You are correct about the 63 year olds. Fortunately or unfortunately, I don't have any that fit that situation where their income is right on the border. We are poor folks here in NC...
How Many?
- Thread starter YouGotMyMoney
- Start date
You are correct about the 63 year olds. Fortunately or unfortunately, I don't have any that fit that situation where their income is right on the border. We are poor folks here in NC...
There is a cliff at 133% and at 400%. In non-expansion states, at 132.90% of FPL, you pay 2% of your MAGI income as your member's share. At 133%, you pay 3%. From 133% to 400% it is graded smoothly, but the cliff happens at 133%.
The effect is worse for large families or for people in high-cost areas like 90210 like Quotebroker said.
The effect is worse for large families or for people in high-cost areas like 90210 like Quotebroker said.
Ann H,
Isn't the penalty for over estimating much lower? $300 per person, $600 per couple? Say a client estimates their income to be 20k, but reports 14k for tax year 2014. See "Table 5: Limits on repayment of excess premium credits...." on page 13 of the actual pdf report, not what your pdf reader shows.
https://www.fas.org/sgp/crs/misc/R41137.pdf
Isn't the penalty for over estimating much lower? $300 per person, $600 per couple? Say a client estimates their income to be 20k, but reports 14k for tax year 2014. See "Table 5: Limits on repayment of excess premium credits...." on page 13 of the actual pdf report, not what your pdf reader shows.
https://www.fas.org/sgp/crs/misc/R41137.pdf
Yes, this is the latest table of clawback amounts. However, a clawback is for those who received a subsidy, and must pay all or part of it back.
The other issue is when you make just a few dollars more than the "cliff" and you end up losing out on quite a large chunk of government cheese in the first place. That loss is often much larger than the clawback limit.
Recertification to receive renewals probably will be a reality. That is required of agents who sell MAPD.
As for the clawback issue, clawbacks won't happen until after your 2014 taxes are filed and probably not for several months, or years after filing.
Using QB's example, say that couple does file their 2014 taxes on 4/15/15 and it is a dollar more than estimated. They probably won't know, or even think about it, until the IRS get's around to comparing their subsidy app to the tax return. That might not occur until 2016 or even later.
So now they are retired and get a big tax bill from Uncle saying they owe $8604.
Yeah, that will go over real well.
Diamond, by 2016 there will be way more than 25M enrolled in Ocare. All but a handful of IFP's will be Ocare plans and all group participants will have Ocare.
Take away their plan?
Absolutely.
The latest figure I have seen at this point was 29% disapprove of Ocare and the number continues to drop. This will never be like Medicare where seniors love their plan. It will always be hated, especially when Blue is the only carrier writing Ocare plans.
As for the clawback issue, clawbacks won't happen until after your 2014 taxes are filed and probably not for several months, or years after filing.
Using QB's example, say that couple does file their 2014 taxes on 4/15/15 and it is a dollar more than estimated. They probably won't know, or even think about it, until the IRS get's around to comparing their subsidy app to the tax return. That might not occur until 2016 or even later.
So now they are retired and get a big tax bill from Uncle saying they owe $8604.
Yeah, that will go over real well.
Diamond, by 2016 there will be way more than 25M enrolled in Ocare. All but a handful of IFP's will be Ocare plans and all group participants will have Ocare.
Take away their plan?
Absolutely.
The latest figure I have seen at this point was 29% disapprove of Ocare and the number continues to drop. This will never be like Medicare where seniors love their plan. It will always be hated, especially when Blue is the only carrier writing Ocare plans.
- 4,716
So are you saying more and more Approve of Ocare?
Speaking from my own experience the negativity has diminished since Oct.1 the more people understand what it is the more they are OK with it. My customers are very happy with their plan and are paying the premium. I only wrote a little over 40 deals so I might not be representative of the whole.
- 2,172
Let them poll the panhandle of Florida lol. If you have a facebook page go search WEARTV and go to their page and find any article about ocare and see what they say in my area. Not only being very hateful but by large so misinformed it's pathetic.
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