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Does anybody know if the Obamacare subsidies come off of the front end or back end!

 
Anonymous Coward
User ID: 16292822
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11/09/2013 01:19 PM
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Does anybody know if the Obamacare subsidies come off of the front end or back end!
do I have to pay the full price up front and then get it back at the end of the year...? or do i get a lower price when I sign up?
Anonymous Coward
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11/09/2013 01:21 PM
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Re: Does anybody know if the Obamacare subsidies come off of the front end or back end!
The way California's exchange is setup, it appears that you get the subsidy upfront. But I am not positive. I was just getting quotes.
Exusiai

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11/09/2013 01:26 PM
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Re: Does anybody know if the Obamacare subsidies come off of the front end or back end!
The way I have come to understand it, you pay the full price throughout the year then receive the subsidy as a tax credit the next year.

So if you qualified for $8000 subsidy and paid in $10000 on health insurance, you'd have to wait til the following tax year to get that money.

Which poses a different question: Since this is a tax credit, can they increase leins on you to stop you from getting that money back? (Answer of course is Yes and They most likely will).
Anonymous Coward
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11/09/2013 01:31 PM
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Re: Does anybody know if the Obamacare subsidies come off of the front end or back end!
do I have to pay the full price up front and then get it back at the end of the year...? or do i get a lower price when I sign up?
 Quoting: Anonymous Coward 16292822


Tax credit. You pay your premiums all year and then get a tax credit.

For claims, the deductibles are high so you have to pay sll that before you get any benefit. You don't get subsidies for the deductible or copays. It is seeming like it is basically just catastrophic coverage.

Since they can't exclude preexisting conditions you are probably better off just waiting to sign up until you need it.
Anonymous Coward
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11/09/2013 01:33 PM
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Re: Does anybody know if the Obamacare subsidies come off of the front end or back end!
I just found this:
"When signing up for Obamacare, enrollees can apply for an advanced subsidy by estimating their income. Payments go directly to the insurer. Their subsidy level is then adjusted once they file a tax return with their actual income for the year, so in many cases they may have to repay some of the subsidy if they underestimated or get a refund if they thought they'd earn more than they actually did. "

So it appears that you will have a choice; get a subsidy upfront with an adjustment, if necessary, at tax time. or, wait until you file your tax return.





GLP