As people age—or due to a life-changing event such as a stroke—the ability to live inde- pendently may change. Over 44 million Americans spend time caring for family members or friends who can no longer live on their own without assis- tance.1 Often a family member or friend steps in to help the person with the activities of daily living such as bathing and dressing, everyday chores, or preparing meals.
Over time, the need for assis- tance often increases, which in turn increases the time commitment from family
and friends. Individuals often desire to remain in their own home, even though they need more help to stay there. It is frequently at this point that caregivers must begin to look at sources beyond the family to assist with care.
Some good news for small businesses owners on Medicare Part B. The IRS is permitting for the 1st time self-employed people to deduct their Medicare Part B healthcare premiums.
What is Part B? Part B helps cover medically-necessary services like doctors’ services, outpatient care, durable medical equipment, home health services, and other medical services. Part B also covers some preventive services. The costs for Medicare part B have substantially risen form a modest $54 to a $99.90 minimum and now indexed for income.
Table 1: Part B Monthly Premium
Beneficiaries who file anindividual tax return with income
Beneficiaries who file a joint tax return with income
Prior to the 2010 tax year, the IRS did not permit the deduction to seniors who paid Medicare Part B health insurance premiums, according to a Bloomberg report. Strangely the IRS did not release of this announcement but the deduction is on line 29 of the new 1040 tax form and applies to people who do not claim a tax deduction.
Anyone who is self-employed, regardless of age, may deduct the premiums paid for health insurance, under certain conditions such as insurance established under the business or in the name of the person who runs the business.
This posting is not necessarily tax advise and it is recommend to check with you accounting professional before filing 2011Tax returns.
Yes! it has begun Medicare Open Enrollment Period which opened Oct 15th – Dec 7th is in full swing. This is year 1 of Baby Boomers Generation applying for Medicare Benefits. This couldn’t come at a better time with all changes in the market place. Many businesses are now sponsoring Individual Medicare Plans for their senior employees and retirees. No other segment in the population can get similar benefits today. This is becoming a no brainer for many businesses as avg. rate increases are below 4% & benefits are superior.The most frequently purchased plans are Medicare Supplemental Plans (medigap). Example, the richest option Plan F + Plan D is only$295/month which allows members to:
Keep Original Medicare indemnity with the freedom to go to any provider
$0 cost for Medicare providers
No referrals
Medicare Advantage Plans can provide lower monthly premiums ranging from $0 – $89. They come in the form of Medicare PPO or HMO and is run by private health insurers.
We represent leading companies such as such as AARP Secure Horizon and Empire’s Mediblue. Both insurers are good options with unique programs such as AARP UnitedHealthcare’s $2 Prescription Drug Program. Importantly check the network of providers and wether or not your Rx is on their formulary.
In order to apply please call us to review first if your Doctor takes the plan and if your medications are on the formulary. The form’s take only 10 minutes to complete.
People with Medicare, their families and other trusted representatives can review and compare current plan coverage with new plan offerings, using many proven resources, including:
Visiting www.medicare.gov, where they can get a personalized comparison of costs and coverage of the plans available in their area. The popular Medicare Plan Finder tool has been enhanced for an efficient review of plan choices. Spanish Open Enrollment information is available.
Calling 1-800-MEDICARE (1-800-633-4227) for around-the-clock assistance to find out more about coverage options. TTY users should call 1-877-486-2048. Multilingual counseling is available.
People with Medicare who have limited incomes and resources may qualify for Extra Help paying for their prescription drug costs. There is no cost to apply for Extra Help, also called the low-income subsidy. Medicare beneficiaries, family members, trusted counselors or caregivers can apply online at www.socialsecurity.gov/prescriptionhelp or call Social Security at 1-800-772-1213 (TTY users should call 1-800-325-0778) to find out more.
