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American Capital Agency Corp. Message Board

  • raybans2 raybans2 Sep 19, 2013 2:39 PM Flag

    Obamacare subsidies

    I was on a web page that allowed you to calculate the subsidy in the form of a tax credit that one could receive if one gets Obamacare insurance on the exchange. I kept uping the income level until it dropped from a $8458 tax credit to 0 and that occurred at an income level of $62k for a married couple in our age bracket. This is taxible income only and the cash that you have sitting in accounts does not count as long as you can withdraw it without paying taxes. So Roth IRA withdraws would not count as income. So it seems to me that one would want to have enough non taxible money in accounts so they could stay under this $62k income level and if you do this then you get a $8.5k windfall. I looked at exchange quotes and they were about $10k a year for a low deductable insurance policy so basically you are left with $1.5k out of pocket.

    How the government is going to do this for $100 billion I have not a clue since I think a lot of people can manage to fit into this income level. Heck, many can start contributing what ever it takes to their 401k until they eek under the requirement. These are massive subsidy numbers. I plan to arrange the money in my accounts so that I get a $8.5k subsidy every year. Now if you can keep your taxable income down to $50k a year then you get a $9.6k subsidy or $400 a year out of pocket.

    I have access to a company retirement group plan but now that I have seen that the government is essentially giving away free insurance I may as well party on. Even if I run out of money that has already been taxed I will tap this loop hole as long as the money last or until the government decides that it can no longer afford this which may not be long considering that probably most people can get this subsidy if they work hard enough to adjust their taxable income down to this amount.

    This seems too good to be true. Maybe the web page is wrong. I will look for confirmation.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • The goal of obamacare... and socialism in general... is to treat all citizens equally, regardless of how hard they work and save...

      ... or regardless of how much they kick back and suck on the teit of big government.

      We're greece, raybans, in case you havn't noticed. We just havn't run out of money yet, that's all.


      • 1 Reply to bjspokanimal
      • "to treat all citizens equally, regardless of how hard they work and save..."

        This statement is inimical to the principles within the founding documents of the world's first modern representative government. I purposely chose not to use the word "democracy" because conservatives often take exception to the use of that word in describing America.

        The founding principle is that all citizens are equal before the law.

        This was a radical idea in 1776 and it remains radical to conservatives in 2013.

    • What's the web address for reference?

    • As states have been publishing rates, health insurance carriers have been asking permission to slash their premiums. In July, insurance regulators began publishing the rates that carriers have proposed. Within days, some insurers began to ask if they could file “do-overs” even before regulators had a chance to decide whether their prices were fair. When is the last time that you heard of insurers asking regulators, “Excuse me, but could we lower our premiums? We’re having second thoughts.” But, them conservatives are still raging, "SOSH-ALIZM."

    • I have difficulty understanding why the USA insists on providing twelve years of public education, but not healthcare. If I had a choice between a life-saving appendectomy or a history lesson, I'd probably go for the first. Republicans should try to de-fund public education; it doesn't seem to have done them much good.

      • 4 Replies to yahutag
      • The federal goverment is not paying the majority of k-12 education. It is paid for by local goverment usually by property taxes in that community. Paid for by the people with goverment keeping a large amount to pay the bosses

      • How about doing both?? Without public education we'd probably go back to the days of serfdom. It does matter whether you can read and write. 200 years ago most people couldn't.

      • Your message is right on the ball. Nothing will help those "DINWITS"

        Sentiment: Strong Buy

      • Republicans have tried to give people a choice between public and private education by allowing people to get vouchers which they could use at a public school or a private school but the teachers at public schools fight this because they know it will force them to reduce their cost and increase their quality in order to compete with private schools. In all likelihood their pay and pensions would have to be reduced. So obviously they fight this. And they win because other Democrats collaborate with them. It's a good old boys club.

        The Republican party is all about choice. The Democratic Party is all about protecting the benefits of special interest. Of course they have to help out each other's causes as they cannot win on their own. And the best way to get support is to frame it as the right thing to do because then no one can question their real intensions based on anything that they have said. And of course they will deny any suggestion that frames it otherwise which in most cases is closer to the real truth. Basically they have found that making up a more receptive motive and then running with it is the most profitable way to go. And unfortunately enough people are naïve enough to believe what they say.

        Vouchers are fair, efficient and lower cost in the long run and benefit society over all. So to oppose this concept you basically have to be corrupt because you want to support some special interest rather than what benefits society as a whole. The Republicans are for vouchers and there is nothing corrupt about their intensions in this regard.

    • There are 700billion in medicare savings over the next 10 years and additional taxes. That's how it's paid for.

    • Below is from a blog article that someone else wrote. I also got my info from the Kaiser web page the same as he did. He used a lower age and he had a family of 4. He got larger subsidy numbers than I did because the insurance for 4 is more expensive than for 2. Also he was still getting a $8.9k subsidy at $93k. Look at how large these subsidies are. They are massive. Most people will be able to qualify for these subsidies. We are basically talking about $500 billion or more in subsidies nationwide if everyone started using the exchanges. And they claimed $100 billion? I never believed that number. I knew they were lieing all along. After all, how could it only be $100 billion. It would seem fair to me that if they fund this that they should agree to provide the $100 billion that was originally estimated. It might teach them to tell the truth in the future for a change. I am sure that Doctors are loving this. So many more people will be coming to them with blank checks. They can start shopping for their new home in Beverly hills now because the government came through for them.

      Article starts here:

      From the Kaiser Family Foundation... Try it out.

      Notice what it does to middle class families who make too much money in 2014: they fall off a financial cliff.

      Plug in your family salary... I used age of 46.... family of four... Higher priced plans.

      $30,000 in income: Medicaid: cost ZIP

      $38,000 in income: $16,032 tax credit,...Cost of health premium $1,734

      $44,000 in income: $15,240 tax credit.....Cost of health premium $2,526

      $88,000 in in come: $9,406 tax credit....Cost of health premium $8,360

      $90,000 in income : $9,216 tax credit...Cost of health premium $8,550

      $93,000in income: $8,931 tax credit.... Cost of health premium: $8,835

      $94,000 in income: ZERO tax credit.... Cost of health premium: $17,766

      • 2 Replies to raybans2
      • I think you are using a family of four all being adults over the age of 21. Try using family of four with two children. . For example 2 adults and 2 children and 38k of income would have a Unsubsidized annual health insurance premium of $9,869 and a tax credit of $8,151 so the Amount you pay for the premium: $1,719. For 90k of income, the premium would be $9,869, tax credit of $1,319 for out pocket of $8,550.

        38K income: $8,151 tax credit... Cost of health premium: $1,719
        44k income: $7,364 tax credit... Cost of health premium: $2,506
        88k income: $1,509 tax credit... Cost of health premium: $8,360
        90k income: $1,319 tax credit... Cost of health premium: $8,550
        93k income: $1,034 tax credit... Cost of health premium: $8,835
        95k income: $0 tax credit... Cost of health premium: $9,869

        95K is over 400% of the poverty level for the household so no tax credit is given.

        kff dot org / interactive / subsidy-calculator /

      • It makes no sense for companies who have employees where the majority make salaries in these income ranges to offer insurance anymore when people can get access to such a fantastic deals. It is no wonder Walgreens made their decision to drop insurance. It would be illogical for them to continue to provide it.

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