A community of 30,000 US Transcriptionist serving Medical Transcription Industry

Question

Posted: Mar 22, 2010

Okay, here is a question that I have not seen come up here. While watching news today this just crossed my mind. If the government sets an insurance rate you have to pay based upon what you make per year, do they take into account all your other bills, and that sometimes as ICs we don't get any work coming in at times, and then what they set is more than what you can afford (i.e. more money than your paycheck and you still have to pay all your bills). As ICs I'm sure a lot of you know that your monthly earnings can vary very drastically. There have been times where there are days without work. If they take your yearly income and base your rate on that, what if you don't make that much. Does anyone know the answer to that, or is that too far ahead thinking?

;

ICs - cj

[ In Reply To ..]
You are way ahead of yourself here but..... It's called a budget. You plan ahead for it just like all your other bills - you know the mortgage, groceries, utilities, etc. We all pay those during slow times by budgeting for them. I am an IC, and my husband is self-employed so our income varies significantly. When we have good paydays, we put money aside to cover for those not so good or those virtually nonexistent paydays. Common sense.

Of course I know about budgets. That doesn't solve my situation - anon

[ In Reply To ..]
DH is unemployed. My paycheck barely covers our regular bills. After rent, utilities, food, everything else there is no money (and I mean no money). So, one month I can get $500 another month I'll get $1000, etc etc. It varies. I know about budgets. Been doing them for 40 years and have helped other family members work on their budgets. I know about setting money aside for when I don't have a lot of work coming in. That is how I am surviving here and have been for years. Again may be ahead of myself, but what happens when I pay bills and have no money to pay for their health insurance. Do I have to go to the payday loan place and take out a loan to satisfy the government's requirement?

Again....maybe ahead of myself. Just wondered if anyone had heard any of them talking about this in between their.... "discussions".

Acually, with what you have described, your premiums will be - heavily subsidized.

[ In Reply To ..]
Subsidies only apply to coverage that is bought through the health exchange. If your husband remains unemployed and is under 65, he will receive Medicaid at 100% subsidy (he pays $0). If you live below 133% of poverty, your coverge is 100% subsidized. There is an age factor that is taken underconsideration, but for general purposes, the following applies:

Poverty level for 1 individual is $10,830 yearly. 133% of this equals $14,404. For a household of 2, 100% of poverty level is $14,570 and 133% for a household of 2 is $19,378. For incomes under those 133% figures, health care premiums required by mandate on the exchange are 100% subsidized.

For example, I ran caculations on single person 61 years old earning $25,000 per year. Annual premium on the health exchange is $7911, of which $6066 is subsidized, leaving a monthly payment of $153.75, less than what I was paying for coverage with employer contributions.

Will the decision of subsidy come from GROSS or NET pay? - Backwards Typist

[ In Reply To ..]
That is something I could not find out.

Devil is in the details, ain't it, BT? I can't find the answers to my ? either. - Anon

[ In Reply To ..]
The charts by Kaiser Foundation that were supposed to spell it out were calculated for either a single person or a family of 4. Well, we're a married couple with only 1 child left at home, a 22-year-old college student. How to figure that out? And is it gross income before any deductions like 401k (if they haven't been confiscated yet!) or net after taxes, etc.

They're deliberately hiding the details or making them so difficult to understand. This is not the country envisioned by the founding fathers and it's not the America I grew up with!

I can't wait for November!

Don't worry about it... your job will be in India before this ever takes effect. - mrs.krabs

[ In Reply To ..]
x

and once she"s lost her job, she might just be glad - she can still have health insurance.

[ In Reply To ..]
x

true, don't know if I should laugh or cry...., - sm

[ In Reply To ..]
but at least her health care premiums will then be 100% subsidized by the government.

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