Home
Log in / Sign Up
    Private Messages   Advanced Search   Rules   New User Guide   FAQ   Advertise   Contact Us  
Forum -> Household Management -> Finances
Advanced Premium Tax Credit



Post new topic   Reply to topic View latest: 24h 48h 72h

amother
Mistyrose


 

Post Mon, Nov 20 2017, 3:52 pm
Is there ANY way to qualify for the advanced premium tax credit if your employer offers health insurance?
Back to top

Mommyg8




 
 
    
 

Post Mon, Nov 20 2017, 7:22 pm
Are you referring to Obamacare subsidies? Because as far I understand it, if your employer offers insurance, you are not eligible.

But I would love to be wrong - as I am impacted by this as well.
Back to top

amother
Royalblue


 

Post Mon, Nov 20 2017, 8:04 pm
amother wrote:
Is there ANY way to qualify for the advanced premium tax credit if your employer offers health insurance?


As far as I know it is a possibility. My husband's employer offers insurance (at a very high cost) and we qualify for a tax credit. But we need to to use a plan thats thru the ny state of health - we cant use the employers ins with the tax credit.
Back to top

amother
Jetblack


 

Post Mon, Nov 20 2017, 8:08 pm
amother wrote:
As far as I know it is a possibility. My husband's employer offers insurance (at a very high cost) and we qualify for a tax credit. But we need to to use a plan thats thru the ny state of health - we cant use the employers ins with the tax credit.


So your husbands employer offers insurance which you don’t use (and it’s by definition not affordable)- opting instead to pay premiums to insurance picked up in the Health Insurance Marketplace?
Back to top

Mommyg8




 
 
    
 

Post Mon, Nov 20 2017, 8:11 pm
amother royalblue, seriously, how does this work? Because I understood that if your employer offers insurance you are not eligible for Obamacare? What am I missing?
Back to top

amother
Jetblack


 

Post Mon, Nov 20 2017, 8:12 pm
Mommyg8 wrote:
amother royalblue, seriously, how does this work? Because I understood that if your employer offers insurance you are not eligible for Obamacare? What am I missing?


It’s needs to be affordable. If it’s not affordable, your in the clear.
Back to top

Mommyg8




 
 
    
 

Post Mon, Nov 20 2017, 8:17 pm
amother wrote:
It’s needs to be affordable. If it’s not affordable, your in the clear.


I think that we're stuck, because dh's employer offers a junk insurance for less, so technically we can elect to use that insurance even though it doesn't cover anything... for us, it's a catch 22.
Back to top

amother
Jetblack


 

Post Mon, Nov 20 2017, 8:23 pm
Mommyg8 wrote:
I think that we're stuck, because dh's employer offers a junk insurance for less, so technically we can elect to use that insurance even though it doesn't cover anything... for us, it's a catch 22.


Does it meet this criteria?

An employer-sponsored plan provides minimum value if the plan covers at least 60 percent of the expected total allowed costs for covered services. The plan also must provide substantial coverage of in-patient hospitalization and physician services.
Back to top

amother
Royalblue


 

Post Mon, Nov 20 2017, 9:09 pm
amother wrote:
It’s needs to be affordable. If it’s not affordable, your in the clear.

Yep. In my case obamacare with a tax credit is more affordable than my husbands employers insurance.
Back to top

amother
Jetblack


 

Post Mon, Nov 20 2017, 9:30 pm
amother wrote:
Yep. In my case obamacare with a tax credit is more affordable than my husbands employers insurance.


Affordable is a defined term in this context - unfortunately it’s not ‘whatever is cheaper’ for the taxpayer.
Back to top

amother
Mistyrose


 

Post Tue, Nov 21 2017, 1:58 pm
amother wrote:
Does it meet this criteria?

An employer-sponsored plan provides minimum value if the plan covers at least 60 percent of the expected total allowed costs for covered services. The plan also must provide substantial coverage of in-patient hospitalization and physician services.


Thank you all for your input!

