The Medicare Part B premium ($104.90 in 2015) is automatically deducted from your Social Security check every month. If you don’t receive Social Security benefits, you will be billed for Part B. People with higher incomes (individuals with annual incomes over $85,000 and couples with incomes over $170,000) will pay higher Part B premiums. See table below.
Are Medicare Premiums Tax Deductible?
Medicare beneficiaries normally pay their premiums through withholding by the Social Security Administration. If you’re retired, for example, your premiums will come out of your monthly benefits. Social Security keeps track of these payments and will issue a form 1099-SSA in January to itemize the amount of your Medicare premiums over the last year. If you’re self-employed, and filing a Schedule C for your business, premiums you pay for health insurance are deductible as an "above the line" write-off on Line 29 of Form 1040.
Compare Medicare Advantage & Supplemental Plans
Medicare Advantage insurance is offered by private insurance companies with a Medicare contract, and replaces Original Medicare Part A and Part B. You must continue to pay your Part B premiums. Medicare Advantage plans typically offer additional benefit options and have less cost-sharing than Original Medicare, and you may have to pay a monthly premium in return for the extra benefits. Medicare Advantage plans come in a variety of formats, such as HMO, PPO and PFFS plans, as well as special needs plans. Medicare beneficiaries can enroll in Medicare Advantage plans if they have Medicare Part A and Part B, but only during designated enrollment periods. These enrollment periods change from time-to-time, so please call us to get the most-up-to-date information.
Medicare Information, Help, and Plan Enrollment
Humana is a Medicare Advantage [HMO, PPO and PFFS] organization with a Medicare contract. Enrollment in any Humana plan depends on contract renewal. This information is not a complete description of benefits. Contact the plan for more information. Limitations, copayments and restrictions may apply. Benefits, premiums and/or member cost-share may change on January 1 of each year.
Medicare Supplemental Insurance
Finding the best Medicare Supplemental insurance, Medicare Advantage, and Medicare Part D has gotten more complicated nearly every year. In 2010 Medicare Supplement Insurance added 2 new plans Medigap plan N and Medigap Plan M. At the same time they eliminated several other Medicare Supplement options. Medicare Advantage insurance plans redefine benefits and premiums every year. And, with future Medicare subsidies uncertain due to changing regulation from healthcare reform who can keep up. For many individuals Medicare Supplement Insurance is becoming the best option. Unfortunately, comparing Medicare Supplemental Insurance Plan premiums (Medigap) and Medicare Advantage plans can be a time consuming endeavor. Our highly trained insurance advisors can explain all of your supplemental Insurance options, and assist in finding the best Medicare supplement and Medicare Part D combination that best fits your specific needs. With all the options affecting Supplement insurance and Part D it makes sense to have an expert assist you through the maze.