Have you enrolled in Medicare, or are you considering it? If so, you should know that anyone who receives Medicare is eligible to receive Medicare Part D prescription drug coverage.
However, if you don’t enroll for that coverage at the time you enroll in Medicare, you may face a late enrollment penalty. The same can be said of Medicare Advantage Plans, which are plans offered by private insurance companies that combine both Medicare Parts A and B.
Understanding how social security benefits are taxed, when to take your benefits and how and when you need to sign up for Medicare or a Medicare supplement is critical to your financial success in retirement.
What is IRMAA? IRMAA is a federally mandated tax on higher earners. The Income-Related Monthly Adjustment Amount (IRMAA) is not a tax per se, but it is an added fee you will pay for Parts B and/or D if your income is above a certain level. Your gross income is based on your wages (including tips), income from businesses/investments, interest earned, unemployment benefits, and alimony. Learn how to structure your portfolio to potentially minimize this tax.
Let us help you! Read more about Social Security, retirement savings and Medicare Benefits on our website. We will review your current situation and make recommendations to help you coordinate these programs to live your best life.
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Have You Enrolled in Medicare Part D or a Medicare Advantage Plan?
December 02, 2022