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7 Ways You Can Save Money on Medicare Premiums - YouTube
Channel: Boomer Benefits - Medicare Expert
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so Medicare isn't free and this comes as
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a surprise to many people but did you
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know that there are several ways that
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you can either qualify to reduce those
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premiums or help yourself to pay for
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them
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hi there if we haven't met yet I'm
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Danielle Roberts Forbes finance council
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member and co-founder here at boomer
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benefits in this video I'll explain why
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you still pay Medicare premiums even
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after you have paid taxes toward
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Medicare during all those working years
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and then we'll cover some ways that
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certain people can reduce premiums so
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that you can see if one of these ways
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will work for you if you enjoy the video
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we hope you'll subscribe to our channel
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[Music]
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the fact that there are Medicare
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premiums at all can sometimes catch new
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beneficiaries off-guard maybe you have
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noticed that the federal government has
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been deducting taxes out of your
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paycheck for many years these deductions
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go toward funding your future Part A
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Medicare premiums as well as your social
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security income checks but here's the
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part that many people don't realize
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those taxes do not go toward your Part B
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premiums or your Part D drug plan
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premiums so many people are unprepared
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to pay even the base Part B premium of
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around 135 a month in 2019 let alone
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more if they have higher incomes which
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can increase those premiums
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substantially if you're having trouble
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paying premiums for Medicare there are
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several ways to either reduce your
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Medicare premiums or to get help or
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medicare assistance with paying for them
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if you can qualify
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if you are one of the beneficiaries who
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pays more for your Medicare Part B and D
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premiums due to higher income you may be
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able to appeal that social security
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basis your Medicare Part B premiums on
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your modified adjusted household gross
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income from two years prior to now
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here's how they calculate it currently
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in 2019 if your IRS tax return from two
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years ago shows that you earned more
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than eighty-five thousand individual or
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one hundred and seventy thousand filing
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jointly then you'll be assessed a higher
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premium they call this an income related
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monthly adjustment amount or Emma for
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short and the total premiums for
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high-income individuals who are assessed
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in irma
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can actually cost a bundle you can find
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an Medicare premium chart on the
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Medicare cost page of the boomer
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benefits website so I'll drop a link to
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that page in the notes below this video
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the most common reason that people get
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assessed higher Medicare premiums is
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because they have recently retired so
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their income from two years ago was
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higher than it is now that they have
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finally gone on it's retirement in this
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scenario you can file a reconsideration
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request to appeal your Medicare irma
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Social Security will ask for proof of
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your higher income than vs. now and if
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you can show them that your income is
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lower than before then they may reduce
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those premiums for you were even lower
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or cancel your Emma another way that you
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can reduce your Medicare premiums is to
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pay for those premiums from your tax
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advantaged health savings account it's
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common for people to enter the
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retirement years with money that they
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have saved up into a health savings
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account during their working years many
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employers these days offer what are
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called high deductible health insurance
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plans that enable employees to open and
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contribute to a health savings account
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money that you put into this HSA is your
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money forever so the funds that you
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contribute going tax-free they also come
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out tax-free and when you use that money
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for qualified medical expenses you never
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pay taxes at all one of the qualified
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medical expenses that you can use HSA
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funds for our Medicare premiums as well
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as things like your Medicare deductibles
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co-pays and coinsurance so you can pay
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your Medicare Part B premiums out of
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your HSA account
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or if your social security is seeing
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those premiums from your monthly income
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check you can reimburse yourself from
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the funds in your HSA since you have
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never paid tax on that money you are
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essentially reducing what you pay on
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those Medicare premiums by whatever tax
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bracket you're in you can learn more
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about Medicare and HSA plans and a
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special blog post that we've written
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about this on our website we'll link to
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that for you below as well now let's say
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on the other hand you have low income
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for people who qualify there is Medicare
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premium assistance available through the
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Medicare savings programs these programs
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provide financial help with paying for
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Part B and D premiums you'll apply
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through the Medicaid office of the
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Department of Health and Human Services
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offices in your home state and you could
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qualify to get some or all of your
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Medicare Part B premiums covered so if
