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Started By
Message
Obamacare in old people, need your help
Posted on 10/19/13 at 6:16 am
Posted on 10/19/13 at 6:16 am
I looked everywhere for info and just can't find any info for me and the wife.
This is the deal. I'm 55 years old, disabled, retired from work and on Medicare. Also, I have a supplement insurance thru BCBS, plan "F" and a supplement for drug coverage. This is costing me close to $600 a month.
The wife has insurance thru BCBS that is costing us $350 a month. She is 53, works part time, only two days a week just to get out the house. Were she works at, they do not offer any insurance.
Our income is around 50K a year.
What I'm am trying to find out if Qbamacare would help us an anyway as far as any tax credits. That and how I would apply this info towards Obamacare. This crap has me all screwed up.
So, anybody know the laws on this BS?
Thanks.
This is the deal. I'm 55 years old, disabled, retired from work and on Medicare. Also, I have a supplement insurance thru BCBS, plan "F" and a supplement for drug coverage. This is costing me close to $600 a month.
The wife has insurance thru BCBS that is costing us $350 a month. She is 53, works part time, only two days a week just to get out the house. Were she works at, they do not offer any insurance.
Our income is around 50K a year.
What I'm am trying to find out if Qbamacare would help us an anyway as far as any tax credits. That and how I would apply this info towards Obamacare. This crap has me all screwed up.
So, anybody know the laws on this BS?
Thanks.
This post was edited on 10/19/13 at 6:45 am
Posted on 10/19/13 at 7:52 am to fishfighter
quote:
disabled
Like, really disabled or mow grass and do construction on the side for cash disabled?
Posted on 10/19/13 at 8:36 am to Mr.Perfect
quote:
Like, really disabled
This. In need of a heart transplant. That is why I have supplement plan "F".
Posted on 10/19/13 at 8:53 am to fishfighter
50k is almost certainly too much income for two people to get a subsidy, however you're rates may go down since age and health status have less of an effect on premium pricing.
Posted on 10/19/13 at 8:59 am to jcole4lsu
quote:
50k is almost certainly too much income for two people to get a subsidy
That is our gross income. Once we do taxes, it drops down to around 32K.
Posted on 10/19/13 at 9:13 am to jcole4lsu
quote:
rates may go down
The deductibles will skyrocket.
I feel for you man.
Have an 18yo son who is on dialysis. For years we paid $1800 - $2500 a month for family insurance, but with very reasonable deductibles - like $4k per year.
Expecting that to be over $20k now.
Posted on 10/19/13 at 9:47 am to fishfighter
You mean your taxable income drops to 32k. You aren't paying 40% tax rates
Posted on 10/19/13 at 3:20 pm to jcole4lsu
quote:
50k is almost certainly too much income for two people to get a subsidy
I doubt it, I believe it is 46K for an individual
Posted on 10/19/13 at 7:06 pm to TigerintheNO
Subsidy is 400% of federal poverty level. Closer to poverty level the larger the subsidy. Even if they do qualify for some paltry subsidy, it's doubtful it will offset the deductible increase.
Total out of pocket is capped at 9.5% though. That might be the biggest help for the op.
Total out of pocket is capped at 9.5% though. That might be the biggest help for the op.
This post was edited on 10/19/13 at 7:20 pm
Posted on 10/19/13 at 7:16 pm to fishfighter
Might want to speak with a professional.
Posted on 10/21/13 at 6:45 am to TheOcean
Thanks guys. If the 9.5% cap comes into play, there might be hope. Insurance cost and out of pocket cost = to about 25% for us.
Posted on 10/21/13 at 5:00 pm to fishfighter
I know the actual website is shite (still) but you can use this calculator for now... LINK
eta: i ran the numbers based on the info in the OP
Results
The information below is about subsidized exchange coverage. Note that subsidies are only available for people purchasing coverage on their own in the exchange (not through an employer). Depending on your state's eligibility criteria, you or some members of your family may qualify for Medicaid.
Household income in 2014:
322% of poverty level
Maximum % of income you have to pay for the non-tobacco premium, if eligible for a subsidy:
9.5%
Health Insurance premium in 2014 (for a silver plan, before tax credit):
$11,684 per year
You could receive a government tax credit subsidy of up to:
$6,934 per year
(which covers 59% of the overall premium)
Amount you pay for the premium:
$4,750 per year
(which equals 9.5% of your household income and covers 41% of the overall premium)
Other Levels of Coverage
The premium and subsidy amounts above are based on a Silver plan. You have the option to apply the subsidy toward the purchase of other levels of coverage, such as a Gold plan (which would be more comprehensive) or a Bronze plan (which would be less comprehensive).
