Are medicare supplement insurance payments tax deductible?
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Answer . \nMore than likely you can not afford not to have it! Check it out closely with a reputable agent! 4lifeguild
If you already have Medicare Part A and are enrolled in Medicare Part B, you can get a Medicare Supplement. When it comes to having insurance at work, take a look page 16 in the 2009 Medigap Book:. http://www.medicare.gov/Publications/Pubs/pdf/02110.pdf
Answer . Well...not exactly. (And as an aside, the medical benefit given to you when you were an employee wasn't taxable). Medical costs, including health insurance (which is what COBRA is) are only deductible to the amount they exceed a fairly large (I believe its 7.5% ) of adjusted gross inc…ome. NOTE: Some States have a much lower threshold for their income tax. (MORE)
If the COLA is on something, like a contract wage, that was FICA taxable, then yes. The FICA taxableness is based on what the payment is actually for...not how it's calculated (which is what the COLA does).
No they are not or the death benefit would be taxable.. Since you said mortgage insurance I am assuming that you mean PMI or Private mortage insurance and not mortgage life insurance. Yes, mortgage insurance is tax deductible as of 2007. You can see the amount of PMI paid for the year on the fina…l escrow statement that your mortgage lender sends you in December or January. (MORE)
Answer . Most non-reoccuring closing costs can be deductible on your taxes. Check with your accountant or tax preparer for detailed information.
Are COBRA premium payments for dental insurance an allowable medical expense deduction for tax purposes?
Yes. However, remember that the typical taxpayer has to reach a threshhold of about 7.5% of their adjusted gross income before they can deduct any medical expenses. Check with a tax accountant for your specific situation.
This is directly from the Medicare and You 2009 Book:. When you have other insurance, there are rules that decide whether Medicare or your other insurance pays first. The insurance that pays first is called the "primary payer" and pays up to the limits of its coverage. The one that pays second, cal…led the "secondary payer," only pays if it covers any of the costs left uncovered by the primary coverage.. If you have other insurance, tell your doctor, hospital, and pharmacy so your bills get paid correctly. If you have questions about who pays first, or you need to update your other insurance information, call Medicare's Coordination of Benefits Contractor at 1-800-999-1118. TTY users should call 1-800-318-8782.. You can view the details here:. http://www.medicare.gov/Publications/Pubs/pdf/10050.pdf (MORE)
check your states department of insurance website for a full list of companies, and of course there are usually medicare advantage plans that are much more affordable for those on disability and medicare. or call your local agent, but don't assume he knows everything about every company. your state …DOI website will have the information you need (MORE)
If you are on Medicare due to disability or End Stage Renal Disease(is this the reason you have Medicare under age 65?), you will need to look into a Medicare Advantage Plan instead of a Medicare Supplement also called Medigap.. This is what Medicare says:. If you are a person with Medicare under …age 65 and have a disability or ESRD, you might not be able to buy the Medigap (also called "Medicare Supplement Insurance") policy you want, or any Medigap policy, until you turn age 65. Federal law doesn't require insurance companies to sell Medigap policies to people under age 65. However, some states require Medigap insurance companies to sell you a Medigap policy, even if you are under age 65.. For more info on Medicare Supplements:. http://www.medicare.gov/Publications/Pubs/pdf/02110.pdf. For more info on Medicare Advantage Plans:. http://www.medicare.gov/Publications/Pubs/pdf/10050.pdf. IMPORTANT NOTE: You must enroll in a Medicare Advantage Plan before December 31, 2008 or you will need to wait until November 15, 2009 to enroll. (MORE)
Bigger is not always better. A home with a big bond is not an investment, warns Schaefer. "People tend to buy bigger houses and take on bigger bonds as their jobs improve but this just means paying larger monthly instalments," he said. It will make far more sense to live in a smaller house and inves…t in buy-to-let properties with tax-deductible bond payments, reckoned Schaefer (MORE)
I would say maybe United HealthCare and Mutual of Omaha are the two biggest currently.
The best place to find this information is found on the medicare website. You can get plan information and make comparisons for all types of coverage.
Yes, unless it's been past three years. They have five years to eat you alive though.. ans . For the previous year -as below...from the previous year (as in made then) - even if applicable, no, only in the year they are paid. File an amended.. State Tax payments are deductible from Federal, when …paid.. Federal Tax Payments aren't deductible from State, or from Federal for that matter, regardless of when they are paid. (MORE)
If you are speaking of automobile claims, Medicare and Medicare supplements are not related to automobile claims. Automobile insurance should pay the claims related to the vehicle, especially if you were injured. Medicare and Medicare supplements pay hospital and medical bills related to your health…care. (MORE)
No - even taxes actually paid aren't deductible from determining taxable income - from which your tax is due. (That would be completely circular).. If estimates were deductible..I'd make an estimate of enough to lower my taxable income to 0 - or low enough to not pay tax at least....and get a refun…d of all my overpaid estimate. (MORE)
Estimated Income tax payments are not deductible in figuring out what your taxable income is, that determines how much your actual income tax is. See, that's circular.
