“if the household income for the tax year remains below 400% of the federal poverty level then the liability for excess premium payments will be limited.”
Read more at http://insuremekevin.com/irs-limits-aca-advance-premium-tax-credit-repayment/#v02huO1DQYIaue5r.99
Obama knows how to shield his base.
Wow, thanks for sharing that nightmare. I have no ideas to help (other than what another suggested perhaps you could put money into 401k?) but if it helps any (I imagine it won’t) at least some of us have learned something from you and know what to watch for.
Hopefully someone on here will have a great idea.
I have gone without health insurance for the last 10 years
I have dealt with x-rays, broken wrist, broken ankle, and all the other house hold medical things and spent $1000’s out of pocket but I am STILL probably about $50K ahead of the game than if I had paid premiums
i have spent over $20K, but my premiums would have totaled $70K over that time- a lot more now
Obamacare makes NO SENSE AT ALL
I am sorry this happened to you but you need to get this story out to more people. Get it in the media if you can.
Also, you cannot be the only one this has happened to ... try to find more people and get the word out.
People need to be aware what danger they are in accepting these so-called tax credits.
By the way, it does not work in reverse. If you had made LESS than you predicted you would make, they would not have made up the difference in raising your subsidy.
Many people who do not get a regular salary ... self-employed, those on commission etc are at risk if they guess wrong about what their income will be in the future.
Yes, this is happening to a lot of people. This is one of the many reasons Obamacare is such a disaster.
Did you or your wife have any health crises or anything more expensive than a doctor visit?
We had a great plan, pricy but covered a lot and we could go to the best docs, but it went so far up after Obamacare. In 2014 it was nearly $2000 a month. I had brain surgery in October 2014. In November all the plans (that we could “keep”) went up and few could keep them. Mine was to be $2500 a month (for 6 people) but our income (again, thanks to Obama) had gone wayyyyyy down. I added up all of our medical costs - cash price - for 2014 and it would have been less costly straight up fee for service than it had been paying $2000 a month, and all the copy’s and 20%s.
Yes, it would have cost us less to have no insurance and pay cash for services EVEN WITH MAJOR SURGERY.
So we decided to use Liberty Health Share for 2015. It is for like minded responsible healthy people and families who make an effort to live healthfully, love liberty, and love personal responsibility. It is slightly religious but this healthshare doesn’t insist on a certain religion. Your monthly input actually goes to help other people pay their med bills. We only pay $500 a month for the same 6 people. They have the same as a deductible, ours is $1500 for the year, any person or people’s Med costs. Once that is spent, they cover 100% of everything from any licensed medical professional (except mental health which I wish they would cover for children at least but they do not). 100% coverage! ANY DOCTOR!!
We love it. There have been some misunderstandings in their reimbursement that were easy to clear up. Other than that, they have been great. A very few docs will “accept” them — even if the doctor’s secretary calls up and is informed the bill will be paid in full, they can’t veer from their “insurance script” and insist that “our office doesn’t ‘take’ Liberty.” So we have fronted almost all the money (you don’t have to in hospitals) and had to get it reimbursed. But when you pay cash, you get discounts.
Also, if there is no emergency, I will call around and find a service or doc that is cheaper. WHICH IS AS IT SHOULD BE. Someone down the road doing MRIs for $1000 over elsewhere SHOULD be hurt by the marketplace. Under insurance they are not, no one cares what they charge your insurance company, and it’s a soviet style economy.
I highly recommend at least checking out Liberty Health Share. I learned about it on FR and I am paying it forward. So glad to be out of Obama’s little system. Oh yeah, and it is exempt from tax penalty!!!
This scheme does nothing to guarantee that The Rich Will Pay Their Fair Share, it's a direct and very successful attempt to harm the middle class. It gets a little better once you are under Medicare but essentially the same cute gotchas are still out there.
I am an Enrolled Agent.
The Advanced Premium Tax Credit (APTC) is based on household income. This includes non-taxable income such as the non-taxed part of Social Security and non-taxable municipal bonds.
Under IRS notice 2015-9, you can request abatement of the
Advanced Premium Tax Credit (APTC).
