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View Diary: One red state scrambles to set up its own Obamacare exchange (44 comments)

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  •  Info was directly from the exchange (4+ / 0-)

    and my tax preparer based on my taxable income.  

    And Yes ColoTim I will be getting subsidies.  Infact EVERONE who has a family of 4 and makes under $90,000 annually will be getting some subsidies in CT and for families of 4 making under $30,000 they'll be on Medicaid.

    If you don't believe me you can check for yourself

    This is your world These are your people You can live for yourself today Or help build tomorrow for everyone -8.75, -8.00

    by DisNoir36 on Fri May 10, 2013 at 06:47:19 PM PDT

    [ Parent ]

    •  Hey, let's be fair, DN36--I most definitely did (0+ / 0-)

      not imply that you were not telling the truth.

      As a matter of fact, I said to Tim:

      . . . didn't mean to imply any negative connotations when I asked DisNoir36 if this was information directly from her Exchange.
      So now that that's understood, I was going on 'the mention of' you and a son (and looking at the situation from a family of two--not four).  Obviously, that would make a huge difference since a family can make a combined salary in the $90,000 plus range.

      BTW, I've read that the online calculators are not always accurate.  Now, I'm referring to those at various health news websites.  Not the ones at the actual state exchanges.  I've not visited them.

      The following information may explain this, since the calculators that I've used, never spelled out 'what income is.'

      I'm furnishing you this information because you mentioned going by preparer based 'taxable income.'  

      If by that you mean  mean AGI, or Adjusted Gross Income--and that is the income on which federal taxes are based--it is a different figure (potentially) from the figure that will be used to determine eligibility for subsidy.

      Here you go:

      . . . The ACA requires use of MODIFIED ADJUSTED GROSS INCOME (MAGI) instead of ADJUSTED GROSS INCOME for all determinations made by an Exchange including eligibility for Medicaid, except in certain cases.

      So, in this lesson, we’ll refer to annual income as MAGI.

      Modified Adjusted Gross Income (MAGI) is defined as 'Adjusted Gross Income' PLUS

      a) all tax exempt interest accrued or received in the taxable year;

      b) the non-taxable portion of Social Security benefits provided under Title II of the Social Security Act which includes old-age benefits, disability benefits, spousal benefits, child benefits, survivor benefits and parental benefits;

      c) tier 1 Railroad Retirement benefits that are not included in gross income; and

      d) the exclusion from gross income for citizens or residents living abroad.

      The adoption of MAGI, created by the ACA, is defined in a new section of the IRS code.

      Clearly, if none of these payments apply to you or any of your family members, hopefully the calculations that you've done will be accurate.

      I hope that all the exchanges will be as strong as yours sounds, in Connecticut.  Good luck!

      Mollie

      "Only he who can see the invisible, can do the impossible."-- Frank L. Gaines


      hiddennplainsight

      by musiccitymollie on Fri May 10, 2013 at 08:55:37 PM PDT

      [ Parent ]

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