I suspect you mean wages subject to the FICA contribution/payment. (The payment is generally NOT deductible in determining taxable income).. 2007 . The maximum amount of wages subject to the social security tax for 2007 is $97,500. There is no limit on the amount of wages subject to the Medicare… tax.. 2008 . The maximum amount of wages subject to the social security tax for 2008 is $102,000. There is no limit on the amount of wages subject to the Medicare tax.. 2009 . The maximum amount is $106,800, no limit to the medicare tax.. Remember. the wage to be taxed is determined using different definitions of income than in other things (like income subject to income tax). (MORE)
Most medicare beneficiaries choose a plan F, which is the most popular standardized medigap plan. As far as companies go, it's been my experience that people tend to go with the cheapest plan in their state, since every companies Plan F is the same as far as benefits go. Most people also usually …shop around their rates every year or two so they can keep the lowest price available that they qualify for. (MORE)
State income tax payments are deductible on your federal income tax return. (You may deduct state income tax or sales tax, but not both.) Federal income tax payments are deductible on your state tax return in a tiny number of states.
Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.
No, sorry. That's why owning a house is better for tax purposes but even then the principal payments are not deductible, only the interest on each one added over the whole year.
Please explain your question more thoroughly if my answer does not suffice. I am unsure of what you mean by Medicare Carve Out Coverage. You can buy a Medicare Supplement at any time once you have received your Medicare Part A and Part B. If you do not enroll within 6 months of your Part B effective… date you would be subject to underwriting. You can not join a Medicare Supplement if you already have a Medicare Advantage Plan as this is not allowed by Centers for Medicare. You would be required to drop your Medicare Advantage Plan prior to the Medicare Supplement effective date. If you had coverage through an employer, you would not need Medicare Supplement coverage as your employer coverage would be primary and then Medicare would be secondary for your out-of-pocket costs covered by Medicare. (MORE)
Absolutely not. Bankruptcy payments are repayments for debts thatyou incurred in the past and did not pay. There is no circumstanceswhere these could be deductible on your income taxes.
There are some supplemental insurances that will cover incidents that come up. You use the money as you see fit. Usually though, you are really saving money by taking an insurance that has a higher deductible/copay since the premiums are lower. We are so used to an all-encompassing insurance plan, b…ut those are going by the wayside in the current (2010) market. Also, if you contribute to a health savings plan, that money is pre-tax and is cheaper to use for copays. (MORE)
6 months prior and 6 months after your Medicare Part B effect month is your guaranteed issue period. During that time you can join a Medicare supplement plan without answering health questions. After that time period you can join a supplement plan at any time but you may be subject to the companies …health underwriting. In some states United of Omaha offers the Plan N on a guaranteed basis for anyone over age 65 with Medicare A & B. (MORE)
If you are referring to a MEDICAL/HOSPITALIZATION insurance co-pay, yes, that is deductible as a medical expense. And on property/casualty insurance, it may be deductible as a casualty loss.
Generally as personally owned life insurance you would not deduct the premiums on your taxes. This would make the normally nontaxable death benefit subject to taxation.
Alimony payments are deductible as an above-the-line deduction on your Federal income taxes. They are reported on Line 31a of Form 1040 for 2010. Note that Line 31a also requires you to report the Social Security Number of the person you paid alimony to, because it will be considered taxable inco…me for them. It's important to point out that child support payments are NOT deductible. So, if you are making monthly court-ordered payments that include both alimony and child support, you can only deduct the portion of those payments that are considered alimony. Usually the court order will specify these amounts. (MORE)
Yes is the short answer but there are some guide lines to be followed. . How Much of the Expenses Can You Deduct? . You can deduct on Schedule A (Form 1040) only the amount of your medical and dental expenses that is more than 7.5% of your AGI(Form 1040, line 38). In this publication, the term "7….5% limit" is used to refer to 7.5% of your AGI. The phrase "subject to the 7.5% limit" is also used. This phrase means that you must subtract 7.5% (.075) of your AGI from your medical expenses to figure your medical expense deduction. (MORE)
I am not finding an answer to my question---Are the premiums on mymedicare supplement tax deductable? Please help!
You need to consult an accountant who knows the law in the county in which you are paying tax. However in general contributions made to a pension plan out of earnings are tax free, while pension taken out of a pension pot are subject to tax. ans In the US, contributions in to certain sa…vings plans (generally normal (not ROTH) IRAs, or 401k plans through an employer are not considered taxable income the year they are made (they reduce your taxable income that year). Restrictions and limits of various types apply to both who may use which specific account, and how much it may be used. The money invested while in these accounts is also NOT taxable as earned. On withdrawal it is taxable as ordinary income, (so your investment gains do not get the benefit of the current very reduced tax rate on capital gains). There are number of rules about when you MUST start taking the (taxable) distributions by, and a calculation called a "required minimum distribution", and RMD that is the minimum amount you must withdraw each year thereafter. Generally, withdrawing any money before the minimum withdrawal age incurs a substantial penalty along with being taxable income in that year. (MORE)
I don't pay either (I'm too young for Medicare); however, it's a good idea to have supplemental insurance along with Medicare.
