Affordable Care Act penalty as a TN?

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So, for the 2015 tax year, the only insurance I will hold is Dental. I'm healthy, lead a healthy llifestyle, etc - I just hope and pray that a calamity doesn't happen to me this year. At any rate, at the end of the year, I will pay the penalty. My taxable income this year will likely stay at around 11/hr. I will talk to an expert, but I'd like your take on this. Will the percent that I owe be based off my annual income of the 11/hr rate? Is that fraudulent? I'm really making around 90k.

Your non-taxable is technically reimbursements. For some purposes, such as workers comp or for a housing loan, it can be considered compensation. But it will not show on your W-2s, and it is not generally considered as income. But you know, if your income is really just $22,000, buying insurance on the exchange may be less money than the penalty. It will certainly be cheap and affordable.

I pick up so much overtime at a much higher rate, so I can honestly say I do not know how much Taxable income I will make this year. Going with company insurance is definetely a no-go - very expensive. And I considered signing up for the ACA, but I just don't know what I'll make this year with the OT, and they want to know this info at sign up. I am worried that I will get a huge fine for only claiming, for example, that I made 22k when I'm making so much more. I worked with a traveler who was getting her BSN paid for by Govt because she was "only" making like 18k year as a TN on her W2, but she got an audit notice and I know she was nervous bc the Govt was footing her BSN completion and she was really making close to 100k. I feel like this is a similar situation. I hope I'm wrong.

Since when is overtime not taxable income?

Who said it wasn't taxable?

If I understand what I read in the news, if you had signed up for an exchange plan, and the amount you made changed, you would simply have to pay the difference in the changed subsidy.

But you know, if your total revenue is around 90K (it is probably closer to 100K if you simply make average travel nurse total compensation), you should be able to easily afford even unsubsidized insurance. Generally, most nurses are in that awkward income tier between lower paid people who get generous subsidies, and the much higher income ranges where there is no struggle at all to afford health insurance.

Yes, it may be cheaper to pay a penalty, but then you are risking paying a lot for something as simple as a gallbladder. A travel nurse friend of mine was billed $40,000 for an emergency cholecystectomy on assignment. He eventually negotiated it down to a more reasonable figure, but it killed his credit and it took him better part of 10 years to pay off. That's what the easy stuff will cost you. Somethings happen unpredictably to otherwise young healthy individuals that will bankrupt you and your family. One bit of good news from the increased coverage under ACA is that medical bankruptcies are down significantly.

Interesting, I got off the Subway around 10 min ago and slipped on black ice. I thought my wrist was possibly fractured. Possibly a sign? Hmm, maybe I should spend the next couple of weeks comparing plans. I have until feb 15th?

And yes, Ned, with OT, I am probably clearing 6 figures. I can afford to pay, but I find the more money I make, the cheaper I get. I am so focused on paying off my condo and helping my mom buy her Pella windows! But tonight's accident was a reminder that accidents do happen, even to intrepid nurses who think they are 37 going on 17....

If your wrist feels like it has been sprained, do get an xray soon! A fractured scaphoid feels just like a sprain but is a medical emergency due to poor circulation. I broke mine in a soccer game 10 years ago and delayed treatment for a couple of weeks. It is dead and 10 years later my wrist is still swollen, I presume that bone is being resorbed ever so slowly. It is good enough that I'm not going for a proximal row carpectomy, but it was an eye opener that something so small could be so important. I had three surgeries related to what seemed like a trivial sprain.

It's fine now :bored:

Well, as of March 1st I'll be covered with BCBS PPO. 239.00/mo, 6k deductible. All preventative is covered 100 percent which is probably all I need to see a doc for. Accidents and emergencies are my biggest concern. After my 6k deduct, everything is covered 100 percent, no limit. Now I have peace of mind :))

Getting insurance contracted prices is huge if you need blood work (even just titers perhaps) or imaging. A simple CBC is something like $3 with insurance and $200 without.

You are are getting a subsidized price, right?

Why should the Original poster get a subsidy? She states she makes 90K. Subsidies are for people who need them.

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