Renewing a Medicare Supplement Insurance (Medigap) plan is typically automatic as long as you continue to pay your premiums on time. Unlike Medicare Advantage and Medicare Part D prescription drug plans, which require annual renewal during the Medicare Annual Enrollment Period (AEP), Medigap plans...
Today, Medicare Advantage plans can offer more choices in benefits than before – often with lower premiums. But many people don’t realize that Medicare Advantage plans are changing or emerging all the time. Some people review their coverage every year and decide whether to switch plans. ...
Premium tax credits are subsidies provided by the federal government that help lower the cost of monthly premiums for marketplace health insurance plans. These credits are based on your income and household size. The lower your income, the higher the potential premium tax credits you may receive....
As a self-employed individual, you are responsible for both the employer and employee portions of your Social Security and Medicare taxes. This is the self-employment tax. Quarterly estimated payments can help you avoid penalties for the timely payment of your income and self-employmen...
Working with aretirement advisorcan help make sure you’ve nailed down all the different things you need to plan for. A good advisor can help you plan and budget your own investments, figure out the best time to claim Social Security, help you navigate Medicare, and otherwise handle the man...
Federal Insurance Contributions Act (FICA) taxesinclude Social Security taxes and Medicare taxes. Employee and employer contributions for FICA are equal, with the current rate being 6.2% of gross wages coming out of an employee’s paycheck for Social Security and 1.45% going to Medicare. Employers...
Susan Levine
Medicare's Part D offered heavily subsidized new drug coverage to 22.5 millionseniors in 2006 (and over 25 million in 2008), of whom roughly 17 million were in stand- alone drug plans. The government delegated the delivery of the benefit to privateinsurance companies arguing that market incentiv...
who are required by law to offer standardized policies designed to help retirees supplement basic Medicare (Parts A and B).20The cost of its premiums will depend on where you live, the insurance company selling it, and the Medigap plan you choose.21 ...
American employees pay 6.2% of their wages into Social Security and 1.45% into Medicare for a total of 7.65%. The Social Security tax is capped at an income level of $168,600 annually in 2024. Income over this amount isn't taxed for Social Security.The Medicare tax has no income cap. ...