Q & A

I turn 65 in October of 2015. I plan to at least work through age 67. I have health insurance while I “work.” I plan to not begin taking Social Security until I turn 70. Do I pay for Medicare part B until age 70 and request paying taxes on Medicare benefits?

Answer: You do not own taxes on your Medicare benefits so let’s take that issue off the table right away. When you stop working at age 67, you probably will need to enroll in Medicare and begin paying whatever premiums are required by the health plans you wind up choosing (i.e. Original Medicare for Parts A and B, Medigap or Medicare Advantage, and Part D drug coverage). Because you won’t at that time be taking Social Security for another three years, you will need to pay your Part B premiums directly to Medicare. Read more...

Source: Philip Moeller, via www.pbs.org, 8/12/2015)

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