General Discussion

Hoyt

(54,770 posts)

39. Tax Credits seem to work fine with ACA/Obamacare now. You don't have to wait until end of year

Sun Feb 19, 2017, 04:22 PM

Feb 2017

to use them. Now the GOPers will likely reduce the tax credit, that's where the problem will arise.

This is one explanation of how it works under Obamacare/ACA --

Advanced Premium Tax Credits

A tax credit can be paid in advanced to your insurer through the Marketplace. This is called an Advanced Premium Tax Credit. The amount paid to the insurer is the difference between your premium cap and the cost of the plan. You’ll see that number reflected when you compare marketplace plans.

NOTE: You can also choose to take only part of the tax credit in advance, or none of the tax credit in advance, and simply deduct the tax credit on your tax returns. If your unsure of your income this is the safest bet, even though it’s less fun than saving money up front.

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Can a smarter, more informed DUer explain how tax credits would work for healthcare? [View all] BannonsLiver Feb 2017 OP

WOULDN'T. elleng Feb 2017 #1

/end thread Ace Rothstein Feb 2017 #8

Not well. It would cost you. It's giving you coupons to use for maybe a discount. SharonAnn Feb 2017 #43

Tax credits are one of their more hilarious ideas Warpy Feb 2017 #2

It seems very flimflam BannonsLiver Feb 2017 #4

I heard it was a proposed "refundable tax credit" Yupster Feb 2017 #13

Oh, they know that tax credits won't come even close to covering the cost of insurance not fooled Feb 2017 #36

They also know that stupid people will hear "$50,000 tax credot!" Warpy Feb 2017 #42

Read a recent study saying that the average health insurance cost is $10k per person per year. SharonAnn Feb 2017 #44

And will double in a few years of no ACA Warpy Feb 2017 #45

I'll give it a try... Talk Is Cheap Feb 2017 #3

It's like getting a rebate. What good is a $15 rebate for a $1000 bill when you're short on money? KittyWampus Feb 2017 #5

If it's a refundable tax credit, you receive it even if you owe no taxes. subterranean Feb 2017 #6

The right in Washington live on fantasy island. sarcasmo Feb 2017 #12

And of course the wealthy get the biggest credits TexasBushwhacker Feb 2017 #16

I think they said it would be a flat credit, so everyone gets the same amount. subterranean Feb 2017 #17

It is unacceptable and a non-starter. Demsrule86 Feb 2017 #28

They won't. roamer65 Feb 2017 #7

Won't the reddest states likely be the ones most hurt by this block grant idea? Or am I Squinch Feb 2017 #10

The red states don't want to do so. Demsrule86 Feb 2017 #15

I agree, but as I see it, this is just the Republicans absolutely wanting to screw their base again. Squinch Feb 2017 #18

I have a niece in Georgia who has no health care of any sort...they are already Demsrule86 Feb 2017 #21

In the wealthiest country in the world. "Protect the unborn. Leave the BORN to die in the streets." Squinch Feb 2017 #22

Yes, my cousin died in a boating accident just before Obamacare was implemented. Demsrule86 Feb 2017 #23

Oh, God. I am so sorry. About both tragedies. To think that we had put this behind us and now Squinch Feb 2017 #24

Yeah...and in Georgia now...it is even worse. Demsrule86 Feb 2017 #25

You ever wonder why. If the baby is delivered, the ob/gyn, the hospital, the nurses all make money. LiberalArkie Feb 2017 #30

I don't understand this. Abortions cost money and those who provide them are paid. Squinch Feb 2017 #31

Different people, not the big corporate hospital. LiberalArkie Feb 2017 #37

Nationwide, the cost at health centers ranges from about $300 to $1,700 for abortion in the first LiberalArkie Feb 2017 #38

Oh, I see what you mean. I still think though that it goes back to wanting to keep the Squinch Feb 2017 #40

tax credits are more GOP "welfare" for those with money. eniwetok Feb 2017 #9

Tax credits only help people that have significant Blue_true Feb 2017 #11

That's only true if the tax credits are not "refundable". Refundable tax credits... PoliticAverse Feb 2017 #26

It would never work period and is a ruse by the evil ones who are ok with leaving 40 Demsrule86 Feb 2017 #14

Most likely it's somehow connected to their love of health savings accounts. Vinca Feb 2017 #19

For the love of all things holy Cosmocat Feb 2017 #20

this . . . n/t annabanana Feb 2017 #32

It's Ayn Rand time, of course. HassleCat Feb 2017 #27

folks living pay check to pay check would get a voucher crediting the payments they can't afford to mulsh Feb 2017 #29

You're describing a tax deduction not a tax credit taught_me_patience Feb 2017 #33

I think the idea is that the tax credit will fund the current year HSA taught_me_patience Feb 2017 #34

Unless they've advanced and hefty, they wouldn't work. moriah Feb 2017 #35

Tax Credits seem to work fine with ACA/Obamacare now. You don't have to wait until end of year Hoyt Feb 2017 #39

But that's not how it will work with the GOP's Obamacare replacement. subterranean Feb 2017 #41

As callous as GOPers are, they are not going to propose a tax credit for the poor that Hoyt Feb 2017 #46