What Will You Pay Back under ObamaCare?

Health Care CashEarlier this month marked the deadline to verify income to avoid losing, or having to pay back federal health insurance subsidies under the Affordable Care Act (ACA or ObamaCare). 300,000 people are expected to be affected by this income verification problem, and will be paying back subsidies to the government.

The big problem? Most people are not aware that they received advance tax credits under ObamaCare, but they will still be responsible for paying the government back.

During the 2015 tax season, Americans will be expected to pay back any subsidies they received, for which they were not eligible.

Are you at risk?

People at risk of having to pay back subsidies include:

1. Those who obtained coverage on HealthCare.gov, and did not provide additional income information that melds with IRS data; and
2. Those whose income changed during the year, and who failed to update their information.

An additional 115,000 people may lose their existing coverage for failure to provide the required documents verifying citizenship or immigration status.

Note – the deadline applied only to applicants who purchased coverage on the federal marketplace. However, hundreds of thousands of additional people who got health coverage through state exchanges could also be receiving subsidies for which they are not eligible.

But what will this cost you?

Certain low earners may face limited repayments ranging from $300.00 to $2,500.00, but higher earners will have to pay back the subsidies in full.

If you fall into one of the above categories, you may be able to deduct some, or all, of the repayment from your 2015 tax refund. If you are not expecting a refund, or if your refund is not enough to cover the repayment, you can expect to write a check to the government.

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Choosing a Room in an Assisted Living Facility: What You Should Know

There is so much to think about when you are considering a move for you or your loved one to an Assisted Living Facility. One of the most important questions once you pick a facility is — “What type of room should you choose?”

Caucasian middle-aged daughter with elderly parents in retiremenHere are some things to think about when selecting a room:

  1. Involve Your Loved One:  This is going to be their new home for some time.  It will be very different than living in their home with a lot of space and all of their furniture and lifelong treasures.  The move is unlikely to be successful unless your loved one understands the choices and is involved in the decision making.
  2. Type of Room:  You should ask the facility what kinds of rooms are available. There are generally single rooms, rooms that have a roommate, single rooms that share a bathroom and/or a kitchen, or larger rooms that have one resident but the room has both a bedroom, kitchen, and a living room area.  Each facility varies on the type of rooms in the facility and what is available at the time of the move in.
  3. Cost:  One of the main questions to ask is the cost of each type of room.  Although your loved one may want a large single room, it may be cost prohibitive. Often, your loved one may start off thinking they want a single room but actually end up loving having a roommate as they have some company. Everyone is different.
  4. Roommates:  If you are considering a roommate, make sure you inquire about the medical condition of the person to determine if their medical or other needs may disturb your loved one.  For example, if the roommate requires help going to the bathroom and has to go frequently, this may disturb your loved one’s rest.  The roommate may talk a lot and your loved one may need some quiet.  You need to make sure there is a good “fit.”
  5. Furniture:  Once you have chosen a room, you should talk to your loved one about what furniture they would like to bring from their home. The facility may offer to provide furniture for the room.  If possible, you should try to bring at least a few “important” pieces of furniture from your loved one’s home. The Assisted Living facility will be new and unfamiliar. Often your loved one is apprehensive about moving.  Having the room look and feel as much like home as possible will really help with  the transition.
  6. Location:  You should look where the room is located within the facility.  If your loved one needs a lot of assistance or has many medical needs, you might want to choose a room that is close to the staff desk or the nurses station.  If, however, your loved one does not like a lot of noise, you may want to pick a room that is located away from the main hallways or staff stations.

All of these considerations are important to make a smooth transition to the Assisted Living Facility.  The more you can visit the facility during different hours of the day and on weekdays and weekends — you will get a better idea about which room is best.  Spending time with other residents at different times of day will give you more information when you need to make a selection.

You should also confirm that if your loved one does not like the room they have selected for whatever reason that they can move, at no charge. Make sure you get this in writing from the facility. Preparation and planning will ensure that your move to an Assisted Living facility is successful.

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