More Disincentives to Work under ObamaCare
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Be careful you don’t fall off the ObamaCare “cliff” when the boss asks you to put in some overtime. Working more could ultimately mean thousands of dollars less for you under a quirk in the new health care law going into effect this fall. This could prompt some people to cut back on their hours to avoid losing money, says CNBC.
“Working more can actually leave you worse off,” the price-comparison site ValuePenguin.com notes in a new analysis. In that scenario, an individual or family whose annual income surpasses maximums set by the federal government (if only by $1) will totally lose subsidies available to buy health insurance under the Affordable Care Act (ACA).
Under a scenario that ValuePenguin.com identified, a couple in Ohio, both age 50, would be eligible for subsidies worth $3,452 to purchase a so-called silver insurance plan (a moderately priced level of benefits under the ACA’s scheme) that costs $9,346 annually if they made up to $62,040 per year. But if they made just $1 more than that, they would lose the subsidy.
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