Business Tax Recovery Logo


Tax Deduction Consulting: Supplemental Medicare Insurance Brigham City UT

There are up to 12 different plans offered. They are called A through L, and each offers a different set of benefits and exclusions. This gives the individual quite a few options to structure the supplemental plan to match their own personal needs. It is necessary that the person is enrolled in both Medicare A and Medicare B plans. The idea is to supplement and not replace Medicare.

Mr. A. Wayne Margetts (RFC®), LUTCF
(801) 532-1871
175 S Main St, Ste 1050
Salt Lake City, UT
Company
LPL
Qualifications
Education: BSc (Math)MBA
Years of Experience: 16
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
H&R Block Inside Sears Downtown
(801) 532-0610
754 S STATE ST
SALT LAKE CITY, UT

Data Provided by:
H&R Block
(801) 294-7998
75 E 2200 S
BOUNTIFUL, UT

Data Provided by:
H&R Block
(435) 644-2071
40 E CENTER
KANAB, UT

Data Provided by:
H&R Block
(435) 725-3335
855 E 200 N STE 112-3
ROOSEVELT, UT

Data Provided by:
Mr. Gregory W. Williams (RFC®), CFP, CHFC, CLU, LUTCF, MSFS
(801) 453-2271
6340 South 3000 East, Suite 500
Salt Lake City, UT
Company
Exit Strategy Specialists, LLC
Qualifications
Years of Experience: 26
Membership
IARFC, MDRT, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Lunt Gary
(435) 656-1232
435 E Tabernacle St Ste 105
St George, UT

Data Provided by:
Gardner Tax & Accounting
(435) 656-8291
32 E 100 S, STE 202
St. George, UT
 
Singleton's Tax Svc
(801) 373-6920
244 W 300 S Ste 1
Provo, UT

Data Provided by:
Liberty Tax Service
(866) 871-1040
55 W Main St
Lehi, UT

Data Provided by:
Data Provided by:

Tax Deduction Consulting: Supplemental Medicare Insurance

Supplemental Medicare Insurance Tax Deductions

Supplemental Medicare Insurance has become increasingly popular as medical costs continue to rise. The fact that Supplemental Medicare Insurance is deductible helps a lot.

Supplemental Medicare Insurance Tax Deductions

Supplemental Medicare Insurance is part of a program called Medigap Insurance. Its intention is to supplement the gaps in the coverage of Medicare A and Medicare B coverage. Although these programs are offered by various insurance companies, they are all regulated by Federal and State laws. These laws dictate that all of the provisions of the various types of plans are the same from policy to policy.

There are up to 12 different plans offered. They are called A through L, and each offers a different set of benefits and exclusions. This gives the individual quite a few options to structure the supplemental plan to match their own personal needs. It is necessary that the person is enrolled in both Medicare A and Medicare B plans. The idea is to supplement and not replace Medicare.

The premiums paid for the Supplement Medicare Insurance is deductible as a Medical expense subject to the normal restrictions on these deductions. Medical deductions are allowable as itemized deductions only to the degree that they exceed 7.5% of your adjusted gross income. Although this figure is often difficult to meet for young and healthy tax payers, it is a fact that medical costs tend to increase with age. Since taxpayers are not eligible for Medicare until they reach retirement age, it is more likely that their medical expenses will exceed 7.5%.

Another important point concerning Supplemental Medicare Insurance is that they are not family plans. Your policy will not cover the medical costs for a spouse. Each spouse must have their own separate policy. The premiums, however, can be combined on joint returns as they represent a medical expense. Remember the rule for married taxpayers filing separately. If o...

Click here to read the rest of this article from BusinessTaxRecovery.com