu May 02, 2013 6:10 pm

Jack wrote:
Confused wrote:
Jack wrote:I don't know what kind of insurance you are getting for $77/month for two people but it can't be much at all.

It has a $10,000 deductible for each person, so if we were in a horrific car accident together, for example, we would pay $20,000. I feel the likelihood of needing the insurance is extremely small, so I want the lowest premium and highest deductible possible.

You might want to look at your policy more closely. You will probably find that even after you reach your deductible, insurance will only cover 50% to 80% of additional expenses. So if your hospital care were $500,000, you would pay the first $20,000 and then perhaps $160,000 on the remainder, depending on whether there is a out of pocket cap. You could easily run up that kind of bill in the ICU in a couple of weeks.


No, it was 100% after. I made sure to verify this. We have since dropped health insurance entirely, so the point is moot at the moment, but I read all my contracts very closely.
Confused
 
Posts: 418
Joined: Wed Jun 20, 2012 2:23 pm

Re: The application for healthcare exchange

Postby Random Poster » Thu May 02, 2013 6:23 pm

Enlightening thread, but I think that it illustrates how completely baffling and confusing the healthcare exchanges, and the costs for participants therein, are.

Given the apparent inability of some people to read through their 401K plan options and make sound choices therefrom (as evidenced in the Frontline program which has been under some discussion in another thread), I have my serious doubts that the majority of the US population will be able to competently wade through the healthcare exchange calculations and literature.
Random Poster
 
Posts: 1050
Joined: Wed Feb 03, 2010 11:17 am

Re: The application for healthcare exchange

Postby gerrym51 » Thu May 02, 2013 6:23 pm

NamedAfterThoreau wrote:Forgive me if I missed it somewhere, but the various calculators say "income". Do they mean Total Income (1040 Line 22) or Taxable Income (1040 Line 43)?



2012 tax form line 37 AGI PLUS non taxed ss and non taxed interest.-basically every possible thing that isn't part of AGI. the APCAA uses something called MAGI which is what i described
gerrym51
 
Posts: 1611
Joined: Sat Apr 27, 2013 2:44 pm

Re: The application for healthcare exchange

Postby gerrym51 » Thu May 02, 2013 6:25 pm

Random Poster wrote:Enlightening thread, but I think that it illustrates how completely baffling and confusing the healthcare exchanges, and the costs for participants therein, are.

Given the apparent inability of some people to read through their 401K plan options and make sound choices therefrom (as evidenced in the Frontline program which has been under some discussion in another thread), I have my serious doubts that the majority of the US population will be able to competently wade through the healthcare exchange calculations and literature.



i just turned 62 and joined the massachusettes exchange which is the model for AAPCA. i did not request a subsidy. it was very easy. i did it online. was set 3 days later although insurance did not start til the first of the month.
gerrym51
 
Posts: 1611
Joined: Sat Apr 27, 2013 2:44 pm

Re: The application for healthcare exchange

Postby NamedAfterThoreau » Thu May 02, 2013 6:30 pm

gerrym51 wrote:2012 tax form line 37 AGI PLUS non taxed ss and non taxed interest.-basically every possible thing that isn't part of AGI. the APCAA uses something called MAGI which is what i described

Thanks. Do you know if any credit messes with your ability to include medical expenses in your itemized deductions (or does the bump from 7.5% to 10% of AGI cover that)?
NamedAfterThoreau
 
Posts: 29
Joined: Sun Mar 31, 2013 4:54 pm

Re: The application for healthcare exchange

Postby Cut-Throat » Thu May 02, 2013 6:33 pm

Random Poster wrote:Enlightening thread, but I think that it illustrates how completely baffling and confusing the healthcare exchanges, and the costs for participants therein, are.

Given the apparent inability of some people to read through their 401K plan options and make sound choices therefrom (as evidenced in the Frontline program which has been under some discussion in another thread), I have my serious doubts that the majority of the US population will be able to competently wade through the healthcare exchange calculations and literature.


Nothing this massive is going to be easy. That doesn't mean we shouldn't' do them "and do the other things, not because they are easy, but because they are hard" as JFK said.
User avatar
Cut-Throat
 
Posts: 2011
Joined: Sun Oct 17, 2010 10:46 am

Re: The application for healthcare exchange

Postby gerrym51 » Thu May 02, 2013 6:41 pm

NamedAfterThoreau wrote:
gerrym51 wrote:2012 tax form line 37 AGI PLUS non taxed ss and non taxed interest.-basically every possible thing that isn't part of AGI. the APCAA uses something called MAGI which is what i described

Thanks. Do you know if any credit messes with your ability to include medical expenses in your itemized deductions (or does the bump from 7.5% to 10% of AGI cover that)?



