Marketplace Insurance question (1 Viewer)

[prosopis]

My current insurance will not be available in 2017 through the marketplace. I am in Arizona and I guess the market place now consists of one insurance company that offers two plans for my family. Neither of which I can afford. I am not even sure what I am asking here. Am I just screwed?

My two options were $403.00 for a catastrophic plan or $858.00 for a not very good plan. In 2016 I was paying $297.00 for a not very good plan.

The $297.00 turned out to be unaffordable  and I was hoping to lower that cost by going to a catastrophic plan in 2017.

I just dont know what to do now.

 

[prosopis]

I am going back and forth with my insurance broker who says he has 200 family's in the same situation.

 

[prosopis]

I thought I was filling out a form for a quote from BCBS and it turned out to be a broker. Broker calls me and while we are talking she tells me I can get an exemption if I let one of my utility's get turned off.

uggggghhhhhhh

 

[prosopis]

The broker who called me also said the subsidy is based on taxable income and not gross income. My broker in Arizona who is a friends father has only asked for my gross income. Where can I find out if it is taxable income or gross? I dont really want to ask my friends father if he knows what he is doing. Much rather find out on my own and avoid hurting antones feelings.

 

[shadrap]

Serious answer, post in the "Obamacare: Obama Lied To You, to your Face!" thread, there's an insurance guy or two that post in there that may have some insight.

yes!  you will get help there.

 

[prosopis]

Serious answer, post in the "Obamacare: Obama Lied To You, to your Face!" thread, there's an insurance guy or two that post in there that may have some insight.

Thanks, I will do.

I was in there in the past and it really seemed like people just disagreeing with each other and not much help but I will try.

 

[facook]

It is taxable income prosopis, not gross.

I do insurance in Oregon and help hundreds of people every year with this, as far as credentials go.

 

[prosopis]

It is taxable income prosopis, not gross.

I do insurance in Oregon and help hundreds of people every year with this, as far as credentials go.

My broker just got back to me and says it is gross. Should I find a new broker? Sticky situation as it is a friends father.

 

[skol asylum]

A Google search found this...

https://www.healthcare.gov/income-and-household-information/income/

 

[prosopis]

A Google search found this...

https://www.healthcare.gov/income-and-household-information/income/

That looks like gross income to me?

 

[facook]

Without having you sitting in front of me and my computer and not knowing your individual situation it's a bit tricky.  Self employed use adjusted gross income. If you are not self employed and don't have business expenses, then your gross would be your taxable.  There is a space in the federal site (which is what I use) to deduct for things like child support payments and student loan interest.  At the very least, I'd recommend you get a second opinion from someone in Arizona.  The Arizona health department most likely has brokers/agents they recommend in your area as Oregon's does for me.

Feel free to pm me your income info (nothing private), and I can give you much better guidance.

 

[Tom Hagen]

It is taxable income prosopis, not gross.

I do insurance in Oregon and help hundreds of people every year with this, as far as credentials go.

It's based on modified adjusted gross income not taxable.  Taxable income is calculated after itemized deductions and personal exemptions. You don't get a larger subsidy for having a big mortgage interest deduction.

 

[facook]

It's based on modified adjusted gross income not taxable.  Taxable income is calculated after itemized deductions and personal exemptions. You don't get a larger subsidy for having a big mortgage interest deduction.

True.  I was thinking of self employed with expenses to get to MAGI.

 

[prosopis]

I have a regular job during the day and at night I have a second job. In my night job I am considered a self employed contractor? They do not take taxes and I get a form at the end of the year to do the taxes. I do not make much on my night job but it helps.

 

[facook]

I have a regular job during the day and at night I have a second job. In my night job I am considered a self employed contractor? They do not take taxes and I get a form at the end of the year to do the taxes. I do not make much on my night job but it helps.

You would use the gross (before taxes) income for the day job since you are an employee.  Night job, you will use modified adjusted gross income.  That means gross income less business expenses.  Let's say you are a contracted floor cleaner.  You gross $1000/month doing that, but you spend $400/month on cleaning chemicals and other supplies.  You can deduct the $400 of expenses and you'd use the $600 left over on the health ins app.  Therefore you'd be at gross income as employee plus $600 as contractor.  Does that make sense?  There are multiple lines to enter this on the application, and your broker SHOULD know how to walk you through this. If he doesn't, you need to use someone else.

 

[prosopis]

I have spent about 3 hrs and 4 phonecalls to the marketplace. I am trying to figure this out on my own. So far it is a disaster and the people at the marketplace are trying to help but they dont seem to be able to.

I have a 19 year old daughter who lives here. Should she be applying on her own or with the family?

She is college student and works part time.