Smart Medicare Solutions

12/10/2020

Sometimes a Medicare supplement is a better option

When Rita and Dan Griffin received notice from Rocky Mountain Health Plans earlier this year that it was no longer going to carry the Medicare Cost heath care plan they

11/09/2020

At a time when so many older Americans are struggling, they'll now have one more expense to deal with.

09/27/2020

MedSup policies are standardized
Every Medicare Supplement policy must follow federal and state laws
designed to protect you, and policies must be clearly identified as “Medicare
Supplement Insurance.” Insurance companies can sell you a “standardized”
policy only, identified by letters. All policies offer the same basic benefits, but
some offer additional benefits so you can choose the one that meets your
needs.
Comparing MedSup policies
Different insurance companies may charge different premiums for the same
policy. As you shop for a policy, be sure you’re comparing the same policy. For
example, compare the premium for Plan A from one company with another
company’s Plan A premium.
Also, you may be able to buy a type of MedSup policy called Medicare
SELECT. These policies require you to use specific hospitals and, in some cases,
specific doctors or other health care providers to get full coverage. If you buy
a Medicare SELECT policy, you have the right to change your mind within 12
months and switch to a standard MedSup policy

09/24/2020

Social Security Tax Threshold
A portion of social security benefits is taxable to individuals whose modified adjusted gross income exceeds a threshold. You can determine if a taxpayer is taxable on his or her social security benefits by plugging into the formula:

AGI + TE + (1/2*SSI) - TH

Where:
AGI = Adjusted Gross Income
TE = Tax exempt income (line 8b of Form 1040)
SSI = Social Security Income
TH = Threshold amount $25,000 or $32,000, see Notes, below
If the result, sometimes called provisional income, is greater than zero, a portion of the benefits are taxable.
Example: Sue and Fred have AGI of $27,000, $2,500 in tax exempt income (municipal bonds), and social security benefits of $12,000. Plugging into the formula:

27,000 + 2,500 + (1/2*12,000) - 32,000 = 3,500
Thus, a portion of their social security benefits are taxable.
Notes:
• The $32,000 applies to married couples filing jointly.
• For single individuals, heads of household, and married individuals filing separately who live apart from their spouse for the entire year, the threshold is $25,000.
• If provisional income is between $32,000 and $44,000 ($25,000 and $34,000 for single, etc.), one-half of the lesser of the difference between the provisional amount and the threshold or one-half of the social security benefits are taxable.
• If provisional income exceeds $44,000 ($34,000), 85% of the social security benefits in excess of the second threshold are subject to tax.

09/23/2020

What you should think about as you decide what plan to use.

09/22/2020

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09/21/2020

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09/21/2020

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