Are medicare part b premiums tax deductible?

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Yes is the short answer but there are some guide lines to be followed.


How Much of the Expenses Can You Deduct?

You can deduct on Schedule A (Form 1040) only the amount of your medical and dental expenses that is more than 7.5% of your AGI(Form 1040, line 38).
In this publication, the term "7.5% limit" is used to refer to 7.5% of your AGI. The phrase "subject to the 7.5% limit" is also used. This phrase means that you must subtract 7.5% (.075) of your AGI from your medical expenses to figure your medical expense deduction.
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Is my Medicare B premium already deducted when I receive my monthly SS check?

The answer is nothing because if you are 65 and a US resident you are eligible for medicare even if you do not receive social security. Answer: . If you are enrolled in Medicare Part B, your premium is automatically deducted from your social security check. For 2009, if you make less than $85,000.00 per year, $96.40 will be deducted from your social security check. If you make more than $85,000.00 per year, check this publication for the correct deducted amount:. http://www.medicare.gov/Publications/Pubs/pdf/10050.pdf

What is deductible for Medicare part B?

The Medicare Part B deductible is $135 in 2009, the same as it was in 2008. It is indexed to increase with the Part B actuarial. The lack of an increase in 2009 was an exceptional year. The deductible effective for 1/1/2010 will be announced in late summer / fall. CMS Link: http://www.cms.hhs.gov/apps/media/press/factsheet.asp?Counter=3272 Part B generally covers doctor services and outpatient care. The Medicare beneficiary is responsible for paying the Part B deductible prior to Medicare paying its share (which is, basically, 80% of the amount above the deductible, not counting balance billed charges).

What is the deductible for 2010 for medicare part b?

Although not officially announced yet by CMS (Medicare) as of this date (10/13/09), it should remain the same as 2009 for most, if not all, folks in the low to medium income bracket. The reason is that Social Security retirees will not get a COLA this year. This was explained last April. Because of no Soc Sec COLA, a provision for protection of those having Part B premiums being deducted from their monthly retirement income to not suffer a lower check amount in cases such as this, a hardship clause was established previously, and will now throttle any Part B increase for 2010. This protection does not extend to those in higher income brackets or those just aging into Medicare. Whether they will be enjoy the frozen premium will only be answered when CMS finally announces 2010 info. $155

Who do you pay Medicare part B deductible to?

Medicare premiums are usually withheld from one's Social Security benefits. If not, the payment address is : Medicare Premium Collection Center P.O. Box 790355 St. Louis, MO 63179-0355 If you received a bill for your Medicare premiums from the Railroad Retirement Board, mail your payment to: Railroad Retirement Board Medicare Premium Payments P.O. Box 979024 St. Louis, MO 63197-9000

What will medicare part B premiums be in 2013 and in 2014?

Premiums for Part B will not be announced until after the election. Mr. Obama does not want any one to know because the premiums are going up and he wants to be reelected. Premiums going up (not just for Medicare, but individual [plans with their employers are all going up in spite of Obamacare, but he for sure does not want this increase in Medicare to be disclosed until after the election. At that point, he will not care.

What is deductible for Medicare part B for 2013?

The Medicare Part B deductible in 2013 is $147, a $5 increase from 2012. . Medicare beneficiaries pay the Medicare Part B deductible for services including doctor visits, lab tests, surgeon’s fees, ambulance rides, and speech therapy. Medigap Plan C and Plan F policy holders do not have to pay this deductible.