ACA client assistance in deciding or stick to tax prep???

[easytax]

I have basically shied away from answering "insurance" questions as pertains to the ACA. Do any/many of you assist your tax clients in deciding what might work best fro them?

Again, I am "license shy" as I was licensed but gave it up years ago and wonder if, like practicing law without a license would make a lot of waves, if insurance "advice" might not be similar? Therefore --- how do you handle things such as these?

 

Below is an MSN article on how some people with mucho assets have structured their income to be able to receive the subsidies for Obamacare. Interesting that their doctor was instrumental in suggesting this ----- HOWEVER  ------ if the law allows ....            Even in "past lives" I have always believed that -- do NOT discredit the ones who use the system --BUT -- the system for allowing it to be done ---- FIX the SYSTEM!.   But then we go into politics and such, so stopping here.

   Here is the link to the article (Millionaires get subsidies for Obamacare):  http://www.msn.com/en-us/money/markets/these-millionaires-get-obamacare-subsidies/ar-BBoMdtG?li=BBnbfcL&ocid=U147DHP

 

[BulldogTom]

I read that article today and I thought the financial advisor - who was also a doctor - was brilliant.  I don't like ACA - and I make no bones about that.  I am not opposed to a universal health law, just this piece of crap legislation that we have now.  So when anyone can show the government how stupid their law is by taking advantage of it, good for them.  If Congress does not like the result they got....THEN THEY SHOULD HAVE READ THE LAW BEFORE THEY PASSED THE LAW!...or in the famous words of Speaker Nancy Pelosi "you gotta pass the law to find out what is in the law"...well I am sure she is really pleased to find out that millionaires are getting subsidized health insurance from her signature legislation.

Back to the strategy of "laddering bond payouts", I think that is a very good strategy.  That is the kind of financial advice that is tailored to the individual's needs and resources.  Even if it did not involve screwing Obamacare out of some insurance premiums, it is very well thought out and could work for a select group of individuals.

Tom
Newark, CA

[Jack from Ohio]

I have already been saddled with enforcing the government's insurance laws, with no option to refuse. 

I will not go anywhere near helping someone use the marketplace or deciding what insurance they should buy.

Too much exposure to people pushing blame on me for their bad choices, mistakes or intentional misdirection by entering incomplete or fraudulent data.

I have enough to do taking care of my clients' tax concerns.

I simply say NO.

[Terry D EA]

I am not an insurance  salesman either and if I am correct, it takes a license to be in that industry. Like Jack, I refuse to help anyone with the market place plans or options. Unfortunately we do have to be party to enforcing the ACA laws. I read the article and I agree, kudos, to the Dr. in the article for exposing some of the flaws in this garbage legislation.

[joanmcq]

I taught a class on the ACA, and part of it was ways to make sure you get the subsidy. For SE people, there are a lot of ways....on my 2015 return, to qualify I simply have to put $500 into an IRA. for wage earners, not so easy, but those people likely get insurance through their job.  

The article talked about people with a million or two of assets....well to retire I'd have to have about a million in retirement assets. 

As as for helping people get insurance...I tell them where to go to get it and the possible penalties if you don't have it. A couple days ago I finished a return and told the young lady that she qualified for MediCal, and should sign up before Jan. 31. She was grateful for the information. 

[Lion EA]

I don't have time, expertise, or the inclination to help clients with insurance issues, not to mention that CT has some tough laws as many insurance companies are headquartered here.  I suggest they find an insurance agent they are comfortable with who will search both private policies and the marketplace for them.  I also tell them there are trained Navigators to help them search the marketplace.