Medicare Social Security and Planning 5

Medicare Social Security and Planning 5
The amount of benefit that is subject to tax will depend on your total income and your marital status.
For couples with a joint return, if their combined income is over $32,000, between 50 and 85 percent of the rewards will be taxable for individuals, this limit is $25,000. Any taxable portion will be taxed at ordinary income rates. Because US citizens pay world income taxes, these rules apply regardless of where you live. If you live abroad, your ability to receive rewards (and your potential to tax them) will generally not be affected. However, there are some countries to which Social Security payments cannot be sent. Therefore, check these restrictions before relocating or planning an extended trip.
Medicare Planning
If you have already received Social Security rewards, the federal agency administering Medicare will contact you a few months before you qualify for enrollment. Otherwise, you must apply three months before your 65th birthday, even if you are not retired and have no plans to retire in the immediate future. There are also certain special cases where you can submit an application before age 65. This includes government officials who are disabled before the age of 65 or any person with end stage renal disease. After you sign up, you will receive Humana Medicare Advantage plans that indicates which parts insure you.
When you qualify for Part A, you have a period of seven months, known as the initial enrollment period, in which you enroll in Part B. If you postpone enrollment, you will finally have late insurance and higher premiums. You will have the opportunity to apply for the general application period each year, which runs from January 1st to March 31st. Your Part B insurance begins July 1 of the year you sign up.
Given the potential for higher costs, why don’t you sign up immediately? The most common reason is that you already have a health policy that you policy to maintain. Although hospital insurance (Part A) is free of charge for almost every individual, medical coverage (Part B) is accompanied by monthly premiums. You must weigh if the additional insurance is worth the additional monthly cost. There is no correct answer to this question. It depends on your personal situation and the type of insurance you already have. Talk to an insurance agent to learn how your private policy and Part B of Medicare fit together. This is important especially for those insured by a family policy.