Comments on: Health Care Reform: What’s In It for Me? http://thefinancebuff.com/health-care-reform-whats-in-it-for-me.html like a friend telling you about money ... Fri, 10 Feb 2012 17:31:35 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Ted http://thefinancebuff.com/health-care-reform-whats-in-it-for-me.html#comment-3700 Ted Mon, 29 Mar 2010 21:24:04 +0000 http://thefinancebuff.com/2010/03/health-care-reform-whats-in-it-for-me.html#comment-3700 I can confirm what Chuck said about pre-existing conditions. The old law was horribly unfair. I changed jobs a few years ago and the new one job was a very small business which did not offer coverage to my family. I bought a private plan and my wife and kids got a laundry list of things that were not covered. If I had got them covered by a group policy, they would have been 100% covered. Also it was terribly unfair (and non-competitory) that private insurance plans were not tax deductable when a group (employer) plan was tax deductible. I at least hope they fixed thse problems in the new law. Can't wait to find out all the easter eggs in the new law. /sarcasm I can confirm what Chuck said about pre-existing conditions. The old law was horribly unfair. I changed jobs a few years ago and the new one job was a very small business which did not offer coverage to my family.

I bought a private plan and my wife and kids got a laundry list of things that were not covered. If I had got them covered by a group policy, they would have been 100% covered.

Also it was terribly unfair (and non-competitory) that private insurance plans were not tax deductable when a group (employer) plan was tax deductible.

I at least hope they fixed thse problems in the new law.

Can’t wait to find out all the easter eggs in the new law. /sarcasm

]]> By: Chuck http://thefinancebuff.com/health-care-reform-whats-in-it-for-me.html#comment-3678 Chuck Wed, 24 Mar 2010 19:58:58 +0000 http://thefinancebuff.com/2010/03/health-care-reform-whats-in-it-for-me.html#comment-3678 "HIPAA has covered pre-existing conditions for nearly 15 years." This is quite a broad overstatement. Coverage of pre-existing conditions only applies to group insurance. For some reason HIPAA does not apply to private insurance for pre-existing conditions. This is a huge regulatory gap. Even if you maintain coverage, without a break, from group insurance to private insurance your pre-existing condition does not have to be covered. As I personally found out, private insurance companies generally deny coverage for pre-existing conditions as a rule. Currently I am lucky enough to have group insurance coverage again. However, needing to keep group insurance coverage has severally limited my career choices for the past few years. Overall I think the newly passed law will prove to be a boon to small businesses as the regulations become effective. “HIPAA has covered pre-existing conditions for nearly 15 years.” This is quite a broad overstatement. Coverage of pre-existing conditions only applies to group insurance. For some reason HIPAA does not apply to private insurance for pre-existing conditions. This is a huge regulatory gap. Even if you maintain coverage, without a break, from group insurance to private insurance your pre-existing condition does not have to be covered. As I personally found out, private insurance companies generally deny coverage for pre-existing conditions as a rule.

Currently I am lucky enough to have group insurance coverage again. However, needing to keep group insurance coverage has severally limited my career choices for the past few years. Overall I think the newly passed law will prove to be a boon to small businesses as the regulations become effective.

]]> By: TFB http://thefinancebuff.com/health-care-reform-whats-in-it-for-me.html#comment-3673 TFB Wed, 24 Mar 2010 13:36:01 +0000 http://thefinancebuff.com/2010/03/health-care-reform-whats-in-it-for-me.html#comment-3673 simplesimon - Seriously, no. I would be affected if the tax is on sunblocks. simplesimon – Seriously, no. I would be affected if the tax is on sunblocks.

]]> By: simplesimon http://thefinancebuff.com/health-care-reform-whats-in-it-for-me.html#comment-3672 simplesimon Wed, 24 Mar 2010 13:30:16 +0000 http://thefinancebuff.com/2010/03/health-care-reform-whats-in-it-for-me.html#comment-3672 TFB, you mean the 10% tax on using tanning salons doesn't apply to you!? =) TFB, you mean the 10% tax on using tanning salons doesn’t apply to you!? =)

]]> By: TFB http://thefinancebuff.com/health-care-reform-whats-in-it-for-me.html#comment-3670 TFB Wed, 24 Mar 2010 02:48:54 +0000 http://thefinancebuff.com/2010/03/health-care-reform-whats-in-it-for-me.html#comment-3670 Apparently it was someone mocking Mel about locking threads. It's nice to have your own blog and write about anything you want, isn't it? TFB rules here. This thread is not locked. Apparently it was someone mocking Mel about locking threads. It’s nice to have your own blog and write about anything you want, isn’t it?

TFB rules here. This thread is not locked.

