Questions tagged [medicare]

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1answer
20 views

amending return from MFS to MFJ to reduce IRMAA Medicare surcharge

My wife and I filed separate returns in 2020 (MFS), because her situation was very complex (with some inheritance and such) and she wanted to have a CPA do it, and it was also one of these unusual ...
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0answers
28 views

Have a HDLC health insurance with a $4000 benefit going into a HSA. Just found out I am not eligible for the HSA. How to rectify

Did not know I was not eligible for HSA as I have had Medicare for several years. The $4000 dollars the company put into the account has been used as my wife had major surgery. There is a $3000 ...
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1answer
54 views

How significant is the tax penalty for HSA contributions for the 6 months prior to Medicare enrollment?

I qualify to enroll in Medicare in 2 months. I am learning about the 6 month look back period for HSA contributions. For the last 6 months, I and my employer together have contributed $1,200 to my HSA....
2
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2answers
164 views

Financial outcomes for a US adult over 65 without medicare

My father is in his 70's. He was a self-employed professional who never put away any money for retirement. He is now living on a rural property that he owns, but his only monetary assets would be his ...
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0answers
18 views

Reduction of US Medicare part B premiums available?

When I turned 65, my letter from Medicare had something about reducing the basic Medicare part B premium (currently $148.50) under low income conditions. Since I have V.A., I declined part B and paid ...
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1answer
70 views

Will my surgery bill be covered by Medicaid if I just started a new job?

I had a knee surgery while i was on medicaid. The hospital hasn't billed me for the surgery yet. I will start a new job soon. Will Medicaid still pay for that surgery?
3
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0answers
30 views

If I earn my 40th Social Security credit mid-year, is my Medicare Initial Enrolment Period when I earn the credit or when the credit is filed for?

I'm a doozy of an edge case. I'm above 65 and will become eligible for Medicare mid-year 2024, which is when I'll have earned my fortieth Social Security credit on Form 1040 Schedule C. (I won't have ...
2
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0answers
43 views

Do we have to pay deductibles on medicare and medicaid separately?

My fiancé has been seeing a PTSD therapist for about five weeks, paying out of pocket for the sessions until her medicare deductible was met so she would be covered. We just got a call from the ...
0
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1answer
49 views

F1- OPT - Resident Alien - Social Security and Medicare taxes in the USA

Please don't confuse it with answer here. Mine is not a duplicate question. If I am on F1 (non-immigrant student) visa and doing my OPT (1st year not the STEM extension) or I am a full time student (...
4
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0answers
73 views

What eventually happens when my Medicare premium is MORE than my Social Security benefit?

Most of my working life was not subject to Social Security taxes (yes, this can happen legitimately in the US), therefore my Social Security benefit is very modest. My Medicare premium is withheld ...
12
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1answer
144 views

How do I solve an accidental violation of Medicare's 6-Month look-back HSA contribution prohibition?

I'm 67 and worked past 65, not enrolling in SS, Medicare A or B. Therefore, I contributed to my corporate HSA through October 2020. I stopped contributing immediately when, upon my research, I heard ...
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5answers
4k views

What is the cost of health care in the US? [closed]

I was surprised to read articles about the cost of health care in the US. So, I became interested in this topic. My question; What is the cost of health care in the US? That would depend on the ...
1
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2answers
264 views

What kind of health insurance does the American public have and how do they benefit from it? [closed]

My question What kind of health insurance does the American public have and how do they benefit from it? I was surprised to read articles about the American health care system; this seems to be ...
4
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1answer
97 views

HSA and Medicare

I am 65 and was not planning to retire until 70. I am participating in high deductible healthcare at work and was contributing to a HSA until September 2020 when I was offered early retirement. The ...
4
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1answer
86 views

Social Security and other liabilities for foreign employers of US citizens working remotely

I have the following situation: I am a US citizen employed (or about to be employed, depending whom you ask) outside the US in a country that is currently under lockdown. I've asked permission to work ...
2
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1answer
53 views

When Would My Medicare Part B Coverage Begin?

I am over 65 and currently have Medicare Part A coverage, and am under my husband's GHP. He is leaving his job on 9/11/2020, at which time I will no longer be insured. If I sign up for Medicare Part B ...
4
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2answers
569 views

In the USA, do OASDI, Medicare, and Federal income taxes stack?

Or are they applied in sequence? (and if they are, what order are they applied in?) As an example, if an American individual makes $100,000.00 in wages in 2020, and that is their only income, are ...
2
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1answer
119 views

What happens when the Medicare deductions on one's Social Security (SS) check are larger than the SS benefit?

