Posts Tagged ‘seniors’

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Medicare Extra Help

Monday, May 16th, 2011

Resources that qualify as resources when applying for the Extra Help program has been unclear. With recent changes to this, here are some things that do and do not count.

To be eligible for Extra help, your total resources must be limited to $12, 510 for an individual or $25,010 for a married couple, living together.

You’re primary residence and you’re personal possessions do not count as resources. You do not have to list any personal possessions such as a computer, television, or other personal items.

You’re vehicle or vehicles also are not counted as resources. This, if you are married, does include the vehicle of you’re spouse.

Any life insurance policies, burial spaces, or property that you need for self-support like rental property or land is not counted as resources.

Any and all resources that you have that can’t be quickly converted to cash also do not count as resources. Example of this would be jewelry or furnishings throughout you’re home.

Federal refunds and economic recovery payments are also not counted as resources. Compensation if you were a victim of crime, RSI or SSI payments also do not count.

Remember any questions you have about you’re current Medicare benefits or any other questions you may have, you can contact the local Social Security office.

When applying for the Extra Help program for those on Medicare, there has been some discrepancy on what counts as a “resource.”

To be eligible for Extra help, your total resources must be limited to $12, 510 for an individual or $25,010 for a married couple, living together.

Some things that do not qualify as resources are personal possessions. You do not have to list any personal possessions such as a computer, television, or other personal items.

You’re vehicle or vehicles also are not counted as resources. This, if you are married, does include the vehicle of you’re spouse.

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Medicare Supplement at 65

Monday, May 16th, 2011

Medigap insurance is available to help you pay expenses that are not covered by Medicare Part A and B. Once you turn 65, you become eligible for this type of coverage.

The open enrollment period for a Medigap Policy lasts up to six months. If you forget to enroll during this period, the insurance company may be able to charge you more for the coverage, or even refuse you coverage if you happen to have any pre-existing health conditions.
This is important information for those who are newly eligible for Medicare benefits. If you are filing for Medicare, you automatically receive Medicare hospital insurance.

Medicare hospital insurance is in short known as Part A. At this time you need to make the decision if you want other parts of Medicare, such as Part B, medical insurance.

Also, if you are receiving benefits already and just becoming eligible for Medicare, you will receive Part B automatically.

If you choose to not have Part B, then you must elect to not receive it. Before rejecting Part B, make sure you are aware of what it offers.

Part B helps pay for doctors’ services and also outpatient care. Part B can cover other medical services, like physical and occupational therapy and home health care.

The government will pay a large portion of Part B premiums, where as you will pay the rest. The government will pay 75% of the premium.

If you are in a larger income bracket, you may be responsible for paying more than 25% of the premiums. Percentages can range from 35 to 80%.

Medicare is a very beneficial program to those who are eligible for it. Be sure to see what will work best for you, and what parts of Medicare, A, B, C, or D will suit you’re needs.

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Household Workers and Medicare

Monday, May 16th, 2011

There is discrepancy about those who are household workers and their responsibility with Social Security and Medicare taxes. For example, a house cook, a baby sitter, gardener or a cleaning person, should know some things about these taxes.

If you employ a household worker, this worker could be eligible for Social Security or Medicare later on in life. With this in mind, it is smart to deduct these taxes from his or her wages. You should then pay these taxes to the IRS, and eventually be reported to the Social Security Administration (SSA).

This employee will receive credit toward different benefits including Medicare. For example, this will give credit to the employee in the future if he or she becomes disabled. This also will provide benefits for dependentsWo of the taxpayer. Also, if the worker dies, his or her dependants will be eligible for benefits.

You might be asking yourself, “What wages must be reported?” Well I am glad you asked. The maximum amount a worker can receive without having to deduct Social Security or Medicare and report is $1.699.99. Therefore, any amount about above must have taxes deduced from the wages, and are reported once a year.

Also, those who employ such workers must include all money that you pay to the employees to cover the cost of meals, housing, or even transportation. Make sure you stay on top of this to avoid penalty fees.

You should contact the IRS for different reporting requirements. You can also find help there on and when to file these forms.

It is very important to keep records, such as their names, addresses and Social Security numbers of household workers. It is also vital to report accurate wages that they were paid.

In summary, household workers that receive anything equal to or above $1,700 a year must deduct Social Security and Medicare taxes. Doing so is the right and honest thing to do, and will benefit you later on when you need help yourself.

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Options with Medicare

Monday, May 16th, 2011

Being educated on Medigap policies and how they work will really help you in making the best choice in plans. If you aren’t familiar with open enrollment and guaranteed issue, you could easily miss this period.

If you do happen to miss this period, you are still able to get coverage, just know that your rate will be based on medical underwriting as well as the risk of being declined all together. There are many options and avenues with Medicare. Once you become of age to receive these benefits, know your options all together.

Supplemental Security Income (SSI) and Medicare programs have many important features.

Benefits that you receive from Social Security are completely based on the earnings that you’re employer reported. These earnings are attached with you’re Social Security number.

The name that is on you’re Social Security card is the same number that you should be using where you are employed. If you are self employed, you are responsible for keeping this straight.

As soon as you’re children are born, you should get them a Social Security card. This is really important for when you file for you’re federal tax refund. In order to claim them as dependants you’re child or children must have a social security number.

You should always double check that the name on you’re employer’s payroll records matches that is on you’re Social Security card.

Any problems with you’re Social Security card can be corrected by contacting you’re local Social Security Office.

If you are working for someone else, the employer withholds taxes that are sent to the Internal Revenue Service. You probably notice on you’re paycheck Medicare and Social Security taxes.

The idea that these taxes withheld are going to some sort of an account for the person paying is not true. Social Security and Medicare taxes are used to pay benefits for those getting benefits today.

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