Q & A
Do Medicare Advantage plans include prescription coverage?
Answer: Medicare Advantage Plans will often bundle prescription coverage as past of the plan package, but plans are also offered without prescription coverage. Prescription co-pays vary based on the whether the prescription is a generic or a name-brand. Source: Penn Health Insurance…
What are Medicare Advantage plans?
Answer: Medicare Advantage plans are private health insurance plans that act as primary payer for Medicare. In exchange for a monthly premium paid to a health insurance company, you agree to a series of medical co-pays and you agree to use…
What is meant by Medicare “Part A” and “Part B?”
Answer: Medicare Part A is generally hospital insurance coverage. Medicare does not charge a monthly premium to most persons for Part A. During 2014, Part A co-pay per hospital stay will be $1,184 but Medicare Supplemental Plans F and G will pay…
What income levels do I need to consider when planning for my Medicare premiums?
Full Question: My long-term partner and I recently married. We are a gay couple and now are experiencing new challenges as our union is now considered “taxable” by Medicare. Specifically, because our combined earnings are above $170,000 per year, I…
Should You Get Medigap Supplemental Insurance with Your Medicare?
Answer: As I mentioned in a recent post, within three months before or after your 65th birthday, it is important that you contact the Social Security Administration to sign up for Medicare. This is true even if you already have insurancethrough an employer or…
Am I eligible for a refund of Social Security and Medicare taxes for when I was on an F-1 visa?
Full question: This question is for a friend. They came to the United States as a student in 2009 on OPT/F-1 visa. In November of 2011 they started to work for the Department of Defense as a teacher. They had Social…
“I am thinking about suspending. My birthday is January 4, and I started getting payments early, at age 65 and one month, in February. I got my first check in March. I thought I read somewhere that I cannot suspend if I took early payments? Is that true?”
Answer: You cannot suspend payments until you hit full retirement age, which in Jeff’s case is 66. Once he turns 66, Jeff could suspend payments, even if he has already started receiving them. At that point, the amount he was receiving…
“I have been trying to get the exact method used to compute my wife’s 50 percent amount if she decides to suspend her benefits when she reaches full retirement age of 66 next year. Is it based on 50 percent of the amount I received when I took my Social Security at age 62? Or is it based on the amount I currently receive?”
Answer: The spousal benefit Chuck is referring to is up to 50 percent of the amount he would be entitled to receive at his full retirement age (Social Security calls this the primary insurance amount), regardless of when he started actually…
My brother recently left me some money. Will this inheritance affect my SSI benefits?
Answer: We consider the money inherited from your brother as income for the month you receive it. That could make you ineligible for SSI that month, depending on the amount of the inheritance. If you keep the money into the next…
How do I apply for retirement benefits?
Answer: You can apply online or make an appointment with a Social Security representative at a local office. Generally, it is easier and faster to apply for benefits online at www.socialsecurity.gov. The process takes as little as 15 minutes and, in most cases,…