Excess APTC Relief
If you expect to have problems paying the tax for tax year 2015, relief is available and it applies to two situations:
Failure to pay entire balance by April 18, 2016 – late payment penalty abated
Underpayment of estimated taxes – estimated tax penalty waived
You can seek relief by doing the following:
Check Box A on Form 2210, Part II;
Completing the first part of Form 2210; and
To abate the late payment penalty – type in the following statement: “I am eligible for the relief granted under Notice 2015-9 because I received excess advance payment of the premium tax credit.â€
To waive the estimated tax penalty - type in the following statement: “Received excess advance payment of the premium tax credit.â€
In order to take advantage of the waiver, you must be current with your filing and payment obligations and report the amount of excess APTC on a 2015 tax return timely filed, including extensions.
Perhaps you could send a copy of your bill to Jessica Alba, or Oprah or Will.i.am.
These are uber rich celebrities who supported Obama and believed those who “Have”, should help the “have nots”.
You are a have not.
They should pay your bill.
You have my symphathies FRiend. O-care has severely damaged many lives, mine included. You are in my prayers. It’s unbelievable how the MSM has a complete blackout on the Obamacare nightmare. If we had any real journalists, they would explore and publicize how many people have DIED because of this abomination.
I hate Ocare as much as the next person but didn’t you think that maybe, just maybe making more money would affect your subsidy??
You can scream about how unfair it is but by the amount of your total premiums it looks like you made about the same amount of money as Hubby and I yet you expect us to pay your premiums plus all of ours?
Scream at me if you want but that’s what I got out of this.
I’m sorry you now owe all this money but it is subsidies you wouldn’t have received had you reported the change in income.
I think the credit to help employers pay for health insurance is still available.
Well hold on... have you filed anything yet? Have you talked to your accountant, or anyone else about this? Who says they want their subsidies back? Are you perhaps getting excited over this without having some facts?
It sucks that Obama did that to you. It’s like Obama forced you to work all those extra hours, evenings, and weekends for zero dollars per hour. Obama argued before the Supreme Court that the insurance mandate is a tax. So Obama forced you to pay a marginal tax rate of 100%.
Galt is the future. The future is Galt.
That’s reporting man, not vanity.
I too suggest Liberty Health Share.
See - just goes to show you - don’t work so hard - don’t be so industrious - don’t try to raise your status in life - don’t be so responsible - another success for the “Progressive Movement” and Obama’s drive to fundamentally change America....
I don’t claim to be clairvoyant and I am certainly not the smartest man in this little county here let alone the whole country but I did say before this mess was passed into law that it would be an absolute disaster and far from being the “free” healthcare that so many thought they were going to get the end result would be NO HEALTHCARE for anybody and that certainly seems to be the way it is headed. No one ever should have believed that it is even possible that it could ever have been anything other than a disaster. Putting the government in charge of healthcare is like putting Bernie Madoff in charge of financial planning.
If you’ve never told this story before, I think there is another FReeper with a similar story. Some unforeseen income made him or her need to PAY BACK his subsidy. Insane.
There should be no subsidies parceled out like this. Health care should be like clothing or food. You should pay the market rate, and there should be a fulll market of services and practitioners mushrooming up with different prices, just as boxes of cereal or eggs or apples all have a range of prices.
If you don’t have a health share for yourself and your wife, I HIGHLY recommend you look into them. All FReepers qualify (under the beliefs clauses of self reliance and Gd — they might not qualify with poor health tho). I have Liberty for the last two years and I am deeply grateful for them.
https://www.libertyhealthshare.org
Only $500 a month for 6 people. After $1500 (total) is paid, they will pay 100% of our Med bills. From any doctor or health care practitioner in the country. No meds or mental health is paid, nor cosmetic surgery. Or abortion or sex transition surgery, dang. ;)
We are very happy with them. We live in the rare world of actual medical costs, we doctor shop, procedure shop, refuse unnecessary doc-cya tests, and are good medical consumers.
Not only that, but I would read that as a result of that, NOW I WOULD HAVE TO REPAY THE ENTIRE YEAR’S APTC THAT THEY HAD GIVEN TO BC/BS in my name!
That amounts to $12,024.00! Yes, you read that right, OVER TWELVE THOUSAND DOLLARS!
...
It’s not healthcare. It’s not health insurance. It’s a tax.