#3148218 - 02/01/13 12:27 PM
Obamacares effect on employer provided insurance??
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DMAG
4 Point
Registered: 11/13/10
Posts: 132
Loc: Bradley County, TN
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http://cnsnews.com/news/article/irs-cheapest-obamacare-plan-will-be-20000-family
I need help from you all to understand what will likely take place to the insurance that I currently have through my employer. I am 29, my wife is 25 and we pay $500 a month for insurance through my employer currently. The insurance used to be good, but now like everything else it is essentially equivalent to catastrophic insurance. My employer says that they pay $700 a month for me to have insurance, which of course is more than likely blown up for tax purposes. I understand that I will have to pay taxes on the total amount next year which will be equivalent to ($1200 a month for 12 months) roughly $14,400.
1. My first question is, does anybody know what percentage tax I will have to pay on this?
2. If I keep the insurance next year, will I have to pay the penalty for not being part of Obamacare or is the penalty for not having insurance at all?
3. I work for a large employer and I read that if they offer insurance, they will have to pay an amount per employee for providing medical insurance and if they dont they will have to pay a penalty for not providing insurance. Is this true? It seems that many employers will just drop insurance for their employees all together.
Sorry for all the questions, but I am already paying the max that I will pay and if the percent is high, this means I will have to pay $6000 for medical insurance at least next year as it goes up every year AND taxes on $14,400. This will be insane!!! I have read till my eyes are watering and havent been able to find a straight answer.
Thanks for your help!!!!!!!
Edited by DMAG (02/01/13 12:29 PM)
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#3148259 - 02/01/13 01:00 PM
Re: Obamacares effect on employer provided insurance??
[Re: DMAG]
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AT Hiker
4 Point
Registered: 07/03/11
Posts: 301
Loc: Clarksville, Tennessee
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Honestly, I do not think anyone knows the answer. If your questions are answered true, then we are screwed! FYI...we had to pay tax on $8,000 because thats what our employer said they paid towards our health care. Complete BS I think.
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#3148358 - 02/01/13 02:47 PM
Re: Obamacares effect on employer provided insurance??
[Re: DMAG]
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LSUtigers
8 Point
Registered: 07/21/10
Posts: 1089
Loc: tn
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It should not be anymore than your tax rate at that time; except for what will be taken out of your check. It sound god it is probably untrue. I am NOT an Obummer supporter by the way.
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#3148444 - 02/01/13 04:27 PM
Re: Obamacares effect on employer provided insurance??
[Re: LSUtigers]
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DMAG
4 Point
Registered: 11/13/10
Posts: 132
Loc: Bradley County, TN
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Man we already pay an arm and a leg for insurance that is decent at best. I hate to even think that it will get worse!
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#3148520 - 02/01/13 06:19 PM
Re: Obamacares effect on employer provided insurance??
[Re: DMAG]
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Stalkhunter
10 Point
Registered: 07/17/11
Posts: 2793
Loc: Knoxville TN
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Wait till entitlement babies have to pay.riots will start. its not free
_________________________
Semper Fi
Time For the Old Devildogs to come out and fight
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#3148562 - 02/01/13 07:00 PM
Re: Obamacares effect on employer provided insurance??
[Re: Stalkhunter]
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DMAG
4 Point
Registered: 11/13/10
Posts: 132
Loc: Bradley County, TN
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Entitlement babies are the downfall of this country. I found another interesting site.
http://obamacarefacts.com/costof-obamacare.php
It seems to me that all he is trying to do get rid of all insurance, so that the American people have got to get insurance from the government. If the no such thing as pre-existing condition holds true, what will keep people from paying the penalty until they get cancer or have a heart attack?
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#3148580 - 02/01/13 07:16 PM
Re: Obamacares effect on employer provided insurance??
[Re: DMAG]
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Wildcat
Non-Typical
Registered: 06/10/00
Posts: 39097
Loc: Western Ky.
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Entitlement babies are the downfall of this country. I found another interesting site. http://obamacarefacts.com/costof-obamacare.phpIt seems to me that all he is trying to do get rid of all insurance, so that the American people have got to get insurance from the government. If the no such thing as pre-existing condition holds true, what will keep people from paying the penalty until they get cancer or have a heart attack?
That's what most people plan to do. The sad thing is they set it up that way, pay the penalty every year then when you get cancer enrol in ObamaCare and get a couple million dollars worth of treatment. Guess who picks up the bill. The FUTURE TAXPAYERS.
_________________________
A Government that does not trust its law abiding citizens to keep and bear arms, is itself unworthy of trust..... - James Madison
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#3148588 - 02/01/13 07:32 PM
Re: Obamacares effect on employer provided insurance??
[Re: Wildcat]
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huntinkev
6 Point
Registered: 11/23/06
Posts: 788
Loc: East Tenn
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well the first question say you make $50,000 now the $14,400 will be added onto that as income. so for tax purposes you now make $64,400 and have to pay taxes accordingly.
The second question: if I read the article right that a Bronze package from obamacare,that is the lowest qualifing obamacare insurance, will cost a family of four $20,000 a year by 2016 if your plan doesn't meet that then you will have to pay the $2,400 penalty on top of your insurance premium your paying and on top of having to add the premium your paying as taxable income. according to the IRS which is the agency that will be enforcing this.
Edited by huntinkev (02/01/13 07:35 PM)
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#3148607 - 02/01/13 07:41 PM
Re: Obamacares effect on employer provided insurance??
[Re: huntinkev]
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Stalkhunter
10 Point
Registered: 07/17/11
Posts: 2793
Loc: Knoxville TN
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why do you think there is such a push for the guns. I have cancer and pay my way now. what worries me more is they will say when your sick cant pay taxes guess what you die. no more health care.
Believe what you want agenda 21 is being slammed down on us
Edited by Stalkhunter (02/01/13 07:43 PM)
_________________________
Semper Fi
Time For the Old Devildogs to come out and fight
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#3148732 - 02/01/13 09:24 PM
Re: Obamacares effect on employer provided insurance??
[Re: Stalkhunter]
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DMAG
4 Point
Registered: 11/13/10
Posts: 132
Loc: Bradley County, TN
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After all the reading, it may be better to get insurance through say BCBS so that the increase in taxes may not be as large. I dont know, it may be the same with them. I checked for my wife and I and we can get standalone coverage for about 35 more dollars a month with the exact same coverage, not counting pregnancy of course. If it is cheaper to this and not have to pay taxes on this, it would be the way to go. So many dang questions that are just hovering in my head.
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