Obamacare Subsidies explained...and increasing for 2022
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- čas přidán 2. 07. 2024
- Due to the passing of Biden's American Rescure plan, Obamacare subsidies have increased quite substantially. Now, those who were already receiving large government tax credits (subsidies) are receiving even more money off their health insurance premiums, and some of those who could not qualify for any assistance before now can.
I am a licensed insurance broker, and a district partner for my company Healthcare Solutions Team. I am here to help ensure people make the best decision for their health insurance in their state. I am licensed in the following states currently:
AL, AZ, FL, GA, IL, IN, KY, LA, MD, MI, MS, MT, NM, NC, OH, OK, PA, SC, TX, VA, WI
Feel free to call me at 708-566-6589 to discuss any health insuarnce options in your state!
Email me here: jdavern@myhst.com
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Any tip on how you achieved this
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Hi Joe. The bad part about the ACA is they make you estimate how much you'll make for the coming year. Now one can predict how much they'll make. If you end up making more than the income that you put on your application, the gov't will make you pay back the subsidy. What happens if someone is "unable" to pay back the subsidy? That's why I'm "hesitant" in enrolling in the ACA. The ACA is great in that insurance cannot turn you down if you have a "pre-existing" condition. To me, that's about the only thing good about the ACA. I think "Medicare For All" is better than the ACA. I wish the US will make "Medicare For All" a reality soon.
That's correct. There are plans outside of the ACA as well that are less expensive but you need to be in relatively good health, and income does not apply to them. Alternatively, you can go with an ACA plan and not take subsidy, and if you end up making an amount that would have qualified you for subsidy, you will receive that money as a refund on your taxes
Do you know what the "minimum" income for an "individual" to qualify for the ACA for 2024?
Great video, thank you!
Have adhd and tried watching this video ..failed miserably i heard every other word. It was very confusing and i still have no idea what this all means. I got an email from my job saying that " Each calendar quarter, you will be eligible to earn a health care subsidy to help pay for a qualifying Affordable Care Act (ACA) health care plan" so I googled that and this video popped up. If anybody can explain this adhd friendly would really appreciate it. 🙏
It’s not hard to build a spreadsheet and get screen record software, some of it is even free.
best explanation, love you man!
I retired at 58 and my family policy is 2500 a month through my employer. Employer gives me 500 a month to pay for the policy so I am at 2000 a month. Looked at Obamacare and it was like 650 a month and low deductions. Can I dump my company policy so I can this cheaper plan. Only problems is if I dump the employer I would lose the extra 500 to pay for Medicare when i get to 65. All so confusing, we should just have a one payer system like the rest of the world.
I am 58. Divorced and getting $3,970/mo in alimony. My only income. Live in Ohio. I have fibromyalgia and visit the dr every 3 mos and take a lot of meds. I pay $566/mo for a the Combined Health Care Benefit Plan, the military's version of COBRA. (My former spouse was retired military, but we were not married long enough for me to continue TRICARE coverage.)
I checked in ACA, but was told mh meds were expensive.
Low income here. Yes subsidies went up but premiums went up also. For my Florida based policy my payment doubled for 2022. My income stayed the same.
Yes this happens sometimes when cheaper carriers become available. Shoot me an email if youd like to discuss Joe. jdavern@myhst.com
I called the number because i really need to talk to someone about this stuff. I've never bought health coverage before (I was living abroad for many years and healthcare is very very easily affordable. . . basically everywhere else in the whole world) so i don't understand some of the basic functionality and terminology. for instance these "subsidies" if i get a health care plan for my new wife and I and it costs $800/Month and i qualify for a $500 subsidy does that mean that i will still be paying $800/month and then get $500X12 on my tax returns at the end of the year? Does the subsidy actually calculate every month? So if i get an $800/month plan and a $500 subsidy i'll actually be paying $300/month out of pocket? god i'm so confused by this kind of stuff.
Great info. Seems like a huge positive change for people considering early retirement or contract work.
interesting, actually it is the opposite. unless you are retired and poor ACA will cost you about $15K a year for insurance. i have people in my area that have almost filed bankruptcy because of ACA or have got rid of there health care insurance all together. Could not afford it.
@Alan Skinner you're talking about old aca plans. Yes it was a scam. It's fixed now
Thanks, nicely done and helpful video.
No problem Marshall
How does subsidies effect my taxes?
