Politics & Current Events
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
vlagrl
This is from a post below:
I support parts of it. the pre existing thing ending, kids being covered until 26. I just don't approve of all the taxes (pork) that have been put into it. and no i don't qualify for medicaid, we make more than the limit. most importantly I don't approve the cap on flex spending at $2,500. the year we had DD, we were able to deduct about $5,500 in medical expenses out of our HSA, but now not so much.
What are you trying to say here? You do realize that FSA and HSA are different and the HSA contribution limit increased in 2013. It is above $5,500 for a family and would fully cover your DD cost assuming you had enough in the account.
What did you mean by the statement above?
Re: vlagrl
There was no limit on how much we could deduct in medical expenses before 2013. Now we can only deduct as much as $2,500. We could spend $10,000 in medical expenses (just picking a number) and would still only be allowed to ded $2,500 of it
sorry if i wasn't very clear about it, but i was talking about the tax part of it. luckily the year we spent that much we were allowed to deduct the whole amount off of our taxes which helped us not owe much
You can deduct medical expenses on Schedule A. You can only deduct the expenses in excess of 10% of your AGI.
just so you know, your 2012 income will be used to determine if you qualify for a federal subsidy for medical insurance when the state insurance exchanges open in the fall. So while you don't qualify for Medicaid, you qualify for the subsidy.
I think you need to see an accountant. You seem to be confusing Schedule A deductions, FSAs and HSAs. They are all different. I honestly can't figure out what you are trying to use.
I feel like you hate something that you don't understand or at the very least can't explain. The original post and follow up are just not correct regarding ACA.
There are 2 ways to deduct medical expenses and the best way is not on your actual tax form (1040), but thru an HSA account (for self employeed people). We do have a CPA, I can't imagine filling taxes without one.
But starting in 2013 there will be a $2,500 limit on your contributions.
The above is what annoys me.
The HSA does not have a $2500 limit in 2013. That is the minimum a deductible can be to be considered for a HSA. You can contribute up to $6450 under a family HSA. The contribution amount is higher than before ACA because it was adjusted for inflation.
Also, there are more than two ways to deduct medical expenses. To name three would be FSA, HSA and schedule A of a 1040.
You hate something that you are confused about. Based off what you have posted, you personally have not lost anything under ACA.
There is a limit on Flexible Spending Account contributions in 2013. Cafeteria Plans in the past have not had hard and fast rules on how much an employee can contribute, but this year they capped it.
Starting in 2013, there is a new cap of $2,500 on flexible spending accounts (FSA), which permit taxpayers to set aside tax-free dollars for medical expenses (eye glasses, orthodontic work, speech therapy, etc.) that aren't reimbursed. In future years, the $2,500 cap will increase by the annual inflation rate. You also can no longer use an FAA account to cover the cost of over-the-counter drugs unless prescribed by a doctor.
http://www.theday.com/article/20130125/NWS12/301259918/-1/NWS
Again, I don't hate the ACA. I just don't approve of something that has tons of taxes in it. While I do agree health care does need to be reformed, it just didn't need to be in this way. I wish they would have allowed people to buy insurance across state lines. That would have helped us out more.
also, did you hear how much more smokers will be paying for health insurance next year?
No, I didn't hear how much? I'm curious though.
no, I don't smoke and never did. But I was just thinking of those that do
read it today on yahoo
http://news.yahoo.com/penalty-could-keep-smokers-health-overhaul-205840155.html