are you talking about insurance subsidys? you can only deduct medical insurance that you actually paid as far as i know. just to be simple if insurance premium is 10000 and your subsidy is 5000 i assumes you can only add 5000 into deductions.
gerrym51
 
Posts: 1611
Joined: Sat Apr 27, 2013 2:44 pm

Re: The application for healthcare exchange

Postby NamedAfterThoreau » Thu May 02, 2013 6:52 pm

gerrym51 wrote:
NamedAfterThoreau wrote:
gerrym51 wrote:2012 tax form line 37 AGI PLUS non taxed ss and non taxed interest.-basically every possible thing that isn't part of AGI. the APCAA uses something called MAGI which is what i described

Thanks. Do you know if any credit messes with your ability to include medical expenses in your itemized deductions (or does the bump from 7.5% to 10% of AGI cover that)?



are you talking about insurance subsidys? you can only deduct medical insurance that you actually paid as far as i know. just to be simple if insurance premium is 10000 and your subsidy is 5000 i assumes you can only add 5000 into deductions.


Yes. I didn't know if you'd have to include the "net" insurance costs (yearly premium minus credit) in Schedule A, or whether you wouldn't be able include insurance premiums at all (maybe part of the price of choosing the subsidy.)
NamedAfterThoreau
 
Posts: 29
Joined: Sun Mar 31, 2013 4:54 pm

Re: The application for healthcare exchange

Postby gerrym51 » Thu May 02, 2013 6:57 pm

NamedAfterThoreau wrote:
gerrym51 wrote:
NamedAfterThoreau wrote:
gerrym51 wrote:2012 tax form line 37 AGI PLUS non taxed ss and non taxed interest.-basically every possible thing that isn't part of AGI. the APCAA uses something called MAGI which is what i described

Thanks. Do you know if any credit messes with your ability to include medical expenses in your itemized deductions (or does the bump from 7.5% to 10% of AGI cover that)?



are you talking about insurance subsidys? you can only deduct medical insurance that you actually paid as far as i know. just to be simple if insurance premium is 10000 and your subsidy is 5000 i assumes you can only add 5000 into deductions.


Yes. I didn't know if you'd have to include the "net" insurance costs (yearly premium minus credit) in Schedule A, or whether you wouldn't be able include insurance premiums at all (maybe part of the price of choosing the subsidy.)


as far as i know the government pays the subsidy directly to the insurer-so the only cost you would actually pay is your share of the premium-i think that can be part of scheduled deductions
gerrym51
 
Posts: 1611
Joined: Sat Apr 27, 2013 2:44 pm

Re: The application for healthcare exchange

Postby BradMajors » Thu May 02, 2013 7:42 pm

While Obamacare requires me to purchase insurance, is there any requirement that I use the insurance?

I have a high deductible health insurance plan and I find it is usually cheaper if I do not use my insurance. For example, one of my prescriptions at Walgreens costs about $220 per month if I use my insurance or $106 per month if I do not use my insurance. My doctor charges me $50 for an office visit if I pay cash, with the California Bronze plan office visit copays are $60.
BradMajors
 
Posts: 388
Joined: Sun Mar 18, 2007 2:56 pm

Re: The application for healthcare exchange

Postby gerrym51 » Thu May 02, 2013 7:49 pm

BradMajors wrote:While Obamacare requires me to purchase insurance, is there any requirement that I use the insurance?

I have a high deductible health insurance plan and I find it is usually cheaper if I do not use my insurance. For example, one of my prescriptions at Walgreens costs about $220 per month if I use my insurance or $106 per month if I do not use my insurance. My doctor charges me $50 for an office visit if I pay cash, with the California Bronze plan office visit copays are $60.


actually no-but the only way money can go to the deductible is if its billed thru computer claims.if thers no billing to the insurance there is no money subreacted from deductible
gerrym51
 
Posts: 1611
Joined: Sat Apr 27, 2013 2:44 pm

Re: The application for healthcare exchange

Postby money » Thu May 02, 2013 7:50 pm

Interesting question. How do you pay less for your medication at Walgreens without insurance?
1Fi1LTvx8KmtotRqcha9mj5h43319mJvjY
money
 
Posts: 55
Joined: Sun Jan 20, 2013 6:31 pm
Location: California

Re: The application for healthcare exchange

Postby jwa » Thu May 02, 2013 7:55 pm

I will be interested in the logistics of premium payments. Once a plan is started is one locked in for a year and can mid-year changes be made? The reason for my interest is on 1/1/14 both my wife and myself will be 64. In July she will qualify for medicare and then I will in December. We would start as a "family plan" of two but mid year would only need insurance for one.
jwa
 
Posts: 181
Joined: Sat Aug 04, 2012 4:53 pm

Next

Return to Investing - Theory, News & General

Who is online

Users browsing this forum: Alex Frakt, littlebird, tyler_cracker and 31 guests