Medicare Surtax 3.8%

Many of you may not be aware of the new “Medicare Surtax” that will be noticed this tax season by several thresholds of individuals.  This tax is 3.8% and is dependent on two numbers: the taxpayer’s net investment income (NII) and the taxpayer’s modified adjusted gross income (MAGI).  The tax is applied on the lower of the two numbers, which means that people with low investment income will pay less.

Medicare Surtax – Thresholds

  • $250,000 for married couples filing jointly
  • $125,000 for married couples filing separately
  • $200,000 for everyone else

How does the Medicare Surtax Work?

A quick example of how the Medicare Surtax works: John Doe earned $150,000 last year and had $75,000 of net investment income.  The adjusted gross income correlates to $225,000 (total earned and investment income).  Mr. Doe since he is single has a $200,000 threshold.  So the MAGI after being reduced is $25,000 ($225,000 minus $220,000).  So he will receive a tax bill of $950  which is $25,000 times 3.8% Medicare Surtax.

Most people across the country will not have to worry about this tax.  Someone reading this article right now is thinking, “Man I would love to have that problem.”  This is something that everyone should be made aware of so they can plan accordingly.

Medicare Surtax

Offering Supplemental Medicare plans – Medigap and Dental Insurance

If you need help understanding about Medicare, Medicare Supplements or the taxes associated with Medicare email us at seniordivision@morganwhite.com or call us at 1-877-936-2991.  We look forward to working with you and helping you decipher the Medicare system.

For a free trial of the new and improved Medicare Supplement Quote Engine visit Medicare Insurance Finders homepage for a quick trial. In less than 2 minutes you can search over 30 different insurance companies in your own zip code.

Medicare Supplement Tax

The President recently allocated a large portion of his budget to Medicare and the Medicare Supplement Taxes.  The plan is to increase the cost of certain Medigap policies to reduce the amount of people who want to pay for first dollar coverage.  Certain members of Congress who have tried to get this passed for several years are pleased that it slipped into the President’s proposal for the budget.

Medicare Supplement Taxes – Why?

Most people wonder, “Why would you impose a Medicare Supplement tax on seniors who are trying to purchase insurance policies to fill in the gaps of Original Medicare?”  The reason the government is pushing this is because they feel first dollar coverage causes more people to go to the doctor for any minor thing. This may be true for some. On the other side of the coin, people who do not have first dollar coverage and don’t go to the doctor or hospital may have more acute conditions that end up being more costly in the long run.
The Medicare Supplement Tax will amount to 15% of the average Medicare Supplement Premium, which equates to 30% of the Part B Premium.

What are my options?

There are several options to avoid this Medicare Supplement Tax.

  1. Enroll in a Plan G instead of a Plan F.  First of all the premiums are lower. Secondly, the only difference between a Plan F and G is that the Part B deductible ($147 – 2014) is missing.  There is a good chance the tax will be more than the $147 deductible.
  2. Enroll in the BAI group medical plan that mimics the Plan F Medicare Supplement.  It does not ask health questions. Plus, it avoids the surcharge tax. This means that your premium will be an average of 15% less than the standardized Medicare Supplement.  To enroll in this plan you can call 1-877-936-2991.

Choosing a Medicare Supplement is more complicated than it was 10 years ago.  Now you are required to enroll in a Part D plan. You have to check the stability of the carrier you are enrolling in to make sure they are not going to give you a low rate the first year, then raise the rates by 16% the second year. Also, be aware of a potential Medicare Supplement Tax.  Call us at 1-877-936-2991 with any Medicare Supplement related questions.

Medicare Supplement Tax

Hassle Free Rate Comparison

 

Wisconsin Medicare Supplement Rates

Wisconsin is one of the three states across the country that does not have Standardized Medicare Supplement Plans.  However, we still provide Wisconsin Medicare Supplement rates online for plan “F” and plan “G”.  Understand since these plans are not standardized in WI that they are not called Plan F or Plan G but adding the different pieces together gets you the same coverage.

Why would I want a Plan F or Plan G in Wisconsin?

The reason the Plan F and Plan G are quoted on our quote engine for your state is because these are the two most popular Medigap policies across the country.  The state of Wisconsin offers these plans but has not adopted the standardized names as 47 other states across the country have.

Plan F provides the most benefit rich coverage – which means that basically it picks up all the deductibles, coinsurance and co-pays that you are left to pay after Medicare pays its share. Click here for more information on Plan F coverage.  However, those that don’t have to have the top of the line coverage often opt for the Plan G.  This plan does not cover the Part B deductible which is under $150 a year, but it offers more savings on premium as well as a lower rate increase history.  This is big for seniors living on a budget wanting to keep their costs down.

