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Tuesday, March 14, 2017

GUEST ARTICLE My life under Obamacare...

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 officially.
My part of the premium to my insurance company, Blue Cross/Blue Shield, was $532 per month.
The 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 work.
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 total.
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.
BUT, 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.
So, 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.....


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