I'm thinking I actually like the Supreme's decision, re ACA

[ya-ta-hey]

Consider, starting next year, if you don't have health insurance, you pay a $95 penalt...er, tax, then 1% of your income thereafter. Even if that 1% is off your gross pay, that mean's I'll be paying about $1250 each year thereafter.

Now if your employer is like mine, and most are, I can cancel my employer's health coverage, and get about $4-5,000/year in lieu of the that benefit.

I figure I can pay about $3K for critical care insurance, pay my doctor directly for my 2-3 visits a year, and still come out about $1000/year ahead. (or if the critical care insurance is counted as insurance, that would be $2500/year by not paying the tax.)

Then, if I ever get sick, either go back on my employer's sponsered plan, or since I can't be denied coverage, just sign on to a health policy as needed.

Can you say "Sweet"?

 

[gabriel]

is your existing health care coverage presently taxed as a benefit?

 

[PhilFish]

i think this math will work well for a great many people.. especially in the early stages and once the exchanges are set up..

 

[ya-ta-hey]

Mr. Phil,

The only thing that won't work for me is one of the drugs I take, a mega dose of Niacin, is still under patent and costs about $2K/year, or about $120 on my health plan. Statins, and my high blood pressure meds are dirt cheap as generic. If I can find an inexpensive gap insurance that will pay for the latter drug, I'm seriously considering looking into my plan.

 

[ya-ta-hey]

Mr. Gabe,

No it is not, but that is another advantage, i.e., when they start taxing benis, I won't have that extra burden.

 

[gabriel]

and will the $4-5000 benefit in lieu be taxed as income?

 

[ya-ta-hey]

Mr. Gabe,

Way ahead of you. I intend on taking that and dumping it into my 401K to max out my catchup, so my tax burden will stay the same.

 

[gabriel]

but are you not maximizing your contributions already?

 

[PhilFish]

like a Niaspan? you could consider opting for the 3 month supply route... prepay...then drop... and come on again, if only to renew the Rx.... then drop...


no generic?

 

[ya-ta-hey]

Mr. Gabe,

Not my catchup. First I maxed out my employer contribution match, then my ROTH plus the over 50 catchup, then put in almost enough to max out my annual contributiion to the 401K. But every since I turned 50, I haven't been contributing to the 401K catchup

 

[PhilFish]

max out is some 16.5K.. though you can throw catch up contributions on top of that..

 

[gabriel]

so u dont! shame on you!

 

[ya-ta-hey]

Mr. Phil,

There is no generic for Niaspan, and it costs about $800 for a three month supply without insurance.

 

[PhilFish]

who said i dont?

 

[PhilFish]

right. i'm sayin..order the supply while insured.. drop for 3 then resume coverage as needed...

it could work.. :-0

 

[degsme]

Consider, starting next year, if you don't have health insurance, you pay a $95 penalt...er, tax, then 1% of your income thereafter. Even if that 1% is off your gross pay, that mean's I'll be paying about $1250 each year thereafter.

Now if your employer is like mine, and most are, I can cancel my employer's health coverage, and get about $4-5,000/year in lieu of the that benefit.

I figure I can pay about $3K for critical care insurance, pay my doctor directly for my 2-3 visits a year, and still come out about $1000/year ahead. (or if the critical care insurance is counted as insurance, that would be $2500/year by not paying the tax.)

Then, if I ever get sick, either go back on my employer's sponsered plan, or since I can't be denied coverage, just sign on to a health policy as needed.

Can you say "Sweet"?

Sure, and if you get in a car accident or a bike accident or fall and break a limb - you lose your house.

Such a SWEET DEAL.

 

[PhilFish]

how so? didnt you post elsewhere that the ER would serve as defacto coverage? maybe they could attach a lein..etc..

 

[gabriel]

if yoou already do then u dont have anymore room for that in lieu payment and must pay tax on it. please redo your calculation and get back to us.

 

[ya-ta-hey]

Mr. Phil,

There you go, but I suspect the insurance company will get a little leary if every three months, I enroll then two weeks later, cancel.

But who are they to say how I use Obamacare, right?

 

[Jen]

The best thing to do is take what IS and work with it. Looks like you've come up with a good plan.