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Financial advice in the Obamacare era: Better start thinking about ways to decrease your income

By Doug Powers  •  October 15, 2013 12:47 PM

**Written by Doug Powers

These pointers in the SF Chronicle will also be covered in the forthcoming book “Financial Advice in the Obamacare Era” in a chapter entitled “Pulling Yourself Down By Your Boot Straps”:

People whose 2014 income will be a little too high to get subsidized health insurance from Covered California next year should start thinking now about ways to lower it to increase their odds of getting the valuable tax subsidy.

“If they can adjust (their income), they should,” says Karen Pollitz, a senior fellow with the Kaiser Family Foundation. “It’s not cheating, it’s allowed.”

Under the Affordable Care Act, if your 2014 income is between 138 and 400 percent of poverty level for your household size, you can purchase health insurance on a state-run exchange (such as Covered California) and receive a federal tax subsidy to offset all or part of your premium.
For older people, getting below the 400 percent poverty limit could save many thousands of dollars per year.

I was going to ask if the Obamacare law provides funding to pay a bunch of demotivational speakers to encourage people to make less money, but that effect seems to be already built into the law. They thought of everything, didn’t they?

**Written by Doug Powers

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