From my prior post, you can see that my premiums will be around $600-$800 a month.
If I want to “socialize” that expense, how does it go down as my income goes down? Because NC voted to not expand Medicaid and I’m not eligible for it, for an income less than the poverty level (around $11,500) I would get no subsidy – the thought being if NC had expanded Medicaid, I would be covered and not use the exchange.
So here are the subsidy amounts based on my estimated income
Annual
Income Subsidy
$0 -> $0
$5000 -> $0
$10,000 -> $0
$15k -> $6,714 [bronze plan basically free]
$20k -> $5,992
$25k -> $5,285
$30k -> $4,502
$35k -> $3,689
$40k -> $3,214
$45k -> $0
Let’s say I return to being retired and have no earned income (for several years, my adjusted gross was negative due to paying my insurance)
If I lie and say I had $15000 in income when I don’t, I get a free health insurance. On $15k of income, the income tax is negligible as long as it isn’t taxed by social security.
I don’t think the IRS is set up to prosecute people who report income they didn’t earn. HPaws could send in a 1099 saying he paid me $15k, I sign the $15k check back to Hpaws, he gets the tax writeoff and I get free health insurance! It’s a good thing we’re honest people.
If HPaws can hire you off the EBT roles, then HPaws will find that much of his 1099 expense for you will be reimbursed from the government – at least for the first year or two.
Sweet!
It’s actually not a bad program. The government recognizes that people on the EBT rolls may have significantly worse than average job skills and need more training that the average recent high school grad….. so the idea is to allow the employer to pay less than the regular wage while the new employee takes home the full wage.
In theory, the employer will expect less from this employee during that time and be willing to provide more training than for a regular new employee.