Wisconsin Medicare Supplement Rates

Wisconsin’s Medigap plans provide stable coverage which can not be said about Medicare Advantage Plans.  Medigap policies provide you with the same coverage year after year as well as the flexibility to see any doctor that accepts Medicare.  Below is an example of what our quote engine offers for Wisconsin Medicare Supplement Rates.  Aetna, United Healthcare Continental Life, Mutual of Omaha, Humana and many other insurance companies offer these plans in your state and our dedicated support staff is standing by to help advice you on how to choose a plan.

Wisconsin Medicare Supplement Rates

Here is an example of the Wisconsin Medicare Supplement Rates shown in our quote engine.

Call us today (1-877-936-2991) for your personalized Wisconsin Medicare Supplement Plan or visit us on the web for your own quote at www.medicareinsurancefinders.com.

File Medicare Claims

Most of the time you will not have to file Medicare claims except in very rare cases.  However, since you are reading this article we assume that you need to file a claim so here are the basics you need to know when filing a Medicare claim.

File Medicare Claim

Before you get ready to file a claim know this:  file a Medicare claim within 12 months (1 full calendar year) after the date services were provided if you want the claim considered.  A claim submitted over 12 months out will not receive Medicare’s attention.  To check claim status and that they are being filed timely you can look on your Medicare Summary Notice (MSN) for help.

HOW DO I FILE A MEDICARE CLAIM

  1. Fill out the Medicare approved claim form (Patient Request for Medical Payment Form – CMS-1490S). Click Here for a Link to the Form.
  2. On the form it will ask basic information: name, Medicare number, phone number, mailing address, etc.  Then it will get a little more detailed to verify that the form was not caused by a patient’s employment or that there is no other insurance that should be primary or pay before Medicare pays.
  3. This is the basics of how to file Medicare claims.

In review,  we have provided you with access to the Medicare Claim Form under item #1.  You understand what needs to be filled out and if you don’t there is an image below that goes into detail of how to fill out the claim form.  You are ready to move forward with the claim submission process.

File Medicare Claim

How to File A Medicare Claim

One thing that can help you in future cases not have to go through this process if find a provider that accepts Medicare and agrees to file with Medicare.  The cases are very rare and few and far between where you will be required to file Medicare claims but it makes it much easier to know the provider will take care of it.

Thanks for reading and remember MEDICARE INSURANCE FINDERS IS YOUR #1 SOURCE FOR MEDICARE SUPPLEMENT INSURANCE.

Michigan Medicare Supplement Rates

This article will be straight forward and explain how to get Michigan Medicare Supplement Rates in quick and hassle-free manner.  First of all, understand that Medigap plans supplement Medicare – they are not Medicare Advantage Plans which take over the administration of your Medicare coverage.

Michigan Medicare Supplement Rates

Prior to looking up rates you will need several basic pieces of information in order to compare plans.  Date of Birth, Gender, Zip Code, and Tobacco preference are the three items that are required with 90% of the Michigan Insurance companies.  Now there will be health questions for the coverage unless you are in your Open Enrollment Period or Guaranteed Issue Period, but the health questions are not extreme so it is at least worth considering prior to writing it off because you don’t feel you are healthy enough.

So if you are wanting to compare Michigan Medicare Supplement Rates whether you live in Detroit or Grand Rapids this is an easy want to get some quotes.  Go to www.medicareinsurancefinders.com and fill in the information on the side of the screen.  The box to fill out looks like this:

Michigan Medicare Supplement Rates

Hassle Free Rate Comparison

Once you have filled in this information and confirmed on the next screen you will see rates with over 30 insurance companies in the state.  Another good thing is that you can compare rates in 47 states across the country in less than 1 minute.

What do I do now?

Once you compare rates you should ask yourself if you are paying too much for your current plan!  These plans are standardized and the coverage between companies is the same which means that if you are paying $30 or more per month over what you are quoted on the Medicare Supplement Quote Engine you could be saving over $360 per year…. We see huge savings every day and really recommend taking less than 2 minutes of your time to look at what is available.

If you see you like a plan that is available and would like to see if you qualify call us at 1-877-936-2991.  We help people every day who are in their Open Enrollment Period or just need help comparing their current policy.  We would love to help you in order to make sure you have the best Michigan Medicare Supplement Rates available!