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lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 29799
Experience:  Taxes, Immigration, Labor Relations
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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: 1 year ago.
Category: Social Security
Customer: replied 1 year 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 1 year 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 1 year 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 1 year ago.


Medicare premiums depends on your income - see following publication

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.


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