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Tina, Lawyer
Category: Employment Law
Satisfied Customers: 8184
Experience:  JD, BBA, recognized by ABA for excellence.
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Im considering moving to Medicare and off employer insurance

Customer Question

Im considering moving to Medicare and off employer insurance (Humana). Im wondering what my tax implications will be?
JA: The accountant will know how to help. Please tell me more, so we can help you best.
Customer: CORRECTION: I want to move to Medishare
JA: Is there anything else the accountant should be aware of?
Customer: Ill lose my $7k employer allowance to pay for my medical insurance costs
Submitted: 6 months ago.
Category: Employment Law
Expert:  Law Educator, Esq. replied 6 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
What do you mean your tax implications, you mean your income will go down because of making $7000 less for the medical costs? We are not quite sure what you mean because most insurance companies require people to move onto medicare as soon as eligible or they end up facing a medicare penalty and also the insurance company can refuse to provide coverage for not signing up for medicare when eligible (this is an old rule in place for years before people were able to work well into their 70's).

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