To Find out what’s In It!” So saith SanFranNan. Well, here’s another little nugget to to marvel over – a nice unintendent consequence of ObamaCare:
WASHINGTON — Older adults of the same age and income with similar medical histories would pay sharply different amounts for private health insurance due to what appears to be an unintended consequence of the new health care law.
Aware of the problem, the administration says it is exploring options to address a potential disparity that could mean added controversy for President Barack Obama’s health care overhaul. The law expands coverage to more than 30 million uninsured people and would require most Americans to carry insurance.
The glitch mainly affects older adults who are too young for a Medicare card but have reached 62, when people can qualify for early retirement from Social Security. Sixty-two is the most common age at which Americans start taking Social Security, although their monthly benefit is reduced.
As the health care law is now written, those who take early retirement would get a significant break on health insurance premiums. That’s because part or all of their Social Security benefits would not count as income in figuring out whether they can get federal subsidies to help pay for coverage until they become eligible for Medicare at 65.
If you turned a bunch of idiot loose with word processors you probably should not expect a final product that is cohevsive and well thought-through. ObamaCare examplifies the very worse tendencies on Capitol Hill when blinkered idealogue socialists who live high on the hog at tax payer expense turn over the work of rewriting the enitre US economy to a group opf 20-somethings who have never had a real job or real responisbilities in their lives.
I was thinking retirement planning was fairly straight-forward. This new wrinkle had upset my apple cart. It now means I need to weight whether it makes sense to work until I’m 67, or just cash it in early and take my ObamaBucks and run.
Of course, I will need to factor in whether those ObamaBucks are worth more that the Drachma (highly debatable at this point.)