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They had another victim who despite living in a 5 million dollar house and sending his kids to expensive private schools, had no income, Healthcare.gov said his only option was Medicaid. This is absolutely true. He said his present policy was canceled.

#1 - If he has plenty of cash I'm sure there is a company that would sell him a plan.

#2 - The income verification on the site includes investment income. Stocks, CDs etc...

#3 - He could put some of that money, or convert from an existing IRA, into a Roth IRA. This money would be counted as income and even though he would pay taxes on it now, it would be tax free in the future.

3:59 PM PT: The chyron and thrust of the story was - the ACA destroying self-esteem and dignity.


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Comment Preferences

  •  Of Course (4+ / 0-)
    Recommended by:
    Linda1961, sunbro, Rogneid, OooSillyMe

    they would.  They don't want to understand that inequality exists or that people should do anything about it......  

  •  he has children in private school and he's old (3+ / 0-)
    Recommended by:
    sunbro, Rogneid, marykk

    enough for medicare?

  •  Links? Sounds improbable, even for Fox-- (2+ / 0-)
    Recommended by:
    sunbro, Miniaussiefan

    and that is a stretch.

    "There is just one way to save yourself, and that's to get together and work and fight for everybody." ---Woody Guthrie (quoted by Jim Hightower in The Progressive Populist April 1, 2012, p3)

    by CitizenJoe on Sat Nov 23, 2013 at 03:52:09 PM PST

  •  Faux News is like Ripley's... (3+ / 0-)

    "Believe It Or Nuts!"

    -4.75, -5.33 Cheney 10/05/04: "I have not suggested there is a connection between Iraq and 9/11."

    by sunbro on Sat Nov 23, 2013 at 03:57:13 PM PST

  •  Fools Paradise (0+ / 0-)

    Who tanked the economy and investments now at 0% return.  Republicans.  Who refused robust investments in economy, stimulus, Republicans.

    Ibis Exilis "The radical of one century is the conservative of the next. The radical invents the views. When he has worn them out, the conservative adopts them." Mark Twain

    by Ibis Exilis on Sun Nov 24, 2013 at 04:22:17 AM PST

  •  I tracked back the story in this diary to origin (1+ / 0-)
    Recommended by:
    LarryLK

    and it is, as you might imagine, a thoroughly incoherent mashup of poutrage and obliviousness.

    It begins here - with a piece in the WSJ, by Nicole Hopkins.

    In which Nicole opines that her mother is now going to be on Medicaid, but would have preferred to remain on a crappy catastrophic care policy. This is doubtless the source of the chyron of indignity.
    -- Her old premium was $276 dollars and was a stretch to cover
    -- Her new policy, offered at cancellation was going to be $432 - which she simply could not afford.
    Thus - you have a visit to healthcare.gov, and an offer of free, zero dollar Medicaid.
    -- This is declared an outrage, because Nicole's mother wants to pay - and freedom!

    So far, there is nothing in this narrative about millionaire Medicaid welfare kings and queens - as I am sure you might have noticed.

    This then gets "tied" together with those poor millionaires, by pretzel logic at (of course) Fox News:

    "The system will automatically sign them up for Medicaid, even if they don't want to be on Medicaid," says James Capretta of the Ethics and Public Policy Center. "That's what's happening. So a lot of people are getting signed up for Medicaid just by virtue of what their income is."

    A case in point is a Virginia family, who asked to remain anonymous, but who came to Fox News with documents that demonstrate an apparent absurdity with Medicaid selection.

    The father owns a $5 million house - entirely paid for. His kids attend expensive private schools. He owns three cars, but because he has earned his fortune and has stopped working , and his wife's new start-up business has yet to produce an income stream, he is considered by the Healthcare.gov website to have no income.

    The website put him on Medicaid.

    Now, what I suspect may be happening here is a classic AGI vs. MAGI misunderstanding.

    Consider.
    $5-Million house.
    Kids (unknown number but, well, plural) going to expensive schools, in Virginia - implies five figures per child, per annum.
    Now, unless this fellow intends to bleed down his fortune (already acquired) he is surely making that egg (nest or other) work for him - that means other income streams have to be coming into the family's hands: capital gains, interest income, income from real estate holdings, etc.

    All which count toward MAGI.

    Now, I may be wrong about that, but, even if I am there is nothing stopping this man from going outside the exchange to buy a (now ACA compliant) insurance policy for his family. It might cost him more, but given his sensitivity to accepting Medicaid (probably because of poorly characterizing his real MAGI) it would be a small price to pay.

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