Kevin Knauss: Health, History, Travel, Insurance
If we assume the individual collects Social Security for 20 years, they will receive $128,709 less with the lower income. The individual saved $64,230 on self-employment taxes with the lower income of 25 percent. However, in this scenario, the reduced income costs the individual over $60,000 in Social Security benefits if they retire at their full retirement age.
For decades, Medi-Cal has verified the income for applicants and renewing beneficiaries using federal and state databases. The process known as the Income and Eligibility Verification System (IEVS). The California Department of Health Care Services has provided county Medi-Cal offices with a reminder of the IEVS process in an All County Welfare Directors Letter, 25-16. […]
Medicare allows alternate cost structure designs. These designs must be as good as the standard cost structure. One alternate structure only has drugs in tiers 3, 4, 5 subject to the pharmacy deductible. Generic drugs, tiers 1 and 2, are not subject to any deductible. The plan member goes straight into a set copayment or coinsurance for the prescriptions.
What I had noticed was the Prologue gained 4 to 6 miles of range over night. Sunday night the range showed 89 miles. Monday morning it was at 96 miles. The temperatures were over 100 degrees during the day, and the cooling fan would run when we stopped the Prologue. I’m assuming that once the battery cools down, it can provide more drive energy and that shows up as a few extra miles when the battery cools off overnight.
The Roadmap report generates the Maximum Social Security income scenario. We can also enter other age-based claiming scenarios that are detailed within the report. In the sample below, Mick was born in 1963, and his spouse Diana was born in 1977. Because Mick and Diana have children, the analysis concluded that Mick and Diana would receive the largest lifetime Social Security income benefit if Mick filed at age 63 and Diana claims Social Security when she turns 62 in 2039.
If the enhanced subsidy lapses, and Covered California must return to the pre-2021 subsidy curve, the consumer responsibility for health insurance increases. For the individual estimating $50,000, based on 2025 federal poverty level, they are still 343 percent FPL, but the consumer responsibility percentage increases from 7.08 percent to 9.78 percent*. (*Consumer Responsibility from IRS 2020 form 8962 instructions.)
It was my physical interaction with the Prologue that sold me. The Prologue is 2 inches higher off the ground than the EV6 or Optiq. The ground clearance is in the Subaru Soltera (8.2 inches) range, another EV I considered, but the range was under 250 miles. It was easier for me to get in and out of the car. Behind the rear bench seat, I could visualize where all the luggage and gear could be situated.
When we extrapolate the savings to an annual basis, Plan N rates are $214 lower than Plan G by age 68. This means that at age 68, an individual could incur ten $20 office visit copayments during the year and still pay less than Plan G (annual premiums plus copayments.) The individual could also have two emergency visits at $50 and five office visits at $20 and still pay less money.
The next set of calculations are truly mind bending. The SSA has to bend your AIME into a Primary Insurance Amount (PIA.) The PIA is what you will receive at your Full Retirement Age, 67 if born in 1960 or later. The AIME is bent lower by a series of calculations using Bend Points. The specific Bend Points are from the year you turn 62.
The main takeaway is that the calculations for the ACA health insurance income estimates are separate from determining the tax on Social Security benefits. Specifically, all the Social Security income is included on the Covered California application as income, but only ½ is used for the combined income calculation of Social Security income taxes.
