Tax Credit, Not Advanced

Jul 2, 2016

  1. Krball
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    Krball Expert

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    Can someone get the tax credit at tax filing time if their income was lower than expected, they didn't take it advanced monthly, and went direct to the insurance company and not at Healthcare.gov? The piece that I need to confirm is the ability to still get the tax credit when filing taxes without having used healthcare.gov.
     
    Krball, Jul 2, 2016
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  2. pbbaseball
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    Has to be on exchange, sounds like they went off exchange
     
  3. hockeyday
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    no have to be marketplace
     
  4. Krball
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    I was second guessing myself. The more I think about it the more I don't totally understand the rule. If a plan is ACA compliant then what does it matter? The marketplace really functions for the purpose of monthly advancements of the tax credit. I'll put this in the column with the other things that don't make sense. Thanks for the responses.
     
    Krball, Jul 2, 2016
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  5. toddoxley
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    Your thinking is logical. If a plan is ACA compliant then one should be able to get subsidy if eligible, period. The insurance company could process the application through an agent and invoice the government for APTC..

    The original purpose of the Marketplace was to completely eliminate the agent / broker from the entire sales process. This is still the purpose of the marketplace and if / when they can eliminate us they will, that is unless the whole thing collapses.
    Go Trumpcare!!!
     
  6. Yagents
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    Define collapse. I think we're witnessing it now.
     
    Yagents, Jul 2, 2016
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  7. toddoxley
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    I agree, right before our eyes.. :no::no::no:
     
  8. AllenChicago
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    AllenChicago Guru

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    The big question is what & who would a "collapse" affect? Most Americans wouldn't be affected if Individual Family Plan coverage collapses. Interestingly enough, if Medicaid ran out the money, the calls for an ObamaCare replacement would be more plentiful and louder, than if just IFP collapses. (IMO)
     
  9. kgmom219
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    kgmom219 What's Next?

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    Don't count on it, TX is slashing funding to Medicaid for children with disabilities for therapy. No one cares or is calling for an Obamacare replacement
     
  10. somarco
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    somarco GA Medicare Expert

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    You nailed it AC.

    It's hard to get an accurate count since the definition of who is covered and who isn't is a moving target. The current administration redefines stats to fit their narrative. Doesn't matter if it is covered lives, uninsured, unemployed or what.

    The latest figures from KFF are for 2014 when 6% of the population had individual health insurance.

    That translates to roughly 20M people.

    In that same time period over 3x as many people (19% of the population) were covered by Medicaid.

    I suspect that the percentages of people covered by individual insurance may have dropped while the percent of people covered by Medicaid has increased.

    To your point, the collapse of Obamacare will potentially impact more people who currently have IFP than any other group.

    My suspicion is that Medicaid will expand via more federal dollars flowing in to the states. If the Treasury is no longer funding hc.gov or paying subsidies then those dollars can be reallocated to Medicaid.

    And that is very likely what will happen.

    Those of us who (used to) make our living in the IFP world will have to find another way to pay the bills.

    I envision Medicaid expansion more quickly than Medicare expansion. Medicare for all will more likely be Medicaid for all and IFP will go away.

    If you look at the IFP carriers that remain in the business the ones that made money were previously heavily involved in Medicaid. At the same time the traditional IFP carriers as well as the new carriers (co-ops, Oscar, etc) lost their butts.

    It isn't illogical to expect the IFP market to be replaced with Medicaid and probably at a lower cost to the taxpayer than the current system.

    JMO
     
    somarco, Jul 3, 2016
    #10
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