Plan now for your "free Obamacare" future

Good Article in NYTimes on 26-yr-olds losing coverage under their parents’ health insurance plan. (Obamacare required health insurers to cover adult children until age 25 on their parent’s plan)

One girl found her summer job as an intern pushed the family’s income just above the threshold where they lost 100% of the Obamacare subsidy.

Lot’s of times, working just isn’t worth it.

For 20-Somethings, a Confusing Rite of Passage: Finding Health Insurance
https://www.nytimes.com/2022/09/30/business/health-insurance-obamacare-young-adults.html

Mr. Persichitte teaches a volunteer income tax assistance class at the Metropolitan State University of Denver in which accounting students help prepare tax returns for people who have annual incomes of less than $57,000. A student in the class, Deborah Son, was able to use what she learned to help prepare her father’s 2021 tax return. When they prepared the return, the family, of Aurora, Colo., got an expensive surprise.

As a college student, Ms. Son, 25, had opted to stay on her father’s plan rather than pay extra for her university health insurance. That worked for a while — until the money she earned as an intern in 2021 increased her family’s income. With the extra income, they no longer qualified for subsidized coverage through the A.C.A., requiring them to pay an unexpected additional premium of $3,000.

[snip]

intercst

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Lots of perverse stuff in the tax code that discourages work.

Lots of perverse stuff in the tax code that discourages work.

[snip]

Absolutely! That’s why the poor and the middle-class need to behave like the patriotic wealthy in the “leisure class” and grab every tax dodge their eligible for.

intercst

Hey Intercst,

Not sure if you were aware, trying to be helpful here. If you want to include text from a post in a reply, you can now highlight (select) the text and hit the “Quote” icon that appears. Your new post will include the text and the original poster’s avatar. Like above.

Cheers!
'38Packard

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For sure. From a tax standpoint, you want to exit the workforce as soon as possible.

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Thank you. I’ll use that in the future.

intercst

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Thanks 38!
And, I learned that the quote is not part of the 20 characters.

1 Like