I am currently getting Disability from social security and recently received mail welcoming in to "Medicare" in Feb 2014 (after 24 months of disability monthly payments of 1869. In Feb, 2014 I'll be 63 and still will have access to my company's Medical, Dental, Vision & Prescription plans. However, with Obamacare, etc. my questions iare: Since I have metastasized breast cancer, am I 1. required to go to Medicare after my 24 months? 2. If so, what would be the amount I'd be getting? 3. How much would I be allowed to make outside of the Medicare supplement that I'd be getting without having to pay back funds earned? 4. Is it possible for me to go 0n-line to get a statement copy of my monies I received in 2012 as the monies are directly deposited in to my account (and I don't have written or electronic copy) and don't have written verif cation of what I received, if taxes were taken out, etc.? Thanks so much for your quick and efficient service, xxxxx x xxxxxxx - xxx-xx-xxxx XXX-XXX-XXXX xxxx xxxxxxxx xx, xxx #x xxxx xxxxx, Xx Xxxxx
First of all, we are unable to call you on the telephone; we can "chat" with one another here, however. Any identification information that you've put in your question is not displayed so we can see it; it is all "X'ed" out.
Now as far as your questions:
1. Yes, you will be required to go on Medicare.
2. The only change that you will experience in your monthly Social Security Disability check will be for your Medicare Part "B" premium, the amount for 2014 we don't have yet but should be right around $100. a month. Part B covers physician & outpatient services up to 80% of Medicare approved charges.
You will need a supplemental plan to cover the additional 20% of those charges as well prescription costs.
Normally, if you are now covered by your company's plan, that supplemental coverage will be provided by the company. You should check with your company as to exactly what changes in your supplemental coverage will take place when your Medicare coverage becomes effective.
3. Being eligible for Medicare will not change what you are allowed to make outside of your Social Security Disability. What's more important is the potential of losing your Social Security Disability benefit if you are able to work. There are exemptions to the earnings limits if you enroll in the "Back to Work" program; you many want to explore this option with Social Security if you are planning to work, as by the time you become ineligible for the program, you will either have attained age 65 (when all earnings limitations expire), or be very close to that age.
As an aside, remember that when you become 65, you will automatically be switched from your Social Security Disability benefit to your regular Retirement benefit. However, the actual amount of your check shouldn't change as your disability benefit is based upon your projected retirement benefit.
4. Finally, the easiest way to get a verification of what you were paid in 2012 is to have Social Security print out a schedule of that when you visit them next week. I will tell you that if you have any bank statement from 2012 you can simply multiply any monthly deposit from Social Security times 12 and you will have what you received from Social Security as all of your 2012 checks would have been the same and there would have been no withholding for taxes or anything else unless you had requested it. Given the fact that you are on disability, unless you have substantial UNEARNED income (interest, dividends, capital gains), none of your Social Security benefits would have been taxable. In any event, depending upon what you want those benefits verified for, the only way your are going to get that is to ask Social Security for it. They can call up your account & do it immediately. There is no automatic tax withholding from your Social Security benefits.
If you want to contact me again with any tax or financial questions, you can just ask for "Steve G" at the beginning of your question. Thanks again for using us for your tax and financial questions. You may get a short survey from the site; if it isn't too much trouble I would appreciate it if you would answer it; the survey results are used to rate our performance;
Please remember to rate my response; it is the only way we get credit for our work.
Mr Stephen G.Yes I did receive your answers to my questions and thank you very much.However,I had difficulty with my computer. Thanks so much. Your answers werearticulate andgave me the information I needed.Thanks so much. I would rate you is the EXCELLENT category.