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you're living on just Social Security be
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sure to check and see if you're eligible
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for this financial health in your home
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state if your income is not low enough
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to qualify for one of the Medicare
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Medicaid savings programs you may still
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be able to qualify for the chance to
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reduce at least your Part D drug plan
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premiums via the low income subsidy
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program this program helps to pay for
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your Part D premiums deductibles
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coverage co-pays and coinsurance many
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beneficiaries who qualify for this
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program are often completely unaware of
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it and never file for it yet it is
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estimated to save qualifying
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beneficiaries up to $4,000 a year on
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Part D expenses if you're awarded the
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low-income subsidy you'll find that your
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co-pays on your medications will be
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greatly reduced and you also won't pay
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any deductible or experience higher
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costs in the coverage gap depending on
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your subsidy qualification level you may
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also pay little to no premiums for your
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chosen Part D plan you can apply for the
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low-income subsidy right on the social
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security's website at WWF a gov now
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here's the way in which you can actively
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help to reduce your Medicare premiums as
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you know by now Medicare doesn't cover
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100% of your health care costs so
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millions of beneficiary sign up for
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either a Medicare supplement or
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Advantage plan to help them fill the
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gaps no matter which of these two
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options you choose you must still be
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enrolled in both Medicare Parts A and B
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this
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means that you are paying for Part B
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every month even if you enroll in a low
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premium or zero premium Medicare
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Advantage plan in some states though and
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particularly in Florida there are some
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Medicare Advantage plans that not only
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have a zero premium but also offer you a
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Part B premium reduction the way that
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this works is that the Advantage plan
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pays for a portion of your Medicare Part
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B premiums for example if you enrolled
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in an advantage plan with a $60 a month
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Part B premium reduction then instead of
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paying one hundred and thirty five fifty
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for Part B you would only pay seventy
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five fifty a month for that calendar
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year be aware that this reduction amount
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is subject to change each year so it
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could be that the reduction amount
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increases or decreases in subsequent
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years I say this to make you aware that
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you should choose a Medicare Advantage
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plan that really fits you in all of the
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other important ways as well it needs to
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have your doctors in the network it
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needs to have your drugs in the
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formulary list but if you can find one
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that has all the right features and
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benefits and also reduces your Part B
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premiums then that's a win-win not all
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states have insurance companies
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currently offering plans with premium
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reductions so check with us here at
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boomer benefits if you want us to find
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out what's available in your state one
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of the most common questions we get from
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our policyholders here at boomer
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benefits is are my Medicare premiums tax
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deductible and yes Medicare premiums can
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be deducted from taxes in the right
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circumstances so that is if you've had
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enough medical expenses to file an
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itemized deduction for medical expenses
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on your form 1040 most health insurance
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premiums including medicare supplement
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premiums qualify for an itemized
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schedule a deduction on your 1040 but
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only if your medical spending in that
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year is over a certain threshold so in
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2019 you must have total qualifying
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expenses that exceed 10% of your
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adjusted gross income keep this in mind
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during years where you have more medical
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usage than others and mention it to your
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accountant or CPA when preparing to file
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your IRS tax return you might find that
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you get to write off your Medicare
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premiums for the entire year so what can
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you do to reduce Medicare premiums if
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none of these other things apply to you
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well you could consider creating some
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part-time income to help you pay for
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those Part B and D premiums in today's
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digital world this is easier than ever
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you can pet sit or dog walk right there
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in your own neighborhood you can sign up
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online to tutor foreign students in
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English as a second language
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you can even drive for uber or lyft just
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a few hours a month would be enough to
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pay for that one hundred thirty five
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fifty a month Part B premium for more
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ways to earn extra income check out our
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blog post on 50 ingenious ways to earn
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money in retirement will include this in
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the link below and don't forget that you
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can drop your questions for us below as
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well and we'll always be happy to answer
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them for you
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now that you've learned some of the ways
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to reduce your Medicare premiums your
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next step is to learn what all these
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premiums cost in the first place by
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watching our Medicare cost video thanks
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for watching and we'll see you in the
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next video with more lessons on how to
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master Medicare
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