SERVING THE QUANTITATIVE FINANCE COMMUNITY

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farmer
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Posts: 13477
Joined: December 16th, 2002, 7:09 am

obamacare is so stupid

August 20th, 2012, 4:09 am

I just read this about Obamacare:QuoteThe subsidies will cap the amount lower- and middle-income individuals and families will have to spend on health coverage, to 9.5 percent of household income for those at 400 percent of the federal poverty level and less for those at lower income levels. The subsidies will keep the cost of insurance coverage from the exchanges below what many employees now pay toward employer-sponsored coverage, especially for those whose earnings are less than 200 percent of the federal poverty level.People at low income levels don't have steady income. Consider a stripper who is a single mother, who also works as a promotional model in the summer - sometimes - and over Christmas - sometimes - and also lives with her sister for part of the year, and her parents another part of the year. This is a person who mostly does not even screw around the with tax filings. Except maybe to get a small refund when she works a promo model. But her sister has a real job as a receptionist. And now her sister wants to say her household income is lower, so she can pay less. It would take a tax accountant an entire day to figure out how much she should have paid for health insurance the previous year. And I assume that has to be moved somehow to 9.5% by her writing or getting a check at the end of the year? And then if her income drops in the middle of the year, so her price should go down, she is going to have to file some kind of tax thing in June? Wtf?My best guess is that it would be easiest for her to just quit any documented work. Her loss of income will be less than her decrease in health insurance and compliance costs. The moment she makes a dollar of FICA-taxed income, she and her sister both have to shell out for an accountant and/or for health insurance.
 
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farmer
Topic Author
Posts: 13477
Joined: December 16th, 2002, 7:09 am

obamacare is so stupid

August 20th, 2012, 4:24 am

I can't remember the last time I met a person who makes a constant weekly w2 salary or hourly income that is predictable six months in advance. It has to be a small percentage of people. People pay tax based on their income 3 1/2 months after the end of the year. It takes the whole year plus 3 1/2 months to figure out how much they made the previous year. Are they also going to get until April 15th of the following year to pay for health insurance for the previous year?I can see them getting a check or writing a check on April 15th to make up for any amount they overpaid or underpaid for health insurance the previous year. Except if people lose their jobs, or their variable income is lower than expected, they won't have the money to overpay. They will need to do something right away, e.g. file a tax form every month as their incomes change. And if their variable income is higher than expected, they won't have had their extra health cost withheld. They will spend all their money on beer, and they won't be able to write a check for the $500 they underpaid for health insurance the previous year before their incomes were known to be higher. So you will have millions of low-income people going on IRS payment plans, and then dropping out of the documented workforce to escape the compliance and other costs.
Last edited by farmer on August 19th, 2012, 10:00 pm, edited 1 time in total.
 
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tagoma
Posts: 18363
Joined: February 21st, 2010, 12:58 pm

obamacare is so stupid

August 25th, 2012, 4:28 pm

 
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ppauper
Posts: 70239
Joined: November 15th, 2001, 1:29 pm

obamacare is so stupid

July 9th, 2013, 5:04 pm

why are some people so selfish about organ donation ?
 
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tagoma
Posts: 18363
Joined: February 21st, 2010, 12:58 pm

obamacare is so stupid

July 9th, 2013, 6:12 pm

QuoteOriginally posted by: ppauperwhy are some people so selfish about organ donation ?In France most of people donate their body to chefs according to my knowledge.
 
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farmer
Topic Author
Posts: 13477
Joined: December 16th, 2002, 7:09 am

obamacare is so stupid

October 10th, 2013, 11:48 am

From https://www.healthcare.gov/marketplace/ ... eresources['ffe.ee.myAccount.terminate.acknowledgementText'] = 'I have fully read and understand that I'm choosing to terminate coverage from this plan for any members in my household that are currently enrolled in this plan. I also understand that there may be tax implications from terminating a plan early.'; resources['ffe.ee.myAccount.registration.accountNotCreated.challengeQuestions.same'] = 'Two or more answers to your security questions were the same. You must provide different answers to each security question.'; resources['ffe.ee.myAccount.reportLifeChanges.examples'] = 'Here are some examples of the changes you should report:';From this I can conclude the average person is expected to1) understand the tax code,2) report his life changes to the government.edit: What if trackstar wants to edit her life changes after she reports them? Can she do that?
Last edited by farmer on October 9th, 2013, 10:00 pm, edited 1 time in total.
 