Medicare Supplemental insurance is also called Medigap insurance. It got this name because it covers the gaps left by medicare.
If you are self-employed you likely will be able to claim your travel insurance as a deduction. If you are not self-employed a portion of the travel insurance may be tax deductible.
Physicians Mutual Insurance Company has an A+ rating from Weiss Ratings and is in an elite group of six life and health insurance companies representing the top 1% of the industry.
I think you maybe using the wrong verbiage here? Usually the term "Health Insurance Riders refers to exclusions for Pre-existing conditions that are excluded from your policy! Do you mean Health Insurance Premiums? Premiums are the amount you pay monthly or yearly to be insured. If you mean premiu…ms they are tax deductible for some people, but deductions all depend on your income level, tax bracket, and several other factors that your CPA should help you with. Because what is deductible for one is not deductible for all! (MORE)
The open enrollment period starts 3 months before you start Medicare A & B and ends 4 months after you start
Medicare is a federal health insurance program that pays some of the health care expenses for people who are 65 or older. It will also pay for health care for people who are eligible because of a disability or qualifying health condition. You can buy Medicare supplement insurance to help pay some… of your health care costs that Medicare won't pay. Because it helps cover some of the "gaps" in Medicare coverage, Medicare supplement insurance is often called Medigap insurance. There is also another option under Part C of Medicare called Medicare Advantage plans. You are required to pay the premiums for both types of insurance and there may also be deductibles, co-payments and co-insurance. These payments can range anywhere from $0 to $7,000 per year depending on the plan. However, if your income and assets are below a certain level, you might be eligible for Medicaid. Medicaid is a state-administrated federal program that pays for health coverage for people with low incomes. If you qualify for Medicaid, the state will pay your Medicare premiums and out-of-pocket costs. Medicaid will also pay for some services not covered by Medicare. In many cases, if you receive Medicaid, you do not need Medicare supplement insurance. To learn more about the costs of individual plans available in your area, I suggest you meet with a licensed health insurance agent if you have someone that you know and trust. Not all agents can enroll you in all plans so you may have to sit down with a couple different agents to learn about all the plans out there. Another alternative is to contact your local State Area Agency on Aging. They have counselors available who can help you and it does not cost anything to meet with them. You can find your nearest agency at the related link below. (MORE)
Standard Medicare only covers about 80% or medical expenses such as doctors visits and prescriptions. Medicare Supplemental Insurance, or "Medigap", will cover that last 20%. For those heading into retirement years, when medical expenses seem to increase at the same time as one moves into a fixed or… declining income, this supplemental insurance can provide peace of mind while also preventing one from eating into retirement savings after an unanticipated fall or illness. (MORE)
Many companies offering Medicare Supplement insurance in California offer competitive rates. In order to determine the "best price" you have to compare plans from several companies. You can get quotes from different companies through a health insurance agent, agency or broker that is contracted wit…h many companies and licensed to sell Medicare Supplement Insurance in California. Medigap companies take into account for underwriting and your monthly medigap premium include, Zip Code, Age, Plan Selection, Gender and Tobacco Usage. Good luck! (MORE)
Medicare supplement insurance, sometimes called Medigap, helps cover some of the costs not covered by Medicare. It is purchased from private insurance companies and is different from the Medicare Advantage Plan.
One may purchase AARP Medicare supplemental insurance through United Healthcare. The insurance helps retirees to supplement their original Medicare coverage.
There are forms on the Medicare government website as well as an online application available. You can also apply by phone or at a social security office.
There are many different varieties of benefits of purchasing AARP Medicare supplement insurance. These benefits include, but are not limited to, having access to more health products and having more prescription medications paid for.
Medicare supplemental insurance is insurance that helps cover some of the healthcare cost that the original medicare doesn't cover. This type of insurance also covers certain policies that the original medicare itself doesn't cover such as being ill when outside of the US.
Insurance for one's personal property such as auto or homeowner's insurance is tax deductible. Other tax deductible insurances are medical and dental insurances.
There are dozens of Medicare supplement insurance companies to choose from. AARP, Colonial Penn Life, and Gerber Life Insurance are just a few of the more popular companies.
When someone is approved for a Medicare plan they often get pamphlets and paper work for doctors that will accept Medicare insurance. The United States government also has a website and you can get information from there.
Medicare supplemental insurance plans offer coverage for things Medicare may not cover on its own. This extra coverage will allow one to obtain better healthcare at a lower cost.