Paying for Part B---Self Employed?

[Mike Siegal]

Hi all,

Been studying MA and MS options and came up with a question.
NOTE: My understanding is that one must begin to pay for Medicare Part B to qualify for MA (not sure if this is the case with Med.supps).


QUESTION; How does a self-employed individual pay for medicare Part B?

SUPPOSE

• -he works for himself
• -files his own tax returns
• -pay's taxes at the end of the year (not quarterly)
• -he's turning 65 in 3mths

IN this situation,

• how would he start paying for Medicare Part B?
• Does he start sending a check to the IRS every quarter?
• Can he send the IRS a check at the end of the Year?
• If not, how does he begin to pay for Medicare B?

Anyone know?

Thanks!

 

[axeman462]

Hi all,

Been studying MA and MS options and came up with a question.
NOTE: My understanding is that one must begin to pay for Medicare Part B to qualify for MA (not sure if this is the case with Med.supps).


QUESTION; How does a self-employed individual pay for medicare Part B?

SUPPOSE

• -he works for himself
• -files his own tax returns
• -pay's taxes at the end of the year (not quarterly)
• -he's turning 65 in 3mths

IN this situation,

• 
  [*]how would he start paying for Medicare Part B?
  [*]Does he start sending a check to the IRS every quarter?
  [*]Can he send the IRS a check at the end of the Year?
  [*]If not, how does he begin to pay for Medicare B?

Anyone know?

Thanks!

[*]how would he start paying for Medicare Part B? -- If he's on SS, it will come out of his SS check like everyone else. Otherwise, the government will send him a bill, and he will have to pay quarterly.
[*]Does he start sending a check to the IRS every quarter? -- If hes not on SS, yes.
[*]Can he send the IRS a check at the end of the Year? -- Only if he wants to donate his money to the US Treasury

[*]If not, how does he begin to pay for Medicare B? -- see previous answers

 

[yorkriver1]

Hi all,

Been studying MA and MS options and came up with a question.
NOTE: My understanding is that one must begin to pay for Medicare Part B to qualify for MA (not sure if this is the case with Med.supps).


QUESTION; How does a self-employed individual pay for medicare Part B?

SUPPOSE

• -he works for himself
• -files his own tax returns
• -pay's taxes at the end of the year (not quarterly)
• -he's turning 65 in 3mths

IN this situation,

• how would he start paying for Medicare Part B?
• Does he start sending a check to the IRS every quarter?
• Can he send the IRS a check at the end of the Year?
• If not, how does he begin to pay for Medicare B?

Anyone know?

Thanks!​

Good luck with MA & MS. Remember, you have a narrow window to be eligible for Medicare Supplement without medical questions. You can get out easily but not in, once you have to answer medical questions.

Discuss what checking account (business or personal) to use for the payment with a tax professional, and the tax deductibility for you, or look it up online.

Go enroll in Medicare A/B now, which you must do proactively if not receiving Social Security--online, by phone or at your area Social Security office. Social Security handles Medicare enrollment. If online, you will do the same online app used for applying for Social Security income. About 2 pages in, it will ask if you are enrolling for Medicare only, and yes you are, click that. Be sure to finalize the application all the way, if working online. You can check with Social Security by phone after a few days to confirm they have the app, if you are concerned.
The Part B bill will be quarterly, and arrive usually about 2 weeks before the 1st due date which will be the 25th of that month. There will be no advance information on billing, just a letter of eligibility and eventually the Medicare card. Eligible, example, June 1 eligibility. Letter/bill arrives June 7-10, due June 25. Social Security phone reps have stated that a person could call them and arrange to pay 1 month at a time by mail. They have also said that once a first payment by check has cleared, they can set up automatic bank draft for monthly payments. The form can be mailed to you or downloaded online.

Since the consequences of paying late are so dire, losing Medicare B, then regaining by re-enrolling in January of the following year, then waiting until July 1 of that year to be covered, with a lifetime 10% penalty, my suggestion is to get enrolled in automatic draft asap. You will continue to receive bills marked "this is not a bill" once autodraft is in place and until the payment is subtracted from a Social Security monthly benefit.

Once you start receiving Social Security benefits, if waiting to age 66 or beyond, there could be a month overlap, and if so, they will eventually refund the overpayment, if any. A mysterious little US Government check in the mail will arrive, in the amount of the Part B premium overpayment.​

 

[Mike Siegal]

Ok...thanks guys.

• -SO, it looks like someone who's self-employed and filing for Medicare Part B, will be sent a bill by the IRS (or it may be deducted from their SS check)....is that correct?
• -Any Idea how much the avg. male pays for Part B?

Thanks!

 

[axeman462]

Ok...thanks guys.

• -SO, it looks like someone who's self-employed and filing for Medicare Part B, will be sent a bill by the IRS (or it may be deducted from their SS check)....is that correct?
• -Any Idea how much the avg. male pays for Part B?

Thanks!

Yes, they will be sent a bill, or it will come out of their SS check if they are on SS

The base amount is $134. If they fall into higher income brackets it can be more. (often self employed people do)

heres a link to the IRMMA charges
https://www.medicare.gov/your-medicare-costs/part-b-costs/part-b-costs.html

 

[Mike Siegal]

Yes, they will be sent a bill, or it will come out of their SS check if they are on SS

The base amount is $134. If they fall into higher income brackets it can be more. (often self employed people do)

heres a link to the IRMMA charges
https://www.medicare.gov/your-medicare-costs/part-b-costs/part-b-costs.html

Thanks Axe...!

Is that $134 quarterly, mthly?

 

[axeman462]

Thanks Axe...!

Is that $134 quarterly, mthly?

$134 is monthly for people aging into Medicare in 2017 (previous years was lower)
The quarterly amount is something like $402 (not sure if they still charge an extra "fee" for not being on SS)

 

[kgmom219]

Thanks Axe...!

Is that $134 quarterly, mthly?

If you are not taking Social Security, the first bill is via direct mail, for a quarterly payment. There is an option for direct debit monthly payments (the form is available at ssa.gov) after the first quarter payment is made.

Also, since it sounds like you are self employed, just a reminder that you will need to cancel your current policy (even if it's on the Exchange). There is no automatic cancellation due to Medicare eligibility.

 

[DS4]

Or, pay the $134X3 with a CC and get airline miles.

 

[somarco]

pay the $134X3 with a CC and get airline miles.

Is United offering any special deals to lure flyers? Particularly those of Asian descent?