Cash Settlement Insurance
cash settlement insurance
Health Insurance Plan Subsidies Based On Income, Not Assets
One of the most confusing aspects of healthcare reform is the creation and funding of subsidies. Low- and middle-income individuals will be given money to buy a health insurance plan in a highly regulated exchange market. These markets will be either statewide or regional–the latter encompassing states with smaller populations.
However, some people are unsure of their eligibility for subsidization. What money of theirs counts? According to the legislation, eligibility for subsidized health insurance will depend on a combination of sources. The sum is known as modified gross income.
Modified gross income includes the following sources of cash:
- wages from employment
- interest income/capital gains on investments
- alimony
- child support
Assets are not figured into the calculation. That makes the affordable health insurance subsidy different from other government programs intended to help the poor. For example, Medicaid requires an assets test: if you have too much in assets, you are not eligible for services. This is an understandable method of saving money on people who are not truly in need, as well as preventing fraud in the system. However, it can have some negative impact.
Those who have received cash settlements due to an accident or disability will still be able to take advantage of a subsidized individual or family health insurance plan, although there are some limitations. Any interest they earn on an investment of the sum will count towards their income. Since the subsidy takes effect in 2014, people in that situation may choose to adjust their investments accordingly.
About the Author
(Image: JMRosenfeld under CC 3.0)
Yamileth Medina is an up and coming expert on Affordable Health Insurance and Healthcare Reform. She aims to help people realize that they can find quality family health insurance right now. Yamileth lives in Miami, FL.
LAWYERS!! help me resolve this doubt I have about an insurance settlement.?
I was involved in an accident around May with my then boyfriend. well he called me today saying that i am receiving money because of the accident. The thing is we received chiropractic visits to fix a back ache that wasn’t even major in the first place so i stoped going to the visits. Anyway well he is telling me I need to fill out a 3 page Questionaire…he gives me no details but that his lawyers need my social security number an address plus questions. I frankly don’t trust my ex boyfriend at all.He has been involved in insurance frauds in the past and I am scared he is involving me in something illegal. What do you guys think about this? Should I trust him and actually sign the questionaire and receive the insurance settlement. I was also thinking that he might just want to use me and cash out the money. He knows alot of people at his local bank that do “favors” for him. HELP please…
At the very least, contact his lawyer. Ask him how it is that the attorney is representing you and getting you a settlement. There generally has to be a signed engagement letter. Ask to see that letter. Find out if your ex forged your signature. You may be entitled to the compensation and that lawyer may be doing his job, but generally the insurance company will pay the lawyer and the lawyer will disburse the funds to the client. Make sure the lawyer has your correct address and that his office knows to call you when the settlement funds come in.
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