Snails - Response on Threads Part 3

[AttyPops]

On the NY exchange, there is a question along the way that wants to know if 2014 income will be similar to 2012 (yes, 2012). I, of course, said "no".

There is then a series of questions about projected 2014 income. They followed the 1040 form pretty much re: all sources of income (taxable interest, capital gains, state refunds, etc etc etc etc etc). I just put in the applicable-in-2014 numbers from 2012, and used capital gains making up any difference to make the total exactly 16K.

They asked for no proof at all along the way. They HAVE proof because they DO have access to your 2012 information. Job income, unemployment income, and all the rest. But since I said "no" to "will 2014 be similar to 2012", it seemed to satisfy the system.

If you do the $16K thing, you will be eligible for "cost sharing"... and you NEED TO GO WITH SILVER to get ANY cost-sharing benefits.

Basically Bear,

That's the whole problem. I didn't make enough before to have to file. They KNOW that. So now I'm estimating at 11,500 to get insurance and hoping I make that much. If I don't make that I'll adjust it later (it said I can). So it also said more or less "just guess". If you click the "I don't know" box, it won't give discounts. If you un-click it and put in 11.5K it lets you in, accepts it, then demands proof (like a w2, or letter from employer, or whatever) but I haven't formed the business yet.

It's my problem. I should have formed the business and let it sit idle before this I guess. But the business doesn't have anything to do with it since it's a one-employee shop (but an LLC...I think it will be). So I don't have an employer yet (me) to write a letter for myself.

It's nasty because they want a proof for future prediction and are "checking" because of no recent history.

 

[FranC]

18 degrees and headed down to zero,mid week snow but a warm up is expected by weeks end. Hoping.............

 

[AttyPops]

Well, here's looking forward to the end of the week Fran!

Goodnight snail peeps!
See ya on the flip side.

 

[SilverBear]

... If I don't make that I'll adjust it later (it said I can)...

If I were you (and just take this FWIW)... I would adjust NOTHING mid-year. If you adjust it down too much, they may zap you into Medicaid. In my case, I made the estimate just enough to get me out of the Medicaid income level... on purpose. (My 16K would be your 11.5K, I assume.) Conversely, if you adjust it UP too much, you may no longer qualify for cost-sharing.

How do they want you to send "proof" so late in the game? Upload image files? Mail copies? Visit your local ACA office?

 

[FranC]

 

[AttyPops]

...snip...
How do they want you to send "proof" so late in the game? Upload image files? Mail copies? Visit your local ACA office?

You need to send the Marketplace proof of your yearly income for 2014. Examples of documents you can send include:
• Wages and tax statement (W-2)
• Pay stub
• Letter from employer
• Self-employment ledger
• Cost of living adjustment letter and other benefit verification notices
• Lease agreement
• Copy of a check paid to the household member
• Bank or investment fund statement
• Document or letter from Social Security Administration (SSA)
• Form SSA 1099 Social Security benefits statement
• Self-employed ledger
• Letter from government agency for unemployment benefits

These documents don’t necessarily need to be dated for 2014. For example, you can provide recent pay stubs if you don’t expect your income to change in 2014. If you expect your income to go up or down in 2014, you can provide other documents, like a document that states when contract work will end. If any of your income comes from freelance work, you can fill out a self-employment ledger that includes your expected income. If you do not provide documentation by the following date, your tax credit amount and lower copayments, coinsurance, and deductibles may end after: June 21, 2014

==========
Keep any original documents. Send a copy of one of the documents electronically to the Marketplace by logging into your Marketplace account, or mail them to:

address omitted for brevity

..................

 

[AttyPops]

If you google that 1st sentence ("You need to send the Marketplace proof of your yearly income for 2014") you get an interesting discussion by some insurance experts trying to help other clients:
Additional Requirement for a Subsidy

 

[AttyPops]

Basically it sounds like I can write a letter saying that since I'm an optimistic new business starter I made the estimate.
Now I have to get the business started. I was avoiding it due to not having a shipping-ready product yet (still prototyping). I don't need to have additional fees from non-active months (like monthly business checking account fees) yet.

Grrrrr.

But it takes time to get everything together and file all the paperwork, get ID's, do name searches, blah, blah, blah...so I should get started anyway.

There's several possible approaches.

It really looks like I should take the $95.00 hit and wait. It's less expensive that way. But I WANT insurance.

The insurance can't be offered from a one-person business. I'd have to have at least one other FTE employee to have the business offer the insurance to it's employees.

I've been looking to form a business for a few years, but the tech and me are just getting into synergy now (this is newer tech that I'm playing with...and app stores possibly too...that's fairly new too.) ISV's (Independent Software Vendors) often don't make a ton. But they make SOMETHING and it's a flexible schedule. Sometimes they get lucky and get "a hit". It's basically freelance software publishing, like being a freelance writer only nastier-techier.

 

[Stoneface]

Hellllllooooooo Snails!!! I'm alive!

I got home from work tonight and crashed for a few hours, so now I'm awake when all of you are asleep I will stop by later today, but thought I would stop by and say that I hope everyone is doing well. I didn't read back to see what I missed, so I hope it has only been good news.

 

[tiburonfirst]

hiya, stone! you have been missed good thing you're asleep now or i'd send you to the andaz to make sure my boy made it back from brooklyn alright - they had to trek all the way out there to peter luger's, no reservations to be had in manhattan when they needed them

 

[tiburonfirst]

atty - estimate and get it over with! you got till the end of june to mail in proof

f you do not provide documentation by the following date, your tax credit amount and lower copayments, coinsurance, and deductibles may end after: June 21, 2014

and not only that - it states ''may end''
who or what do you think is gonna match up thousands of slips of papers being sent in? the system is overwhelmed now. it can't even provide accurate data transfer of applications to the insurance companies, lol.

 

[tiburonfirst]

and with that said

good morning!

and a bit of good news - apparently the weather system is far enough east where we supposed to get only a dusting on tuesday
but darn cold for us one more time

 

[FranC]

 

[FranC]

Morning,Tib.

 

[tiburonfirst]

morning, frannie!

 

[FranC]

Forecast keeps changing on this stupid storm.

 

[tiburonfirst]

that's ok! i got high hopes it's the last one

 

[FranC]

Me too..........

 

[tiburonfirst]

then let's hope both of us are not daydreaming!

 

[CES]

Good morning Fran and Tibs

Welcome home Stone.