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Deducting Medicare costs on your taxes

Medicare premiums for Part B and Part D are indeed tax-deductible, as are supplement premiums for added insurance.

You can also deduct your out-of-pocket costs under Medicare, such as copayments, prescription expenses, and the like.

There's just one catch: You can only deduct expenses that exceed a certain portion of your income, so if you earn too much or don't spend enough, you're out of luck.

Medicare Advantage

Medicare Advantage Plan Types

Medicare contracts with insurers to offer the following types of health plans:

HMOs and Local PPOs contract with provider networks to deliver Medicare benefits. HMOs account for the majority (63%) of total Medicare Advantage enrollment in 2017; local PPOs, account for 26% of all Medicare Advantage enrollees (Figure 3).

Medicare Advantage: How Robust Are Plans’ Physician Networks?

This report is the first known study to examine the size and composition of Medicare Advantage plans’ physician networks. This analysis draws upon data from 391 plans, offered by 55 insurers in 20 counties, and accounted for 14% of all Medicare Advantage enrollees nationwide in 2015. Key findings include:

19 million people on Medicare are in a #MedicareAdvantage plan, yet little is known about their provider networks.

Feds: Skimping can’t save seniors from rising med cost

— Drugmakers raised prices more rapidly for the most commonly used brand-name medications, with the highest demand among Medicare patients. Average costs for the 200 drugs with the most prescriptions in 2015 rose at nearly double the rate of increase for branded drugs as a whole.

—The share of Medicare enrollees spending $2,000 a year or more of their own money for brand-name drugs nearly doubled over the five years studied, reaching 7.3 percent in 2015.

—Total program spending for brand-name drugs increased by 77 percent from 2011 to 2015, from $58 billion to $102 billion. That statistic is a measure of taxpayers’ growing exposure.

A Look Into the Medicare Prescription Part D Drug Plan

As the new millennium arrived, so too did the introduction of the Medicare Part D by President Clinton. Also known as the Medicare Prescription Drug Benefit Program, the program provides prescription drug coverage to eligible participants. Up until the implementation of Medicare Part D in 2006, Medicare did not cover the cost of self-administered prescription […]

For years, confusion has surrounded the conditions under which older adults can receive physical, occupational and speech therapy covered by Medicare.

For years, confusion has surrounded the conditions under which older adults can receive physical, occupational and speech therapy covered by Medicare.

Medicare Beneficiaries Feel The Pinch When They Can’t Use Drug Coupons

Medicare Part D Rules, under the federal anti-kickback law, it’s illegal for drug manufacturers to offer people any type of payment that might persuade them to purchase something that federal health care programs like Medicare and Medicaid might pay for. The coupons can lead to unnecessary Medicare spending by inducing beneficiaries to choose drugs that are expensive.

Drugmakers Blamed For Blocking Generics Have Jacked Up Prices And Cost U.S. Billions

Drugmakers Blamed For Blocking Generics Have Jacked Up Prices And Cost U.S. Billions

Advocacy groups blast CMS for incorrectly promoting MA plans, misleading beneficiaries

Three Medicare beneficiary groups say the Centers for Medicare & Medicaid Services (CMS) is improperly propping up Medicare Advantage plans by misinforming beneficiaries through official educational documents. 

It’s Disability Awareness Month – Make Sure It’s Part of Your Plan for Facing the Unexpected

May is disability awareness month, a reminder that it’s important to evaluate if disability insurance is part of your income protection plan. Disability insurance provides financial protection at stressful time and is very different from other insurance products. An illness or injury can happen to anyone. Disability insurance pays you a portion of your salary […]

Help Your Doctor Help You

When your doctor asks you how you’re doing, he or she is not just being polite. Your doctor wants to know what’s going on in your life. Going to the doctor isn’t fun, but not communicating with him or her can be a critical mistake.  That’s why it’s important to share what’s going on in […]

Traveler’s Checklist: Protect Your Health While You Travel

  Vacation season is just around the corner and now is the time to make sure that you are ready not just with your travel plans but with your health coverage.  Whether you’re traveling out of the country or staying stateside, you don’t want illness or injury to be part of your trip. Unfortunately, this […]

Great News! April 7 is National No Housework Day

What Are You Going To Do? National No Housework Day is right around the corner on April 7 but before you jump at the chance of neglecting some of your usual homework or maintenance routines think twice! Remember the day you moved into your home or apartment. You promised to keep the place in tip-top […]

It’s Tax Season! Are You Ready?

Filing season for the 2017 tax year is well underway. Many of us are still trying to pull our information together before we even begin the work of preparing and filing our taxes. At least we have a two-day reprieve. This year, the IRS moved the deadline to file returns to April 17 because the […]

Commonly Asked Questions About Life Insurance

When it comes to life insurance, most people have more questions than answers…but what happens when you don’t even know what to ask? We thought we would help you start the conversation. We’ve created a list of the most common questions and concerns that most people ask us on a regular basis. Give us a […]