Subsidy 2015

[AllenChicago]

Arent you forgetting if they agreed to use income data from the IRS for the next 5 years

The problem is that subsidy amount/eligibility is based on PROJECTED income. The government will not use 2013 income (most recent tax return) to automatically calculate the subsidy amount/eligibility for 2015 renewals.

I'm getting the sinking feeling that if we want to continue getting paid on existing subsidized clients, we're going to have to participate in the process of 2015 re-qualifications.

I bow in homage to those of you who had the foresight to write mostly non-subsidized business!
ac

 

[houcoogster]

The problem is that subsidy amount/eligibility is based on PROJECTED income. The government will not use 2013 income (most recent tax return) to automatically calculate the subsidy amount/eligibility for 2015 renewals.

I'm getting the sinking feeling that if we want to continue getting paid on existing subsidized clients, we're going to have to participate in the process of 2015 re-qualifications.

I bow in homage to those of you who had the foresight to write mostly non-subsidized business!
ac

Allen, You get too many sinking feelings Bro....cheer up man.

 

[AllenChicago]

Allen, You get too many sinking feelings Bro....cheer up man.

Houcoogster I need a sip of that happy drink you've been ingesting! my Obama Kool Aid is not potent enough.

 

[houcoogster]

Houcoogster I need a sip of that happy drink you've been ingesting! my Obama Kool Aid is not potent enough.

Bring your cup on over to my fountain and enjoy......The Sky's are Blue

 

[AllenChicago]

Bring your cup on over to my fountain and enjoy......The Sky's are Blue

OK Houcoogster ole'buddy. After sipping from your fountain of optimism, I found a SILVER lining pertaining to the premium/subsidy configuration for 2015. Check this out...

"It's possible that even large premium hikes would be absorbed by corresponding increases in taxpayer-funded subsidies.

That's because the size of the taxpayer subsidies is set so that buyers must pay only a certain percentage of their income to purchase the second-lowest cost plan in Obamacare's silver category.

That means, so long as no insurer prices a silver plan lower than the lowest-cost plans in 2014, subsidies will rise to absorb premiums increases. But lower-priced policies would reduce the size of the tax subsidies, making any premium increases show through."

Source: Indiana's Obamacare rates for 2015 all over the map | 2014-05-19 | Indianapolis Business Journal | IBJ.com

We don't want any SILVER premium REDUCTIONS...Right HouCoogster?
-ac

 

[Yagents]

I think this is the way it plays out. Assuming you don't actually buy the second lowest cost silver plan, and buy something else:

If 2nd silver goes down, and all else goes up..........client eats difference.
If 2nd silver stays the same price, all else goes up...client eats difference.
Only if 2nd silver goes up, at same pace as other plans go up........will the larger subsidy eat up the rate increases.

Only if you constantly buy the 2nd silver plan every year, will your price always equal a percentage of your income constantly.

Chew on that, and tell me if I'm wrong.

 

[ameneses54]

The problem is that subsidy amount/eligibility is based on PROJECTED income. The government will not use 2013 income (most recent tax return) to automatically calculate the subsidy amount/eligibility for 2015 renewals.

I'm getting the sinking feeling that if we want to continue getting paid on existing subsidized clients, we're going to have to participate in the process of 2015 re-qualifications.

I bow in homage to those of you who had the foresight to write mostly non-subsidized business!
ac

I'm confused here--most regular policies are a one year contract and as such if premium payments are made you have a one year commission or advance. If you have to redo in November the ACA apps,as suggested, most of the policies haven't been in force for a year. So how does my rational apply to this ACA situation. Also, if you re-enter income and or household info or change provider, is this counted as a new policy or just a renewal?
Thanks.

 

[Tkruger]

I'm confused here--So how does my rational apply to this ACA situation. Also, if you re-enter income and or household info or change provider, is this counted as a new policy or just a renewal?
Thanks.

All ACA Exchange Plans expire Dec 31 2K14. Per one of the carriers if the commissions were advanced you'll receive a charge back for the plan canceling in Dec.

As for re-entering income and house hold information the way I've seen it go thus far is that they cancel the old policy and reissue a new one.

 

[ameneses54]

All ACA Exchange Plans expire Dec 31 2K14. Per one of the carriers if the commissions were advanced you'll receive a charge back for the plan canceling in Dec.

As for re-entering income and house hold information the way I've seen it go thus far is that they cancel the old policy and reissue a new one.

Thanks for the reply.
Regarding "All ACA Exchange Plans expire Dec 31 2K14", does this imply that we have to re-enroll with current data all the ACA clients we have?
Even though it may be beneficial it's a lot of work!

 

[Tkruger]

Thanks for the reply.
Regarding "All ACA Exchange Plans expire Dec 31 2K14", does this imply that we have to re-enroll with current data all the ACA clients we have?
Even though it may be beneficial it's a lot of work!

Exactly what that means. It's something that can be done in advance to a degree.