Millions of part-time U.S. workers may see their hours cut because of President Barack Obama’s health care overhaul, according to a recent study.
The 2010 Affordable Care Act will put some 2.3 million workers at the greatest risk of reduced hours, the February study found. That group represents roughly 1.8 percent of the workforce and consists of people who do not have insurance through their employer, work between 30 and 36 hours per week and earn incomes 400 percent below the federal poverty line for firms with 100 or more employees.
Who is eligible?
Subsidies aren’t just for the poor. The subsidy that Obamacare offers, given in the form of a tax credit, is meant to offset insurance costs to limit the percentage of income spent on insurance premiums. The subsidy phases out, though, when a person’s income exceeds 400 percent of a given year’s federal poverty level. In 2013, for instance, the FPL for a single-person household is $11,490, while the FPL for a four-person household is $23,550, according to the Office of Assistant Secretary for Planning and Evaluation.
A quick overview of the subsidy levels…
The percentage allowed will depend on one’s income bracket. For earnings up to 133 percent of the FPL, premium spending will be limited to 2 percent of income. For income between 200 percent and 250 percent of the FPL, spending will be limited to 6.3 percent of income. And for earnings between 350 percent of the FPL, spending will be capped at 9.5 percent of income.
View a more complete table of Federal Poverty levels for various size families which extend these tables to 400% of income under the Obamacare resoures tab of this blog.
As they say, read the whole thing. I’m going to link to this article on my resource page.
Congress wrote the law, the Director of Health and Human Services write the regulations, creating the Red Tape Tower.. No Keep It Simple Stupid anywhere in sight.
“While we have not locked in the timing, I expect that the House will vote on full repeal of Obamacare in the near future,” he wrote House members. The memo, dated Friday, May 3, was the May legislative agenda from Cantor.
I can’t imagine anything of consequence coming from this.
Get ready for the Internal Revenue Service to play a dominant role in health care. When Obamacare takes full effect next year, the agency will enforce most of the laws involved in the reform—even deciding who gets included in the health-care mandate.
“The impact of the IRS on health-care reform is huge,” said Paul Hamburger, a partner and employee benefits lawyer at Proskauer.
What’s not to like?
Last Monday night, Democrat Elizabeth Colbert Busch who faces off with Republican Mark Sanford at the polls for South Carolina’s First Congressional District on Tuesday called the law “extremely problematic” during a debate with Sanford and attempted to distance herself from it.
“Obamacare is extremely problematic, it is expensive, it is a $500 billion [higher] cost than we originally anticipated, it’s cutting into Medicare benefits and it’s having companies lay off their employees because they are worried about the cost of it. That is extremely problematic, it needs an enormous fix,” she noted in one report. But the worry doesn’t end there.
Well…. they made the bed.