Friday, March 28, 2014

New angle on ObamaCare

I overheard some accountants discussing their client's deductions over coffee at a local restaurant today.   It seems that since the Supreme Court has deemed ObamaCare (ACA) a tax, then the premiums are deductible.
I thought,what a joke...that will be that much more of taxpayer money goes into ObamaCare and that much less tax the government will collect.   The obvious conclusion is that eventually the government will be paying out much more (includes all of their budget) than they take and therefore will become bankrupt.   The dollar will then be worthless.
When I got home, I called my local IRS office to verify what I had heard.   I finally got through to a human and asked her if I could deduct my ACA premium from my taxes on myincome.
She said, " You may deduct the amount of premium that you paid.   You may only deduct the portion that you paid and not any subsidy.   You may also deduct any deductible and co-pay that you have paid out."

So, knowing this; it seems that everyone should buy the very best plan available and deduct the cost of that plan from their taxes...thus getting a platinum plan for less than the cost of the cheapest plan.
So let me see if I have this right:
I can deduct the cost of my plan
"     "       "       "     "    "  satisfying the deductible
"     "       "       "     "    "  out of pocket expenses
"     "       "       "     "    "  any co-pay
"     "       "       "     "    " any penalty for not getting ObamaCare
and obviously, since I'll have to give up my local doctor, the cost of travel to my newly assigned doctor.

Sounds like a pretty good deal to me...........assuming that I'm very ill.
The big question is, when the administration wakes up to see that this is costing them way more than they ever anticipated, where will they get the additional money from ?
They could raise the debt ceiling to borrow more
They could raise all of the tax rates
They could cut back on services offered to the elderly and chronic

They could just give everyone a "surcharge" when they got any medical attention
All in all...........this whole thing is a joke on the government as well as us................

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