Obamacare will raise costs for parents of special needs kids

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Obamacare will raise costs for parents of special needs kids.

Not even going to post a source for your claim?

The sentence is the link in my original post. Try clicking it.

Oops, sorry.

Changing a cap on FSA untaxed contributions from normally $5,000 to $2,500 isnt going to break anyone. And that's assuming they pay income taxes at all. Currently, as Republicans love to tout, 43% don't. For a family in a bracket that both paid taxes and had large special needs expenses it might cost them a few hundred dollars extra a year. And a working married couple can get around it by both claiming $2,500.

I have an HSA myself, which has similar limits and has always had them.

any motion short of outright nationalisation of the american health system will result in a two tier service.

You do realize that the costs of care for special needs children are entirely tax deductible, don't you? If they have large expenses for their children's care, it is quite possible that they will receive a higher tax refund than the amount of federal taxes paid.

And by the way, your source, Obamacare.net, has been repeatedly busted by fact checking organizations for distorting and/or fabricating the truth about the ACA, so I would look for some different sources.

Before Obamacare insurance companies had caps on the cost of care they will cover & they could also exclude coverage for preexisting conditions or having a history of high medical cost. So parents with special needs kids could now have an easier time finding insurance sense they won't be excluded due to the kids condition or medical cost & the insurance companies won't be able to suddenly stop paying because the cost reached a certain amount.

While there are tax credits that can result in more being paid out to a person or company than they took in, most tax credits are limited to the amount of taxes paid.

Are there special tax credits for special needs children? I thought that medical costs were only deductible for those parts that were in excess of some percentage of your yearly income.

I'm not aware of special tax credits for them & also thought medical cost were only tax deductible. Low income parents of special needs kids can qualify for SSI if their income is low enough & automatically qualify for state Medicaid. Or just Medicaid if their income is abit higher but have lots of medical cost. & there may be various other federal, state, & local services & groups to help out depending on various things like income, medical cost & the kids diognosis.

If you have special needs children that are going to be as expensive as those mentioned in the article, you will easily be in the category of full tax credit. Deductables are limited to the amount of federal taxes paid, but credits are applied after deductions, and have no connection to your deductions. If your deductions exceed you paid taxes, you are refunded all taxes paid, then you are refunded the total amount of tax credits after that. This is one of the loopholes that let some businesses pay no taxes and get a refund of millions of dollars. With even a poorly trained H&R block tax refund specialist, you should have no trouble finding plenty of tax credits if you have qualified expenses.

And of course those kids will grow up and need health insurance. Now they can get free Medicaid without any hassle where the expansion is accepted (and it will be everywhere eventually). Or very cheap exchange insurance if they can hold down some kind of job and get enough pay. And stay on their parents insurance to 26.

Some tax credits can result in refunds and some cannot. In the case of corporations, I think that very few tax credits can result in refunds, but they can often be carried forward to the next year.

From http://www.valueyourmoney.org/military-and-reserves/taxcredit.asp:The article goes on to provide some examples of nonrefundable tax credits and of refundable tax credits.