This comes from Freerepublic from a freeper named Red Badger. It is but a taste of the horrors under Obamacare and shows that the system is designed to make you fail....
Okay, I've posted very few vanities during my time on FR, but this I
believe is important for all FReepers and their relatives, who may be in
the same situation.
I signed up for health insurance as required
under The Affordable Care Act, using the Healthcare.gov website in
November of 2014. Up until that time, my employer provided my family
health insurance at no cost to me, but because of the new law was unable
to continue doing so for financial reasons.
At that time, the
Healthcare.gov website, after having entered my base salary numbers and
my wife as sole dependent, informed me that I was eligible for a $1002
Per Month Advance Premium Tax Credit (APTC) as the 'subsidy' is called
My part of the premium to my insurance company, Blue Cross/Blue Shield, was $532 per month.
year 2015 was a good one for my employer, and I worked a lot of
overtime, evenings, Saturdays and even Sundays sometimes. Then, at the
end of the year I received a large bonus for all my efforts and good
Now, 2016 rolls around and I get my W-2 and received my
form 1095-A from the Healthcare Marketplace stating all the money paid
by the government to my insurance company and what premiums were paid in
I have no investments, other than my 401k Plan, and no
rental property or any pensions or such. My wife doesn't work and my
only income is from my job.
I get the IRS 1040A and start to fill
it out, expecting to pay some extra taxes, since the bonus would have
thrown the bi-weekly tax schedules used to determine your Income Taxes
during the year a little off.
Having had health insurance all year I did not expect to have to pay any more than that.
as I continued to fill out the 1040A, and subsequently the Form 8962
that you use to report the APTC on your tax return, I was in for the
biggest shock of my entire life.
Filling out the 8962 form, I
discovered that I was no longer eligible for the APTC because I had made
too much money during the year! According to the form, I had made more
than 4X the Federal Government's Poverty Level and therefore would not
be able to claim the APTC on my 1040A tax return.
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!
Needless to say, I was, and still am in shock! My wife is hysterical. She's afraid we'll lose the house and be out in prison!
We would have been BETTER OFF NOT HAVING ANY INSURANCE AT ALL for 2015!
The 'FINE', or 'MY FAIR SHARE' as they so ridiculously refer to it in the tax instructions, would have been less than $2000.
if anyone asks me what I think about OBAMACARE, I will unequivocally
tell them in no uncertain terms that it is the worst disaster ever
created for a working man in the middle class.....