This is probably going to happen to me in 2021. For 2020, my net monthly SS benefit will be $8.00 (eight dollars). A little more IRMAA (income related monthly adjustment amount, which is a surcharge ...
2
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1answer
90 views

Income tax on Medicare premium paid by employer

We are a church in Texas. The pastor's contract with the church includes payment for health insurance for him and his family. The pastor's wife turned 65 this year and is now eligible for Medicare. ...
2
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1answer
103 views

Medicare Part A and a Health Savings Account (HSA)

I'm over 65, have a part-time job with a high-deductable health plan and a Health Savings Account (HSA). I want to take Social Security, which includes Medicare Part A automatically (retroactive for ...
3
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1answer
116 views

Medicare and living in Mexico

If a US citizen moves to Mexico, can he/she live in a town near the border, maintain his/her coverage of Medicare and come to the US for medical care? He/she would want his medical care to be paid for ...
7
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1answer
188 views

Can I defer starting Medicare if 65 and on COBRA after a lay-off? (HSA, COBRA, and Medicare)

I turned 65 in February, am still working full-time, and have medical insurance through my company that qualifies me to defer signing up for Medicare. I've been contributing the maximum to my HSA ...
7
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1answer
265 views

Paying for nursing home care: What is the relationship between Medicare and owned property?

This question is prompted by a comment in a question I asked previously regarding the finances of aging parents (assets include a small savings and some property). I will summarize the comment as ...
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1answer
290 views

Are 401k withdrawals included in income for Medicare premiums?

How do I report 401k withdrawals to Medicare if the IRS does not report it?
2
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2answers
132 views

Medicare penalty

I am 77 years old now and have never enrolled in Medicare because I have been fully insured through my husband's employment all these years. When he finally retires and I go on Medicare will I be ...
7
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1answer
335 views

HSA and Medicare: what if I get laid off?

I'm approaching 65; will continue working for a large company; will not be taking Social Security; have a high deductible insurance plan through my company which I will continue using (so will not ...
4
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1answer
140 views

Double dipping Medicare payments

I am 78 years old. I collect Social Security, and am on Medicare, and also work part time paying SS and Medicare premiums. Since Medicare is being deducted from my SS every month, can I get refunded ...
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1answer
70 views

Downside to W2 with base salary and allowance?

This is simply an example, so please bear with me. ExxonMobil (headquartered in TX) offers me a software development position as a W2 employee, with my total compensation being $5,000/month. They ...
2
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1answer
122 views

Medicare A for 5 years; how to now sign up for B

I started Medicare A in 2013 when I turned 65. In the years since, I have remained on my husband's employer group insurance, so did not need Medicare B. Although he still has this insurance, I would ...
2
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0answers
572 views

Social Security and Medicare taxes not withheld [duplicate]

I have been working with same employer in the US since the start of H-1B in 2016. I just noticed that my W2 shows no SS and Medicare paid by employer. Since I applied for a change of status from F1 ...
1
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1answer
660 views

Are Medicare Part B premium income tiers indexed for inflation?

I am looking at the following URL: https://www.medicare.gov/find-a-plan/staticpages/partb-premium.aspx# On this page, I see: Individuals with a MAGI above $107,000 up to $160,000 Married ...
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1answer
135 views

How likely is it for my Medicaid plan to approve a Prior Authorization?

I just enrolled in Medicaid, specifically the UnitedHealthCare Community Plan in New Jersey. Now most of the medications I'm currently taking are included in the Preferred Drug List, but there are a ...
8
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2answers
3k views

Why do I have to pay Medicare payroll deductions while I am retired if I am still working?

If I am retired for the last 5 years, and I have Medicare, why do I still have to pay Medicare payroll deductions if I continue working?
2
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0answers
274 views

How does Medicaid compare with private insurance on Healthcare.gov?

How Obamacare works is that if your income is sufficiently low, then you can get Medicaid. And if your income is too high to be eligible for Medicaid, then you'll get a Premium Tax Credit (aka the ...
2
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2answers
78 views

USA Health Insurance for Senior

I am US Citizen. A valid greencard holder lives with me. She immigrated to USA. I work and cover my family, not her (my mother in law). She is sweet lady and senior citizen, in relatively good health....
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1answer
599 views

If I had no income due to a net operating loss, will I be refunded the Social Security and Medicare taxes withheld?

I spoke to a CPA about my 2015 tax situation. I had a job in 2015, but I also had stock trading losses that exceeded the salary that I received from the job. The CPA said that I traded enough that ...
3
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1answer
101 views

what is the point of the part b late enrollment penalty?

Quoting https://www.medicare.gov/your-medicare-costs/part-b-costs/penalty/part-b-late-enrollment-penalty.html, In most cases, if you don't sign up for Part B when you're first eligible, you'll ...