How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask lev-tax Your Own Question
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Social Security Question Here...
lev-tax is online now
A new question is answered every 9 seconds

If I am self Employed and on Medicare and a Medicare

Customer Question

If I am self Employed and on Medicare and a Medicare Advantage plan and have not been able to pay my premiums for the past six months, what are my options to get back on track? My business is not doing well and I turned 65 last September when I enrolled.
Submitted: 9 months ago.
Category: Social Security
Customer: replied 9 months ago.
I am paying Medicare 133 and myMedicare Advantage 141. Is that the right way it is to work? Am I able to pay Medicare Advantage only?
Customer: replied 9 months ago.
I also have a questions about my Social Security. My wife died in 2005 and it is my understanding I am able to draw off her social security as well. If i am still working, can I start collecting from her benefits while I am working? I am in a terrible financial hardship right now so I am looking at all options.
Expert:  lev-tax replied 9 months ago.

First of all - yes - if you have unpaid premiums - you should pay them as soon as possible.

Because you are self-employed - you may deduct Medicare premiums as an adjustment to your income - however that deduction is limited by the net self-employment income. That means - if you realize losses from self-employment activity - there is no deductions.

Expert:  lev-tax replied 9 months ago.

.

Medicare premiums depends on your income - see following publication

https://www.ssa.gov/pubs/EN-05-10536.pdf

page 9 - Individuals with a MAGI of $85,000 or less - in 2016 have standard premium=$121.80

Medicare Advantage plan premiums depend on your provider and options you selected - so these may vary.

.

I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all tax related issues.