For the family of a small business owner, the reduction of the MAGI because of the 20% deduction could drop any dependents under 18 years old into Medi-Cal. A family of four earning $70,000 makes all the household members eligible the tax credit subsidy through Covered California. If the family reduces their income by the 20% deduction, the new income is $56,000. That is below 266% of the federal poverty level for a family of four and all dependents 18 and younger are then deemed eligible for Medi-Cal.
31,493 tax returns – programming errors caused the IRS to incorrectly compute the allowable PTC amount. As a result, 16,375 taxpayers potentially received approximately $5.2 million more in the PTC than they were entitled to receive, and 15,118 returns potentially received approximately $6.7 million less in the PTC than they were entitled to receive. IRS management informed us that programing was updated on or before July 31, 2016. We will evaluate the IRS’s corrective action in our annual assessment of the 2017 Filing Season.
After an individual or family has been approved for a tax credit subsidy to lower their monthly health insurance premium Covered California gives them ninety days to verify their income. If the consumer doesn’t submit proof of income that Covered California accepts the applicant will either be reduced to Medi-Cal or have their tax credit […]
The Sacramento Bee has reported that the University of California, Davis has entered into a partnership with Beijing Genomics Institute (BGI), which is partially owned by the Chinese government, to provide operating space at its medical campus in Sacramento. It was reported that UCDavis had spent $8 million get the space ready for BGI. California should not be supporting a commercial venture partially owned by a foreign government.
California residents were invited to ask questions about the new Covered California health plans in a live chat held through Facebook this past Thursday. Ken Wood, Senior Advisor for Products, Marketing and Health Plan Relationships for Covered California, answered 47 questions over 90 minutes. While fourteen of the questions dealt with different aspects of the health plans being offered, the bulk of the questions focused on income requirements for the tax credits and coverage options for different family scenarios.
If we can create and maintain a national program to subsidize flood insurance for vacation homes, second homes and barns, we can certainly subsidize the health insurance for one of America’s greatest assets, our citizens.