]]> By: indexfundfan http://thefinancebuff.com/health-care-reform-whats-in-it-for-me.html#comment-3669 indexfundfan Wed, 24 Mar 2010 02:41:58 +0000 http://thefinancebuff.com/2010/03/health-care-reform-whats-in-it-for-me.html#comment-3669 What's with the previous comment "This discussion is not allowed here. I’m locking this thread." ?? I didn't know the moderation power of Bogleheads extends to TFB's blog! What’s with the previous comment “This discussion is not allowed here. I’m locking this thread.” ??

I didn’t know the moderation power of Bogleheads extends to TFB’s blog!

]]> By: Mel http://thefinancebuff.com/health-care-reform-whats-in-it-for-me.html#comment-3668 Mel Wed, 24 Mar 2010 02:28:40 +0000 http://thefinancebuff.com/2010/03/health-care-reform-whats-in-it-for-me.html#comment-3668 This discussion is not allowed here. I'm locking this thread. This discussion is not allowed here. I’m locking this thread.

]]> By: TFB http://thefinancebuff.com/health-care-reform-whats-in-it-for-me.html#comment-3667 TFB Wed, 24 Mar 2010 02:15:38 +0000 http://thefinancebuff.com/2010/03/health-care-reform-whats-in-it-for-me.html#comment-3667 indexfundfan - Ah, the AMT. I have not checked. Nor would it be a slam dunk to find out if I do check. It's conceivable that the 3.8% extra tax will just increase your regular income tax and if your AMT is still higher, your tax won't change. Right now I don't see any reason for this new tax to also increase your AMT. If I have to guess, I would say yes - you will be "shielded" if you pay AMT. It's not going in effect until 2013. Taxpayers have the next 2-1/2 years to find out. indexfundfan – Ah, the AMT. I have not checked. Nor would it be a slam dunk to find out if I do check. It’s conceivable that the 3.8% extra tax will just increase your regular income tax and if your AMT is still higher, your tax won’t change. Right now I don’t see any reason for this new tax to also increase your AMT. If I have to guess, I would say yes – you will be “shielded” if you pay AMT. It’s not going in effect until 2013. Taxpayers have the next 2-1/2 years to find out.

]]> By: indexfundfan http://thefinancebuff.com/health-care-reform-whats-in-it-for-me.html#comment-3666 indexfundfan Wed, 24 Mar 2010 01:16:57 +0000 http://thefinancebuff.com/2010/03/health-care-reform-whats-in-it-for-me.html#comment-3666 It is really shady that 200k/250k is NOT indexed to inflation while the penalty for not having insurance IS indexed for inflation. It's like "heads you win, tails I lose". Anyway, technically the 3.8% additional tax is applicable to my current income situation but I am not sure if it will affect me if I take AMT into account. Have you checked if AMT payers would "shield" current AMT payers from this new tax? It is really shady that 200k/250k is NOT indexed to inflation while the penalty for not having insurance IS indexed for inflation. It’s like “heads you win, tails I lose”.

Anyway, technically the 3.8% additional tax is applicable to my current income situation but I am not sure if it will affect me if I take AMT into account. Have you checked if AMT payers would “shield” current AMT payers from this new tax?

]]> By: Kelly http://thefinancebuff.com/health-care-reform-whats-in-it-for-me.html#comment-3660 Kelly Tue, 23 Mar 2010 22:57:19 +0000 http://thefinancebuff.com/2010/03/health-care-reform-whats-in-it-for-me.html#comment-3660 Yes, I was referring to COBRA with the reponse about insurance in-between jobs, and HIPPA would apply in cases you suggested, but I'm wondering how "normal" is that? Most low-wage earners or the chronically unemployed or under-employed are making up a larger and larger percent of the US population, and the chronically un- or under-insured patient makes up an even larger percent of US population that either needs or seeks healthcare, espcially if you factor in the elderly and Medicare. Federal and State governments are the payer source for over 50% of healthcare delivered in the US through Medicare, VA, Medicaid, and hospital tax districts, so in the end we all will pay more in taxes to cover these costs unless we do something either control costs or expand personal or work health insurance. Hopefully this bill will do just, but a lot more will need to be done... Sincerely, Maxing My 403b Yes, I was referring to COBRA with the reponse about insurance in-between jobs, and HIPPA would apply in cases you suggested, but I’m wondering how “normal” is that? Most low-wage earners or the chronically unemployed or under-employed are making up a larger and larger percent of the US population, and the chronically un- or under-insured patient makes up an even larger percent of US population that either needs or seeks healthcare, espcially if you factor in the elderly and Medicare.

Federal and State governments are the payer source for over 50% of healthcare delivered in the US through Medicare, VA, Medicaid, and hospital tax districts, so in the end we all will pay more in taxes to cover these costs unless we do something either control costs or expand personal or work health insurance. Hopefully this bill will do just, but a lot more will need to be done…

Sincerely,
Maxing My 403b

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