Obamacare idiocy: Work more hours, get less health insurance
The Oct. 1 kick-off date for Obamacare is rapidly approaching, and with each passing day, more Americans are finding out just how badly it is going to affect them and their families.
In recent weeks, for example, state after state has announced that insurance rates for residents are going to skyrocket; many insurance companies have said they won't participate in the health care exchanges called for under Obamacare; and employers have said they are cutting hours and jobs in order to keep their own health insurance costs down.
The more you make, the worse off you will be
Now, according to a new analysis, if you work more hours, you are going to get less in terms of Obamacare "benefits" - a revelation that, no doubt, will lead some workers to cut back on their extra time so they don't lose even more money.
"Working more can actually leave you worse off," the price-comparison site ValuePenguin.com said in its analysis.
"It's sort of an absurd scenario," Jonathan Wu, the site's co-founder, said. "It's something for people to be aware of."
In that scenario, an individual or family whose annual income surpasses maximums set by the federal government - if only by $1 - will totally lose subsidies available to buy health insurance under the Affordable Care Act.
The loss of those subsidies in some cases will mean that people potentially would have been better off financially if they had worked less during the year, Wu said. And they then would have to work significantly more to make up for the lost subsidy.