I'm moving to NC. I'm freaking out here. I was supposed to be there already, except my Healthcare insurance, is really difficult to understand and I've lost, by 22$'s, my full medicaid, I'm getting now, as my Secondary insurance. SSDI is ny first. I don't file. I do have an RXD plan, SSDI, Medicare A and B. B premium is paid for by medicaid-MA Health. NC, has told me, once down, I'll be by July 1st. It's a SEP, but when I receive, what they stated I'll get from medicaid =medicaid B premium paid for only and Automatically qualify for rx extra help. I have to be there to apply & I also have a cosigner my mom so on top of, I'm concerned, I'll lose my food money. Obudsman's officials say I'll get the above, as well. They also told me & DSS, look into navigators, AFC, private insurance, nope & a supplemental plan low cost. I have meds, 7 a month, I need, but then this plan will change once approved in 45 days, to however long lol, & I'm more confused. A broker/Medicare advisor just completely made me stay here, a month bf moving. If I don't have Healthcare, dental and urgent, EP Specialist, etc. I'm gone. But I can't afford these crazy other plans. He placed me, to go on an SLMB plan-Cigna, said the best there, had vision, dental etc. Everything. But, ten said you need your level. He needed it. I called and they told me you don't get that until you are in the state. I can't change my address until I have coverage. My meds, I'm really worried about. But placed me in a 35.00 great plan, then said, ohh noo, you need a cigna preferred plus, @0 $'s or I could choose the 29.00 one. I had to pay the med B premium I understand I'll be reimbursed, but over 300 for meds, plus co pays. What's up with this NC 🤔 22 dollars. I'm terrified and have no help. My Father's going to speak to someone and I gave him your name. Is that okay? My head's already spinning from no moving companies, this, make sure you, apps for apartment, filling out getting this. I'm exhausted 😪 @sfamirto@comcast.net Steve he owned an insurance agency. Now he's 81. Still going, but slow. Thank you kindly
So if I save 200,000 cash, outside a retirement plan, and retire on a $30,500 pension with a household of 2 I can qualify for a cost sharing silver plan ,also I am a veteran, non retired and non disabled, could I use VA as my provider and pay for my spouse's cost shared plan. And use say 50k a year to subsidize my pension for 4 years til we both qualify for Medicare at 65.
My question is what do they use for employer health plans? You mentioned silver plan and second lowest cost plan.
What if you’re off by a couple of thousands at the end of the year
Is this information the same for 2023?
Great video, thanks. Question: to qualify for subsidies one does not have to choose the benchmark (Silver) plan, correct? One can still choose a high level plan such as Gold or Platinum, right? Thank you!
Yes this is correct
Hi. What about deductibles? Is there a cap on those that you know of?
The max deductible for ACA plans goes up every year but this year its currently $8700
Tried calling no answer,
Does the subsidy have to be paid back when you file your taxes? Does that come out of what you would normally get back in your tax return?
Correct. If you make more than what you had projected your income to be they can take the difference out of your tax return.
I am so thankful I saw this video..I called Joe and he is going to help me find a insurance plan that will work for me and my financial situation..I am planning on retiring this year and trying to find someone that is not trying to scam you is like a needle in a haystack..I believe that Joe is that needle..I could tell by the video he really knows he stuff..besides that and importantly by our phone conversation I see him as a person that really wants to help people find the plan for them..and is sincere and humble..just had to share..Thank you Joe!!
Are u willing to get some new customers sir I have many of them wanna sign up for Obama care
I'm trying to obtain verification that 2022 maximum income limits are 500% of federal poverty level ( acc to the American Rescue Plan). For an individual.
The limits for 2022 are not based on federal poverty level. They are based on the costs of the plans available. If you watch this video again it will make sense
Good info you put out there.
i have not had health insurance for a long time...self employed. I now need a hip replacement. If i enroll in Affordable care in Nov. and start in Jan. #1 how long will i have to wait for surgery. #2 is anyone going to cover me knowing i need that surgery right off the bat? thanks
Yes they have to cover you right away - this is an Obamacare rule. If you need help reach out to me at 708 566 6589
Sounds great. I will have to contact you the end of this year 2023. Would you be available by then?
Nice video thank you Joe not too many videos about ACA. My son at 26 y/o will have no health insurance in 2023. Based on what you stated he will qualify for ACA because he is still in school FT & working part-time?
how does the demand curve for insurance coverage with and without the individual mandate look like? thank you
That I am not sure. The mandate is no longer in place anyway. I can tell you from experience, it did not force many people into buying ACA coverage
A VIDEO MADE FOR ME????!!!!
So does this mean that after you/your agent plugs in all the numbers, and you/your agent determines you/your family qualify for a subsidy, your actual monthly health insurance bill is less? Is the cost reduction reflected in the actual monthly bill, or somehow else?