For example, you could enroll in a Bronze plan for about $1,302 per year (which is 2.6% of your household income, after taking into account $6,934 in subsidies). For most people, the Bronze plan represents the minimum level of coverage required under health reform. Although you would pay less in premiums by enrolling in a Bronze plan, you will face higher out-of-pocket costs than if you enrolled in a Silver plan.
Out of Pocket Costs
Your out-of-pocket maximum for a Silver plan (not including the premium) can be no more than $12,700. Whether you reach this maximum level will depend on the amount of health care services you use. Currently, about one in four people use no health care services in any given year.
You are guaranteed access to a Silver plan with an actuarial value of 70%. This means that for all enrollees in a typical population, the plan will pay for 70% of expenses in total for covered benefits, with enrollees responsible for the rest. If you choose to enroll in a Bronze plan, the actuarial value will be 60%, meaning your out-of-pocket costs when you use services will likely be higher. Regardless of which level of coverage you choose, deductibles and copayments will vary from plan to plan, and out-of-pocket costs will depend on your health care expenses. Preventive services will be covered with no cost sharing required.
eta: i ran the numbers based on the info in the OP
Results
The information below is about subsidized exchange coverage. Note that subsidies are only available for people purchasing coverage on their own in the exchange (not through an employer). Depending on your state's eligibility criteria, you or some members of your family may qualify for Medicaid.
Household income in 2014:
322% of poverty level
Maximum % of income you have to pay for the non-tobacco premium, if eligible for a subsidy:
9.5%
Health Insurance premium in 2014 (for a silver plan, before tax credit):
$11,684 per year
You could receive a government tax credit subsidy of up to:
$6,934 per year
(which covers 59% of the overall premium)
Amount you pay for the premium:
$4,750 per year
(which equals 9.5% of your household income and covers 41% of the overall premium)
Other Levels of Coverage
The premium and subsidy amounts above are based on a Silver plan. You have the option to apply the subsidy toward the purchase of other levels of coverage, such as a Gold plan (which would be more comprehensive) or a Bronze plan (which would be less comprehensive).
For example, you could enroll in a Bronze plan for about $1,302 per year (which is 2.6% of your household income, after taking into account $6,934 in subsidies). For most people, the Bronze plan represents the minimum level of coverage required under health reform. Although you would pay less in premiums by enrolling in a Bronze plan, you will face higher out-of-pocket costs than if you enrolled in a Silver plan.
Out of Pocket Costs
Your out-of-pocket maximum for a Silver plan (not including the premium) can be no more than $12,700. Whether you reach this maximum level will depend on the amount of health care services you use. Currently, about one in four people use no health care services in any given year.
You are guaranteed access to a Silver plan with an actuarial value of 70%. This means that for all enrollees in a typical population, the plan will pay for 70% of expenses in total for covered benefits, with enrollees responsible for the rest. If you choose to enroll in a Bronze plan, the actuarial value will be 60%, meaning your out-of-pocket costs when you use services will likely be higher. Regardless of which level of coverage you choose, deductibles and copayments will vary from plan to plan, and out-of-pocket costs will depend on your health care expenses. Preventive services will be covered with no cost sharing required.
This post was edited on 10/21/13 at 5:02 pm
Posted on 10/22/13 at 12:30 am to TheOcean
quote:
Might want to speak with a professional.
This.
Yes, it'll cost you but will likely cost more not to.
Posted on 10/22/13 at 12:58 pm to jcole4lsu
quote:
jcole4lsu
Thanks. Some good info.
But my problem is more to do about me having Medicare. That pays around 80%. My BCBS plan "F", picks up were Medicare leaves off 100%.
Now just for the wife, I sure as hell don't know how that is going to work out.
Punching in numbers on that link, that shite blows the big one, The wife's insurance is $350 a month with a 1k deduction now. ACA raises that to about $450 with a 6K out of pocket expense. SCREW THAT CRAP!
This post was edited on 10/22/13 at 1:17 pm
Posted on 10/22/13 at 8:00 pm to jcole4lsu
quote:
Subsidy is 400% of federal poverty level. Closer to poverty level the larger the subsidy. Even if they do qualify for some paltry subsidy, it's doubtful it will offset the deductible increase. Total out of pocket is capped at 9.5% though. That might be the biggest help for the op.
Are you sure the 9.5% is on "out of pocket" and not on premium?
Posted on 10/23/13 at 6:56 am to Forgiving Morgan
quote:
Are you sure the 9.5% is on "out of pocket"
Yes, that is OOP.
After going in again today, I was putting in the wrong numbers. Of course they want line 37 of a 1040. Last year was $51500. That would put insurance cost for my wife at $4900 a year with a tax break of $269 a year and $6350 out of pocket.
This is way out of hand.
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