Next OEP - Clawback / Income Projection NIGHTMARE
- Thread starter Yagents
- Start date
My contact at my carrier said we have no way to go back and reclaim the CSR. I guess carriers are getting higher premiums and access to the risk corridor to recover some of those losses. They may not care to spend the money required to reclaim the CSR. Time will tell.
CSR plans are literally different plans with different benefits, not the standard Silver with a portion of the cost-sharing covered by gov't subsidies like the name might imply. They're filed as separate and distinct plans, with their own AV, names, and approvals.
This is why you can't go back and reclaim, it's literally a different plan, not a subsidy on a normal plan like the APTC is.
They won't be "reclaiming CSR", as there is nothing to reclaim, no subsidy was paid, they merely have access to a better plan based on their income.
- Thread starter
- #34
This lady couldn't have said it any better. Goes for agents too ! I'm getting burned by selling it.
Don't you hate it when people want become successful. GET IN LINE !!
For Many Middle-Class Taxpayers On Obamacare, It
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Roberta Campbell said she was only trying to do the right thing. Campbell, now 59, lost her job as a program director for the Arthritis Foundation in late 2012. She and her husband, who was working part-time as a merchandiser, downsized and moved into a smaller house.
They were left uninsured but were mindful of the federal mandate to be covered as of January 2014. So they signed up for a plan through California's insurance marketplace, Covered California. The plan cost about $1,400 a month, but they were able to qualify for a monthly subsidy of about $1,000.
"We are rule followers," she said. "We decided to get insurance because we were supposed to get insurance."
They barely used the coverage. Roberta and Curtis each went to the doctor once for a check-up. Then, about halfway through the year, Roberta got a job at UC Davis and became insured through the university. Curtis, who had been working part-time, got a full-time job for a magazine distribution company.
They notified Covered California, which Campbell said cancelled the insurance after 30 days. But with the new salaries, his pension from a previous career and a brief period of unemployment compensation, the couple's year-end income totaled about $85,000, making them ineligible for any subsidies.
Their tax preparer told them they would have been better off not getting insurance at all and just paying the fine for being uninsured. In that case, the Campbells say their financial obligation would have been much smaller – about $850.
"The ironic thing is that we tried to pull ourselves up by our bootstraps," Curtis Campbell said. "Now they are going to penalize us. It's frustrating."
Don't you hate it when people want become successful. GET IN LINE !!
For Many Middle-Class Taxpayers On Obamacare, It
--------------------
Roberta Campbell said she was only trying to do the right thing. Campbell, now 59, lost her job as a program director for the Arthritis Foundation in late 2012. She and her husband, who was working part-time as a merchandiser, downsized and moved into a smaller house.
They were left uninsured but were mindful of the federal mandate to be covered as of January 2014. So they signed up for a plan through California's insurance marketplace, Covered California. The plan cost about $1,400 a month, but they were able to qualify for a monthly subsidy of about $1,000.
"We are rule followers," she said. "We decided to get insurance because we were supposed to get insurance."
They barely used the coverage. Roberta and Curtis each went to the doctor once for a check-up. Then, about halfway through the year, Roberta got a job at UC Davis and became insured through the university. Curtis, who had been working part-time, got a full-time job for a magazine distribution company.
They notified Covered California, which Campbell said cancelled the insurance after 30 days. But with the new salaries, his pension from a previous career and a brief period of unemployment compensation, the couple's year-end income totaled about $85,000, making them ineligible for any subsidies.
Their tax preparer told them they would have been better off not getting insurance at all and just paying the fine for being uninsured. In that case, the Campbells say their financial obligation would have been much smaller – about $850.
"The ironic thing is that we tried to pull ourselves up by our bootstraps," Curtis Campbell said. "Now they are going to penalize us. It's frustrating."
- 948
They need to get rid of the penalty and leave the choice to purchase or not up to the individual.
- 1,227
This is where a short-term major medical would have worked well. Here's part of the problem: people want 'everything'. They want co-pays; they want the Tax Credit (or so they think); they don't want to pay the penalty; and the self-employed people want to continue to operate their business showing a loss year after year.
And I'm getting burned selling this, too. The brokers are having much too much trouble getting paid; commissions are low (and slow) and the workload is high and getting higher.
On a conference call right before Valentine's Day V.P. Biden called especially to thank the brokers...and 'sorry about the low commissions'. The numbers were: brokers/agents wrote 1/3 of the business brought in by the marketplace and there are only 75,000 certified brokers nationwide. I don't mind the low commissions as much as I mind the 'slow' commissions. I do not like insurance carriers playing with my money. I cannot carry the insurance companies and certainly not the Federal government.
I was just thinking that I don't think this is going to last much longer. I need to go a different route. It would be difficult to say how many very long hours I worked nonstop (weekends included) to get here and not even get paid. Also, I expend a lot of energy being concerned about my clients. There are so many crazy twists and turns to this thing: the bucket's got a lot of holes in it.
And I'm getting burned selling this, too. The brokers are having much too much trouble getting paid; commissions are low (and slow) and the workload is high and getting higher.
On a conference call right before Valentine's Day V.P. Biden called especially to thank the brokers...and 'sorry about the low commissions'. The numbers were: brokers/agents wrote 1/3 of the business brought in by the marketplace and there are only 75,000 certified brokers nationwide. I don't mind the low commissions as much as I mind the 'slow' commissions. I do not like insurance carriers playing with my money. I cannot carry the insurance companies and certainly not the Federal government.
I was just thinking that I don't think this is going to last much longer. I need to go a different route. It would be difficult to say how many very long hours I worked nonstop (weekends included) to get here and not even get paid. Also, I expend a lot of energy being concerned about my clients. There are so many crazy twists and turns to this thing: the bucket's got a lot of holes in it.
- Thread starter
- #37
Came across Free File: Do Your Federal Taxes for Free for your low income clients (under 60k).
Remember, "Free" means it's good
Remember, "Free" means it's good
- Thread starter
- #39
What is everyone else seeing? What's the biggest clawback you've heard of so far, or refund?
Chickens meet roost.
Nasty tax surprise for Obamacare customers
Those average repayments range from $667 for the lowest income group to a high of $1,380 for people just under the 400 percent of poverty level. And the refunds range on average from a low of $412 to a high of $1,601, within the income bands.
Chickens meet roost.
Nasty tax surprise for Obamacare customers
Those average repayments range from $667 for the lowest income group to a high of $1,380 for people just under the 400 percent of poverty level. And the refunds range on average from a low of $412 to a high of $1,601, within the income bands.
I haven't had any clients call in, so I presume most of them were close or got refunds. I'm sure I'd hear if they owed something. Not about to reach out and rock that boat.
H&R Block put out an interesting stat, the average penalty due when preparing taxes was $172.
@ 1% of MAGI household income over the tax filing threshold (about $10k), that means about $27,200 of income on average.
Looks like the average person being hit by penalties are those in lower income brackets, the people this law was designed to help.
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