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New health care plan

Discussion in 'Off Topic Threads' started by smsnyder, Mar 19, 2013.

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  1. smsnyder

    smsnyder Well-Known Member

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    the details:
    •Something new on Form W-2: Starting in 2014, you’ll see a new number on your W-2 form. This is how employers will report the value of your health plan to the IRS. This key figure will determine whether you’re eligible for tax credits or liable for tax penalties.
    •Health plans are not income: Even though the value of your plan is reported on your W-2, it’s not taxable. So you don’t need to report it as income on your tax return.
    •Penalties for those without medical coverage: The penalty starts at $95 or 1% of income (whichever is greater) per person in 2014. It gradually rises until it hits 2.5% or $695 (whichever is greater) per person by 2016.
     
  2. cnsane

    cnsane Member

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    So what does that mean in percentages to those of us who drive a Cadillac health plan through Life?
     
  3. GBatch_25

    GBatch_25 Active Member

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    Don't worry. Barrack and Nancy P assured us this was for our own good, we could keep the plan we have and it would not raise middle class taxes one dime. <:)

    Gene in Illinois
     
  4. Joe Potosky

    Joe Potosky Well-Known Member

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    "Cadillac Tax" Penalizes Middle Class Workers


    President Obama’s health care law institutes a Cadillac tax on generous employer-sponsored health insurance starting in 2018. The law levies a tax on health insurance plans that cost more than $10,200 for individuals and $27,500 for families. Many people in high-risk occupations such as law enforcement purchase high cost plans protecting themselves should they sustain a significant injury.


    The law indexes the Cadillac tax threshold to grow slowly. Because insurance costs are expected to rise much faster than that index, over time more and more middle class Americans will find themselves paying this tax. In fact, the Joint Committee on Taxation (JCT) estimates that 87 percent of the Cadillac tax burden falls directly on Americans making less than $200,000 per year.
     
  5. cnsane

    cnsane Member

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    Now that Joe has clarified that I'm squarely screwed, I want to know what percentage of my income that I am screwed.
     
  6. bigdogtx

    bigdogtx Well-Known Member

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    Now Joe,,,,,,,you know that it takes $250k to be rich and ,,,,,,,,,,,hussein is ONLY going to tax the "rich",,,,,,,,so those earning $200k cannot be paying any tax,,,,,,,,,,well except that 3.2% on capital gains,,,,,,,and.............
     
  7. Joe Potosky

    Joe Potosky Well-Known Member

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    RE: average going rates and will be far from cadillac plans

    It's indexed

    An article on the tax

    http://www.mcgrathinsurance.com/node/150
     
  8. smsnyder

    smsnyder Well-Known Member

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    What employers will have to buy health insurance for employees?
     
  9. BT-100dc

    BT-100dc Active Member

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    Just remember the Obamacare Law is to force you off of an employer's plan into these State exchanges, then fu-k everything up so to bring on a single payer system. John Roberts was wrong when saying the penalty is a tax but nowhere was it sold as a tax but a penalty. It's funny that I've never seen a tax on nonactivity. Once the first person has to pay this tax beginning in 2014 or as you file your taxes in 2015 for tax year 2014, it should be challenged as whether a tax can be imposed on nonactivity. If congress had unlimited rights to tax then why an Amendment to the constitution was needed? Obamacare is the worse law ever passed including prohibition. This law was passed for control of an individual's healthcare and redistribution. It's a piece of sh$t. bt100dc
     
  10. grunt

    grunt TS Supporters TS Supporters

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    Im your man.. Golf anyone?
     
  11. Bisi

    Bisi TS Member

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    Good question. Nobody knows. This danm law is to take affect in just 9 short months. It is going to be one large cluster ____! I don't think half the states know what they are going to do - expand Medicad or start these exchanges. Like BT said above it was designed to screw up everything so everybody will just throw up their hands in resignation and gladly accept single payer.

    A friend of mine is 58 with a 4 year degree and he has been out of steady full time job for going on 3 years now. He is working 3 part time jobs with no bennies. For a guy his age it is hard to find full time work because nobody knows what it is going to cost for his healthcare. He is buying his own insurance now but that is eating up 35% of his gross income. He is trying to figure out how the "affordable care act" will relate to his situation, and nobody he talks to knows.

    F*C!*d up mess.
     
  12. grunt

    grunt TS Supporters TS Supporters

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  13. spitter

    spitter Well-Known Member TS Supporters

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    Employers 50+ are required to offer medical insurance. Insurance cannot cost the employee more than 9-10% of income...

    There will also be a FT employees equivalency from the part-timers.... so adding up all part-timers hours and dividing by 120, will give the employer more FT bodies to put into the equation... over the 50+ threshold...

    Technically, any small employer under 50 lives doesn't have to offer insurance, never has, but the lucrative tax benefits enticed the employer to offer coverages... greater onerous rules make it less likely they will want to offer...

    Rates will get much more expensive for younger workers are the ratio of younger to older has dropped from 5:1 to 3:1... expect a big bump on Junior and not so much a drop on Senior.

    Individuals - employees/self-employed/unemployed are ones REQUIRED to have insurance... the government has placed that burden squarely on our backs and took away less costly options...

    BTW... Medicare eligible are not required to have a supplement...

    A little FYI...

    Jay
     
  14. smsnyder

    smsnyder Well-Known Member

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    year 2014 is a watershed for the healthcare reform law. This is when the major changes to your healthcare plan will begin. At this time, all Americans will be required to maintain health insurance. (Exceptions include Native Americans, prisoners and illegal immigrants.)

    If you are not covered by an employer plan, or by Medicare or Medicaid, you’ll have to purchase your own coverage from a market exchange.

    The IRS is responsible for monitoring whether people comply with the new laws. They’ll do this by requiring you to report the value of your health plan on your tax return. If you don’t have coverage, a penalty will be assessed.
     
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