ACA and The New Exchanges

[Nemont]

Ben,

When Atlas Shrugs then you will see a change.

Remember you are on small group, it will be at renewal when you have to move to a metallic plan and make sure that there are all the essential health benefits added, including dental and vision for all people age 19 and under.

You won't see a change until you renewal date. You may see a rate decrease based on your age and plan design.

Nemont

 

[tjones]

I don't come here to talk politics, but when I see falsehoods made, I have to correct them.

Looking at your posts, thats about ALL you do post.

 

[Ben Lamb]

I think my plan is in the aluminum category.

Need to sit down with my agent and see what's available, what's not. So long as I can write it off of my taxes, I'll be okay. Wish I could get the credit though.

 

[Nemont]

I think my plan is in the aluminum category.

Need to sit down with my agent and see what's available, what's not. So long as I can write it off of my taxes, I'll be okay. Wish I could get the credit though.

When the SHOP opens up you can get a 35% tax credit as the business owner of the small group for the money you pay toward the premium of your employees. Outside the SHOP you can still write off the premium you pay but can't get the tax credit.

Nemont

 

[Ben Lamb]

So essentially, as a small business owner, my tax burden will go down because of ACA, correct?

 

[BigRack]

So essentially, as a small business owner, my tax burden will go down because of ACA, correct?

Only if you pay your employees low wages.

 

[smarandr]

So essentially, as a small business owner, my tax burden will go down because of ACA, correct?

As with all tax questions, the answer is, "It depends."

http://www.irs.gov/uac/Small-Business-Health-Care-Tax-Credit-for-Small-Employers

 

[Ben Lamb]

Only if you pay your employees low wages.

I pay them what they're worth.

Which isn't much. They spend way too much time on hunting chat boards.

 

[Nemont]

Only if you pay your employees low wages.

Depends on whether an average of $50,000 in wages is considered "low". I bet there are many, many small closely held small business that don't average $50,000 in wages when spread across all the employees.

you are probably wondering: what IS an FTE. Basically, two half-time workers count as one FTE. That means 20 half-time employees are equivalent to 10 FTEs, which makes the number of FTEs 10, not 20.

Now let’s talk about average annual wages. Say you pay total wages of $200,000 and have 10 FTEs. To figure average annual wages you divide $200,000 by 10 — the number of FTEs — and the result is your average annual wage. The average annual wage would be $20,000.

That leaves a lot of flexibility for small employers to receive the tax credit in the exchange.

Your mileage may vary, I would talk to a certified exchange producer (your agent) and you accountant before you believe what is posted on an internet hunting forum.

Nemont

 

[BigRack]

Depends on whether an average of $50,000 in wages is considered "low". I bet there are many, many small closely held small business that don't average $50,000 in wages when spread across all the employees.



That leaves a lot of flexibility for small employers to receive the tax credit in the exchange.

Your mileage may vary, I would talk to a certified exchange producer (your agent) and you accountant before you believe what is posted on an internet hunting forum.

Nemont

You forgot to mention the caveats in your earlier post. I didn't want Ben to get the wrong impression.

You should probably tell Ben that he and his wife don't count as employees in the calculation and are not eligible for the credit.

 

[Ben Lamb]

You should probably tell Ben that he and his wife don't count as employees in the calculation and are not eligible for the credit.

We are employees of the corporation.

 

[BigRack]

We are employees of the corporation.

Owners don't qualify for the credit.

Sorry Ben.

 

[Ben Lamb]

Owners don't qualify for the credit.

Sorry Ben.

That's ok. We'll survive.

Even thrive. My accountant is very good at disinheriting the federal Treasury of my money.

 

[RobG]

I don't come here to talk politics, but when I see falsehoods made, I have to correct them.

Oh pulease. Most here just don't know or at best don't understand. You on the other hand obviously have the gift of knowledge. Unfortunately I see you doing nothing but using it to spread half truths ever since you started posting here.

 

[TLC]

Oh pulease. Most here just don't know or at best don't understand. You on the other hand obviously have the gift of knowledge. Unfortunately I see you doing nothing but using it to spread half truths ever since you started posting here.

what's the old saying about baffling with bullchit? give him an "E" for effort.

 

[noharleyyet]

Unfortunately I see you doing nothing but using it to spread half truths ever since you started posting here.

"If you like your health insurance, you can keep it." Barack Veritas Obama

Crickets....

Gotta love the selective indignancy.

 

[RobG]

"If you like your health insurance, you can keep it." Barack Veritas Obama

Crickets....

Gotta love the selective indignancy.

Ken - Thanks for the hypocrisy accusation. You don't know what you are talking about btw. I expect the sort of stuff you quoted from politicians because that is just what they do, and in some respects they have to do it. Thy all do it. If BigRack wants to operate at that level that is his problem; he can be alone on this board in earning my disrespect.

I have absolutely no problem with people (such as yourself) with different political opinions. As they say, that is just Thanksgiving dinner. We are all biased, often for good reasons, often out of ignorance. However it is obvious BigRack has a lot of knowledge about the topics he talks about, and when that knowledge overlaps with mine it is obvious he is intentionally spreading misinformation instead of being helpful. What a shame that is how he chooses to contribute here. We could all benefit from an honest assessment of the topics. He knows what I'm talking about. I don't need to cover this subject any more.

rg

 

[noharleyyet]

You're welcome....reciprocal condescension intended.

 

[BigRack]

Ken - Thanks for the hypocrisy accusation. You don't know what you are talking about btw. I expect the sort of stuff you quoted from politicians because that is just what they do, and in some respects they have to do it. Thy all do it. If BigRack wants to operate at that level that is his problem; he can be alone on this board in earning my disrespect.

I have absolutely no problem with people (such as yourself) with different political opinions. As they say, that is just Thanksgiving dinner. We are all biased, often for good reasons, often out of ignorance. However it is obvious BigRack has a lot of knowledge about the topics he talks about, and when that knowledge overlaps with mine it is obvious he is intentionally spreading misinformation instead of being helpful. What a shame that is how he chooses to contribute here. We could all benefit from an honest assessment of the topics. He knows what I'm talking about. I don't need to cover this subject any more.

rg

What misinformation am I spreading?

 

[RobG]

What misinformation am I spreading?

Let's just call them half truths that just confuse the issue.