Yes it will be reflected on the monthly premium or you can choose to take the money on your taxes
I retired at 62 and we reduced our gross income to stay under the threshold for Obamacare subsidy. Blue Cross Gold policy for less than $1,000 per year. The same policy if unsubsidized would cost over $27,000 per year. Since we live in Alaska the gross income threshold is $89k. We can get treatment in Seattle, WA so that is nice also.
Now there's no threshold. You're good
@@htown148 There is a threshold for maximum gross income but that varies depending on residency Alaska, Hawaii, DC, lower-48 states.
@@RetrieverTrainingAlone you still get your premiums capped at 8.5% regardless
@@htown148 Not in Alaska if gross income exceeds the threshold, then Blue Cross Gold would cost over $30k per year premium. Under Obamacare the same policy is subsidized, so cost would be less than $900 per year.
@@RetrieverTrainingAlone get silver? Wtf
Do the higher subsidies go away after 2022 and revert to the old levels?
THIS is what I have been trying to find out as well, can't find the info.
The higher subsidies will remain in effect at least thru next year. Any direct questions feel free to give me a call
@@healthcaremadesimple5367 My husband is self employed and his income fluctuates , I can't sleep thinking about having to possibly pay back these tax credits if he underestimated his income , for 2022 we are thinking about overestimating his income or dropping out all together and going without insurance. What do you think about overestimating income?? I know that the plan will not be as good but I have not been able to sleep after taking these credits a few mons ago in the "Covid 19 special enrollment period"
@@christineg4934 well last year nobody had to pay them back. Unless you’re wildly over it will be okay. Sleep well lol
Hi , thank you for the very informative video.
I am 26 single female my income it about 25k and I didn’t filled w2 before does I will be legal for Obama care?
Yes you can!
I am 57 years old and retired in April 2021. I signed up for and got insurance thru the health care marketplace for 2021. I went to get the insurance for 2022 and the lady helping me said I had to have an income of $12,700 to qualify for the subsidy. I have a sizable 401k that I plan to gradually convert to a Roth IRA. My question is will this money that I am moving be counted as income in regards to subsidy?
Becky for that one I would speak to the accountant and ask how much of the money will show up under your adjusted gross income when you complete this conversion...if any
The ROTH conversion will be considered income.
What happens on the year you turn 65? Say your birthday is in May, can you get it for four months? If you are expecting a six figure income check in June is your qualifying annualized? As a single person, am I OK if my income is below $51K for the period of Jan - April? If not, what are the options for Health Insurance for the partcial year prior to Medicare at 65?
Hey there. So all that matter is what you think your income will be for the entire year, not just what you will make while you are on the plan. I also do aid in Medicare. If you have further questions, lets discuss all this via phone at 708-566-6589
Thank you Joe. Why would someone choose a traditional insurance offered from employment vs ACA?
Employer plans are usually better networks and the employer usually contributes to the cost
Ok so I turn 26 at the end of the year, I didn’t enroll by the deadline at my job cause I.. will the fact I didn’t accept coverage w my employer impact the amount of tax credit benefit i get? Like will I be penalized bc gov insurance was not my only option? Thanks!!!
Well if the insurance through the employer was "affordable" Hannah you will not likely qualify for subsidy. If the cost of the cheapest employer plan was not affordable compared to your income, you can qualify. If you have more specific questions about what is considered affordable and not shoot me an email. jdavern@myhst.com
Hi Joe, What if a couple do not have any W 2 income or have income that is very low can they still get subsidy under ACA?
Hello there. It depends on the state and how low the income is. I would ask that you email me at jdavern@myhst.com and we can set up a time to talk.
Really helpful! Unfortunately Joe's not licensed in MA yet 😕
U need to make tik toks about this
haha...do you want to help me out with that whole tik tok thing?
If you say so. I checked the subsidies in Texas for 2022-2023. The literal problem is, if you are 100% to 400% of the FPL, you will get no subsidies. If you make over 400%, you will get subsidies. I put in multiple applications (poking around) to see what it would be. If I made $32,000.00 for a household of four, (which is about $4,000.00 over the 100% FPL) I would get no subsidies and would pay $715.00 per month for the cheapest premium with $18,200 deductible and $18,200.00 in out-of-pocket maximum. This brings me to $26,870.00 in total insurance costs. This means that out of the $32,000.00 I would make, I would be left with $5,220.00 to use throughout the entire year should my medical costs be used to the maximum. Sounds great! So, I should be homeless with my children, feed them only every few days, and my wife and I won't be able to eat. Sounds like a dream. This is all according to healthcare.gov. Just so you know.
Its because you are being sent to medicaid at $32,000 and a family of four.
Great video! Thank you!
No problem Mary