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katastrofa
Posts: 9455
Joined: August 16th, 2007, 5:36 am
Location: Alpha Centauri

obamacare is so stupid

October 10th, 2013, 12:05 pm

There would be no such problems if the US had a tax-funded system like the NHS.
 
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farmer
Topic Author
Posts: 13477
Joined: December 16th, 2002, 7:09 am

obamacare is so stupid

October 10th, 2013, 12:20 pm

QuoteOriginally posted by: katastrofaThere would be no such problems if the US had a tax-funded system like the NHS.Two government healthcare systems in one country at the same time? That seems like it would complicate things even more.Oh, wait, I see. You are simply saying we should get rid of Obamacare.
 
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katastrofa
Posts: 9455
Joined: August 16th, 2007, 5:36 am
Location: Alpha Centauri

obamacare is so stupid

October 10th, 2013, 1:36 pm

If you replace it with a single-payer, tax-funded system for everyone? Hell yes.
 
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Traden4Alpha
Posts: 23951
Joined: September 20th, 2002, 8:30 pm

obamacare is so stupid

October 10th, 2013, 1:49 pm

QuoteOriginally posted by: katastrofaIf you replace it with a single-payer, tax-funded system for everyone? Hell yes.That's great if you have a benevolent, omniscient single-payer and a homogeneous population of sheep.Otherwise.....
 
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katastrofa
Posts: 9455
Joined: August 16th, 2007, 5:36 am
Location: Alpha Centauri

obamacare is so stupid

October 10th, 2013, 2:56 pm

Works OK in the UK.
 
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Traden4Alpha
Posts: 23951
Joined: September 20th, 2002, 8:30 pm

obamacare is so stupid

October 10th, 2013, 3:10 pm

QuoteOriginally posted by: katastrofaWorks OK in the UK.Hmmmm... Then why has the UK government's own appointed overseer concluded that the country?s healthcare system is on the brink of collapse.Healthcare system, heal thyself!
Last edited by Traden4Alpha on October 9th, 2013, 10:00 pm, edited 1 time in total.
 
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daveangel
Posts: 17031
Joined: October 20th, 2003, 4:05 pm

obamacare is so stupid

October 10th, 2013, 3:14 pm

QuoteOriginally posted by: Traden4AlphaQuoteOriginally posted by: katastrofaWorks OK in the UK.Hmmmm... Then why has [l =the UK government's own appointed overseer concluded that the country?s healthcare system is on the brink of collapse]http://rt.com/news/uk-nhs-health-crisis-049/[/l].Healthcare system, heal thyself!really - you are quoting from RT ?
knowledge comes, wisdom lingers
 
User avatar
Traden4Alpha
Posts: 23951
Joined: September 20th, 2002, 8:30 pm

obamacare is so stupid

October 10th, 2013, 3:18 pm

QuoteOriginally posted by: daveangelQuoteOriginally posted by: Traden4AlphaQuoteOriginally posted by: katastrofaWorks OK in the UK.Hmmmm... Then why has the UK government's own appointed overseer concluded that the country?s healthcare system is on the brink of collapse.Healthcare system, heal thyself!really - you are quoting from RT ?Twas convenient, LOL! One could go straight to the half-dead horses mouth to see that over 1000 UK health services don't meet standards
Last edited by Traden4Alpha on October 9th, 2013, 10:00 pm, edited 1 time in total.
 
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Cuchulainn
Posts: 62626
Joined: July 16th, 2004, 7:38 am
Location: Amsterdam
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obamacare is so stupid

October 10th, 2013, 3:20 pm

QuoteOriginally posted by: Traden4AlphaQuoteOriginally posted by: katastrofaWorks OK in the UK.Hmmmm... Then why has [l =the UK government's own appointed overseer concluded that the country?s healthcare system is on the brink of collapse]http://rt.com/news/uk-nhs-health-crisis-049/[/l].Healthcare system, heal thyself!Even so, if true (which I don't believe) at least the rest of the country is doing OK.I would first worry about my own back yard That's a more serious issue for the USA.
Last edited by Cuchulainn on October 9th, 2013, 10:00 pm, edited 1 time in total.
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