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In case you haven't heard, credit reporting agency Equifax recently "experienced" a rather substantial security breach, affecting at least 143 million of its, well, "customers:"

"Equifax said data on 143 million U.S. customers was obtained in a breach (which) occurred on July 29."

So kudos for the quick alert.

Oh, wait.

Adding insult to injury, it also appears that at least a few of the company's execs decided to exercise some stock options just before they let the rest of us know.

Purely a coincidence, I'm sure.

The good news (for certain values of "good") is that the company is offering no-cost credit monitoring for those of us affected by the breach.

Not sure whether this applies to you?

Well, just click here to determine if you're at risk, and to be automagically signed up for the free monitoring.

For actual protection, though, you may want to consider enrolling in LifeLock. And IB readers get a special 10% discount for doing so.

Sweet.

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Insurance Tips and trik auto insurance, auto insurance quotes, auto insurance companies, auto insurance florida, auto insurance quotes online, auto insurance america

Via co-blogger Bob V:

 "Retirement Plans Can Make Loans, Hardship Distributions to Victims of Hurricane Harvey"

The IRS [ed: ever notice how that spells "Theirs?"] says that "Participants in 401(k) plans, employees of public schools and tax-exempt organizations with 403(b) tax-sheltered annuities, as well as state and local government employees with 457(b) deferred-compensation plans may be eligible to take advantage of these streamlined loan procedures and liberalized hardship distribution rules."

So, if you're in Texas, prayers for you and yours, and here's some potentially good news. If you don't, but know someone who does, please pass this along.

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We've written before about ObamaPlan subsidy clawbacks:

"The IRS demanded John payback the subsidies he had already received ... In order to pay back what he owed John took out a 2nd mortgage on his home."

John may have gotten off lucky. Thanks to longtime FoIB Joe Kristan, we learn about the McGuires:

"In 2013, the McGuires had consulted with their state ACA exchange, Covered California which determined ... they were entitled to an advance premium assistance credit of $591 per month"

[ed: APAC/APTC = subsidy]

They dutifully took CC's word for it, and signed up for a plan with a $1,200 per month premium [ed: redefining the term "Affordable Care" in the process], but for which they were only responsible for about half. The other $600 came out of your and my pockets.

It's critical to remember that this whole kerfluffle took place in 2013, which, as regular readers will recall, was Open Season v1.0. So what came next should come as no surprise:

The family's fortunes took a turn for the better later in the year, when Mrs McG landed a job that paid her enough money that it kicked the family out of the subsidy eligibility pool. Which they would have known if they'd bothered to read their mail...

Oh, wait:

"Unfortunately the McGuires never received the letter ... during Covered California's first open enrollment period, Covered California was so busy that it was not uncommon that changes were not implemented."

Turns out, the family had moved, and had been trying - unsuccessfully, it turns out - to notify the rocket surgeons at their state's Exchange. Since that never happened, they never got their letter. The upshot of which is a rather hefty example of the aforementioned clawback:

"The IRS, of course, did know about the credit and ... determined that [The McGuires] did not qualify for the $7,092 credit and increased their tax liability by that amount.  As is routine the IRS threw in an accuracy penalty."

Because of course they did.

The McGuires of course protested, but to little avail. The bottom line is that, through no (apparent) fault of their own, they're going to have to repay the $7,092 credit (but the penalty was waived).

But that's not really the point of this post.

Hunh??

Well, it was important to lay out the facts,but those only get us so far ("necessary but not sufficient").

So, kudos to Mr Reilly for doing a great job explaining the who and when, and (to the extent possible) the why.

But I'm calling a flag on this play::

"I kind of object to the "Pay Back".  It implies that the McGuires received something." [emphasis added]

Um, Peter?

That's because they did; there's no "implication" about it. Plain and simple. No one "earns" a subsidy, they're "eligible" for it. They don't even have to take it. This is the very definition of "relying on the kindness of strangers:" they are tax dollars paid for by thee and me.

Or at least me.

'Nuff said.

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Two weeks ago, I woke up with a minor pain in my back, which rapidly got worse. I had a small kidney stone.

I went to the local ER, spent three excruciating hours(!) pacing the waiting room and finally got in to see someone.  One CAT scan and IV later, they sent me home…it was 3mm in size and below the threshold for further intervention. 

The bill submitted to Anthem…$24,985.  

And that’s not counting the ER doc, radiologist, urologist and whatever else is paid separately.  

Anthem won’t pay that much, but seriously…$25 THOUSAND DOLLARS???  I’m waiting for the EOB to see the contractual rate.

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Apparently, the folks at CMS aren't big IB fans, or at least they missed this memo:

"Due to the significant changes carriers have made to their compensation schedules (aka commissions), I don’t believe that I can continue to offer the kind of comprehensive service to which I, and you, have become accustomed."

To be fair, I did complete the (New! Improved! Streamlined!) training last year, and most likely will do so again this year, if only to keep open some options (and for blog fodder, of course).

But now I have an even stronger incentive to do so. The rocket surgeons piloting the Exchange are making me an offer I can't ... well, interesting if not enticing. Since I've been accredited since the beginning:

"Thank you for partnering with the Marketplace since the beginning! The Centers for Medicare & Medicaid Services (CMS) wants to recognize you for enrolling consumers since the Marketplace launched.Once you complete registration and training ... CMS will add a new, special designation next to your name on the Find Local Help tool ... This can help distinguish you from other agents and brokers and let consumers know you’re experienced"

How nice.

Oh, and what does this "special designation" look like?

This, apparently:

Underwhelming, no?

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Uh-oh. Looks like someone misspelled "3000% rate decrease:"

"Millions who buy health insurance brace for double-digit increases"

The article says that this most directly hits those of us who don't qualify for subsidies, but that's not really true: we end up paying it twice.

How's that, you ask?

Well, if we make enough not to qualify for a subsidy, then we're paying taxes, and thus subsidizing those who do qualify. Their rates are doubling, too - they just don't feel the pinch quite as bad.

Thanks to thee and me, of course.

[Hat Tip: FoIB tsrblke‏]

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As in Life Insurance Awareness Month:

Yikes! If you say that family is most important, why don't you protect them with life insurance? #LIAM17 http://pic.twitter.com/tNuZ0ZRlMp

— Life Happens (@lifehappens) August 31, 2017

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