Willis Report: Obamacare - New York News

Willis Report: Obamacare

Posted: Updated:
WASHINGTON, D.C. -

2014 promises to be a busy year for news that hits your wallet. The biggest consumer story this year – the rollout of Obamacare – has legs. Glitches, problems and out-right failures on the website have persisted. And, that means the government has had to delay deadlines for signup. Previously, Health and Human Services delayed the deadline for enrolling in coverage that starts Jan. 1 from Dec. 15 to Dec. 23. But now the agency has also made it clear that not only will shoppers have until Dec. 31 to pay their first month's premium, they are also encouraging insurers to allow people who sign up after the Dec. 23 deadline to start coverage as of Jan. 1. What's more, the Obama administration is also extending coverage under the health care law's state high-risk pool to the end of the year. That program covers about 84,000 people.

One way to find out what you might pay for Obamacare coverage and what sorts of subsidies you might be eligible for is to go to www.kff.org, where you can get details on coverage and costs.

Watch for more difficulties with the Obamacare program to emerge in the coming months. Health care experts say that the coverage of people under corporate plans will likely change late next year as companies get ready for more changes under Obamacare. Taxes on s-called Cadillac plans will likely result in higher costs for workers and less extensive coverage. We may see even more companies opt to put employees into parttime roles to get around Obamacare requirements.

Another big story that will play out next year, are tax changes. High earners and people with large portfolios will find their taxes rising dramatically next year. Experts say that high earners will find their taxes tipping 50 percent of their earnings in many parts of the country, not just the big cities on the coasts. If you earn more than $200,000 filing singly or $250,000 married, filing joint, you'll pay a new additional tax on earned income of 0.9 percent. If you earn above $400,000 as a single filer or $450,000 married filing jointly, you'll find yourself subject to a new income tax bracket of 39.6 percent. A new Medicare tax on investment income of 3.8 percent will also sting investors.

Cherished deductions, like mortgage interest, state income and sales taxes and home office deductions, are on phase-out schedules for high earners.

We'll also be keeping an eye on housing to determine whether rising mortgage rates puts the housing recovery on hold or simply fires up eager buyers.

In short, next year is shaping up as a complicated one for consumers and The Willis Report will be there every step of the way to help you figure out how you can negotiate these changes that impact your wallet.

  • Good Day ArchiveMore>>

  • Back to School Jamboree with Hosea Feed The Hungry

    Back to School Jamboree with Hosea Feed The Hungry

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

  • RECIPES: Exploring Fig & Flower

    RECIPES: Exploring Fig & Flower

    Tuesday, July 22 2014 9:21 AM EDT2014-07-22 13:21:33 GMT
    Fig Flower Atlanta natives Blair Wagoner and Sara Lamond are excited to announce the opening of their new eco-beauty bar and natural skincare boutique in Virginia Highland called “Fig Flower.”
    Fig Flower Atlanta natives Blair Wagoner and Sara Lamond are excited to announce the opening of their new eco-beauty bar and natural skincare boutique in Virginia Highland called “Fig Flower.”
  • Lab demonstrates hurricane impact test

    Lab demonstrates hurricane impact test

    Tuesday, July 22 2014 8:50 AM EDT2014-07-22 12:50:24 GMT
    Just more than a month into the Atlanta Hurricane Season, we've already seen one storm make landfall in the United States. And right now, work is happening in North Georgia to keep people safe from the next storm.
    Just more than a month into the Atlanta Hurricane Season, we've already seen one storm make landfall in the United States. And right now, work is happening in North Georgia to keep people safe from the next storm.
  • Local NewsLocal NewsMore>>

  • Whitewashed American flags raised at Brooklyn Bridge

    Whitewashed American flags raised at Brooklyn Bridge

    Tuesday, July 22 2014 11:07 AM EDT2014-07-22 15:07:16 GMT
    Police are responding to the Brooklyn Bridge where two whitewashed American flags have been raised. It is not clear who raised the flags or why. The American flags that are normally up at the bridge appear to have been removed. Several officers scaled the bridge and lowered one of the flags at about 11 a.m., reported the Associated Press.
    Police are responding to the Brooklyn Bridge where two whitewashed American flags have been raised. It is not clear who raised the flags or why. The American flags that are normally up at the bridge appear to have been removed. Several officers scaled the bridge and lowered one of the flags at about 11 a.m., reported the Associated Press.
  • Man helping turtle is attacked by dog

    Man helping turtle is attacked by dog

    Tuesday, July 22 2014 9:11 AM EDT2014-07-22 13:11:44 GMT
    A Hamden man has been mauled by a dog while trying to help a turtle cross a local road.
    A Hamden man has been mauled by a dog while trying to help a turtle cross a local road.
  • Polluted Gowanus Canal doesn't scare away neighborhood development

    Polluted Gowanus Canal doesn't scare away neighborhood development

    Tuesday, July 22 2014 8:57 AM EDT2014-07-22 12:57:02 GMT
    Every day, those who live and work in the Gowanus section of Brooklyn drive and bike and walk across their canal, growing a little more accustomed to but no less disgusted by its scent and appearance. Once the busiest canal in the United States, the Gowanus now bears the distinction as perhaps the most polluted body of water in the nation. No one knows exactly how polluted because few have summoned enough courage to dive into its murky depths to investigate.
    Every day, those who live and work in the Gowanus section of Brooklyn drive and bike and walk across their canal, growing a little more accustomed to but no less disgusted by its scent and appearance. Once the busiest canal in the United States, the Gowanus now bears the distinction as perhaps the most polluted body of water in the nation. No one knows exactly how polluted because few have summoned enough courage to dive into its murky depths to investigate.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices