Can I Sign Up for Medicare Part D at Any...

In contrast to many Medicare questions, this one has a definite answer: No. So, When Can I Enroll? You can enroll during the three months before the month in which you turn 65, through the three months after you turn 65. This is called the Initial Enrollment Period. You can also sign up during the Annual Election Period or Fall Open Enrollment period, which runs from October 15 to December 7 every year. If you are a member of a Medicare Advantage Plan (Part C of Medicare) that does not have a 5-star rating from Medicare, or loses its 5-star status, you can disenroll and...

When Does the Medicare Donut Hole End?

Millions of Medicare Part D beneficiaries will be relieved to know that the Medicare Part D coverage gap, also known as the Donut Hole, will be closing the gap earlier than expected. The Donut Hole has been an issue for many Part D beneficiariesand their brand name prescriptions. The federal government has been looking for ways to close this gap through lowering the percentage beneficiaries pay during the donut hole period. Previously the gapwas scheduled to close in 2020. As a result of the budget deal signed by President Trump in early 2018, this relieve for brand-name...

Can I Pay for Medicare Monthly?

As with all things Medicare, the answer is “it depends.” There are several scenarios that we need to cover to give you the right information. Original Medicare Beneficiaries If you have only original Medicare and enrolled during your normal enrollment period and have at least 40 quarters of covered employment, you pay nothing for Medicare Part A (hospital coverage) and, in 2019, $135.50 for Part B. The Part B premium is deducted from your Social Security check if you receive one. If you do not receive Social Security, either because you have not enrolled or are not...

Do You Have to Renew Medicare Supplement...

Whether you have a Medicare prescription drug plan, Original Medicare, or a Medicare Supplement policy, Medicare does not require any of its beneficiaries to renew their policies each year manually. However, it’s a good practice always to review your coverages annually. Even though Medicare makes it very easy with its health care plan auto-renew function, Medicare beneficiaries could lose a lot of out-of-pocket money by not regularly reviewing their policy. Are There Any Exceptions That Would Force Me to Manually Renew? Although Medicare policies generally auto-renew on...

Are Medicare Premiums Deductible?

Medicare premiums are allowed to be deducted from your Itemized Schedule A (Form 1040) federal tax return; this includes medical and dental expenses as well. However, the IRS does have certain criteria which could qualify you, or disqualify you from claiming those medical and dental premiums. The IRS uses an Adjusted Gross Income (AGI) percentage to help determine how much of a person’s Medicare premium, medical, and dental expenses can be deducted. Currently, the AGI is set at 7.5%. For example, if you made $50,000 last year, the IRS would subtract 7.5% from that $50,000...