My ACA is going up 82%

I'm sure the young people when Social Security started thought it was a ripoff too.

 

The reason they "couldn't afford" it was because they were too lazy to work or had their priorities aligned in such a way that there wasn't any money left in their budget for insurance.

Before this Obamacare crap passed, my individual policy (bought on my own through BC/BS) cost $65/month. As a young & healthy guy, it was everything I needed...INSURANCE to protect my assets in the unlikely event of a catastrophic injury or illness. $1750 deductible, then 80/20 up to $4750/year max out of pocket, then 100% covered to the $5M lifetime cap.

At the time, the company I was working for would pay $35/week if you weren't under their group plan. I COULD HAVE bought (on my own) the EXACT SAME BC/BS policy (same deductibles, co-pays, coverages, etc...) for $20/month LESS than the company would've paid me NOT to be insured through their group policy.

I dropped my grandfathered plan when the Obamacare fees to subsidize the lazy pushed my policy into the realm of stupid for the premiums. That and I got married and couldn't add my wife because it was not "Obamacare compliant".

Just priced some policies for me & the wife and they're in the $1000/month range, with a $6000 deductible which doubles "out of network"...and then you've still got to pay a percentage beyond that. May as well just keep the premiums in my bank account and pay cash out of pocket if/when medical issues arise for those ridiculous rates. There just isn't a very good ROI on that money spent on an insurance policy when you're basically going to be paying out of pocket anyway for pretty much everything that's going to likely occur.

 

I'm going to revamp my income take through my S Corp to 24k a year income plus non-taxed 12k a year per diem. That provides me with 36k a year income, but only 24k of it goes on line 7 of form 1040.

Then I'm planning on maximizing my retirement contributions on lines 28 & 32 in the amount $12,000 a year plus a $6,000 a year qualifying "catch up" provision. That's $18,000 a year.

Then I will write off 1/2 of my health care premium on line 29.

I will then wash out all other business profit through equipment purchases (depreciation) and paying forward on maintenance & other business related expenses.

By the time I'm done writing off all of my other personal deductions on Schedule A, I'm planning on not contributing one plug nickel of income tax to the feds or state, except for for my FICA & medicare tax portion on the 24k of W-2 income. Reality is that I will probably get money back.

I'm sick of it...

This government has choked out (via regulations & taxes) any incentive or ability of a small independent owner operator like myself to even reach a level of income that makes it worthwhile.

Not to mention the new ELD mandate which goes into December 2017. How about an asinine rule that allows us to only work 70 freaking hours in 8 full days!

Go too high on your income/profit and you're punished with punitive/progressive tax rates. I'm getting too old to even consider growing my business and adding trucks and drivers to my fleet with the hope of increasing my income to a level where it makes it worthwhile.

It's not as if my trucking business isn't already paying out the ying yang in other taxes. The FET on my new truck last December was like $12,000. Did I mention that I pay the state of Oregon 0.1639 cpm for every mile I run in this (my home) state?

How about the thousands in road taxes and other fees we pay?

It's a lot!...

We can easily live on 2k a month income plus 1k a month per diem.

When I compared what we qualify for under this scenario our (wife & I) premium for a Silver Plan is $48 a month with a $500 deductible and a $1,500 a year out of pocket maximum.

This is exactly what I plan to do and exactly what I mean by how our government leaders have disincentivized the populace in general.

 

no worries.

It's all gonna be fixed, tomarrow.........................................

 

Really, how's that?

 

Why not 100%?

 

And I was paying Blue Cross $1250 a month for a top shelf single plan..... That was taken away by the new rules .

Now I pay $911 a month for the best I can get ...

And I'm old and cranky....

 

Well, I kind of worded that incorrectly

Paying for healthcare premiums through the S corp gets a little convoluted in the way it's ultimately deducted. This descriptive explains the way it's treated for tax purposes:

Your deduction is limited to the amount of wages you are paid each year by your S corporation. You get the deduction whether you purchase your health insurance policy as an individual or have your S corporation obtain it. However, your S corporation must pay the premiums for you to get the deduction. Thus, if your purchase your policy yourself, you must have your S corporation reimburse you for the cost. If you choose the reimbursement option, be sure to submit your receipts to the corporation along with an expense report.


The amount of the premiums must be included in your employee wages on your annual Form W-2, and you must include the amount as wages on your Form 1040. Your S corporation deducts the amount as employee compensation on its own return.


You must pay income tax on the health insurance premium payments made by your S corporation. However, such payments are not subject to Social Security and Medicare taxes if (1) you’re the only employee of your S corporation, or (2) your corporation has other non-owner employees and provides them with health insurance. However, these taxes must be paid on the payments if your S corporation has non-owner employees, but does not provide them with health insurance. http://www.nolo.com/legal-encyclopedia/deducting-health-insurance-with-s-corporation.html

The reality for me is that the way I'm planning to handle this, the $48 a month premium isn't going to drastically effect my bottom line.

 

Scooter jones has figured it out too. I've been saying the same. Why go out and work so hard when u can have, in most cases, the same lifestyle by just cutting back on the income. The only way to stop the "free" programs is to overload them to the point they will have no choice but to fix them. I actually looked today at a policy and I can get a family plan for less than $20 a year. That's right I said less than $20 a year. If I make to much then I would just pay it all back in the form of insurance so why try anymore. I've looked at different jobs and the insurance is over $10,000 a year. Work smarter not harder. Lol

 

It kind of felt weird "thanking" the devil LOL.