How would I know if my plan meets the above criteria?
Back to top

amother
Mistyrose


 

Post Tue, Nov 21 2017, 2:01 pm
amother wrote:
As far as I know it is a possibility. My husband's employer offers insurance (at a very high cost) and we qualify for a tax credit. But we need to to use a plan thats thru the ny state of health - we cant use the employers ins with the tax credit.


When you applied and told them that your husband employer offers it, what questions did they ask you to determine that you qualify anyway? (I see it's a question on the application)
Back to top

amother
Jetblack


 

Post Tue, Nov 21 2017, 2:02 pm
amother wrote:
Thank you all for your input!

How would I know if my plan meets the above criteria?


you need to see a copy of the plan.
Back to top

Amarante




 
 
    
 

Post Tue, Nov 21 2017, 2:37 pm
Highly unlikely that you can buy on the marketplace with subsidies.

Affordable under the AHCA doesn’t mean that it’s what you find affordable. In many cases, it’s much more expensive because the spouse and children do not receive any employer subsidy and premiums can therefore be huge. It’s an issue that should have been fixed but that’s a different story.

So if your spouse has insurance through his or her employee you are not eligible for any subsidy by buying through the marketplace.

Of course, there is nothing to prevent people from not accurately stating information but I would never mess around with the IRS especially with stuff that they have computer records of like reports from employers which are easy to match.

That even crummy employer health insurance is a disqualified is why I recommended that my condo drop health insurance and raise salaries to cover premiums employees obtained themselves. It was win win because our employees got better and cheaper insurance for themselves and families and my HOA didn’t feel guilty about providing terrible insurance and was spending exactly what it would have if it had gotten the insurance for their employees. Prior to obsmacare, we would never have put our employees on the private insurance market because at least with a group plan, they were all covered at no cost to themselves for premiums.
Back to top

amother
Mistyrose


 

Post Tue, Nov 21 2017, 2:47 pm
amother wrote:
you need to see a copy of the plan.


I'm looking at it now.
What am I looking for?
Back to top

amother
Mistyrose


 

Post Tue, Nov 21 2017, 2:50 pm
Amarante wrote:
Highly unlikely that you can buy on the marketplace with subsidies.

Affordable under the AHCA doesn’t mean that it’s what you find affordable. In many cases, it’s much more expensive because the spouse and children do not receive any employer subsidy and premiums can therefore be huge. It’s an issue that should have been fixed but that’s a different story.

So if your spouse has insurance through his or her employee you are not eligible for any subsidy by buying through the marketplace.

Of course, there is nothing to prevent people from not accurately stating information but I would never mess around with the IRS especially with stuff that they have computer records of like reports from employers which are easy to match.

That even crummy employer health insurance is a disqualified is why I recommended that my condo drop health insurance and raise salaries to cover premiums employees obtained themselves. It was win win because our employees got better and cheaper insurance for themselves and families and my HOA didn’t feel guilty about providing terrible insurance and was spending exactly what it would have if it had gotten the insurance for their employees. Prior to obsmacare, we would never have put our employees on the private insurance market because at least with a group plan, they were all covered at no cost to themselves for premiums.


Op here... I'm not the one who made the comment abt affordable..
I would not report inaccurately, that's not my question..
My question is if there is any way I can get it anyway (because like you said it's not affordable once u add the family to the picture- actually it's really not affordable either way lol)
Back to top

Mommyg8




 
 
    
 

Post Tue, Nov 21 2017, 2:50 pm
Amarante, thank you for pointing this out. Those of us whose employers offer crummy insurance are in the worst place right now, insurance wise.
Back to top
Page 1 of 1 Recent Topics




Post new topic   Reply to topic    Forum -> Household Management -> Finances

Related Topics Replies Last Post
Tottini Credit 0 Tue, Mar 26 2024, 8:14 pm View last post
Tax minimization specialist? In NY area?
by amother
0 Thu, Mar 14 2024, 11:47 am View last post
Recommendations for individual tax planner in Five Towns/FR
by amother
1 Wed, Mar 13 2024, 5:35 pm View last post
Iso good cpa for personal income tax
by amother
18 Wed, Mar 06 2024, 9:34 am View last post
Why didn’t we get the child tax credit?
by amother
32 Mon, Mar 04 2024, 5:03 pm View last post