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Old 04-15-2016, 01:31 PM
 
58 posts, read 41,684 times
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Quote:
Originally Posted by mathjak107 View Post
live and learn , to bad we usually end up learning after the fact . like locking the barn after the horse runs away . never did i ever consider that sale in 2014 would trigger a huge penalty 2 years later in retirement , who knew , i knew nothing about medicare yet , didn't have to . wrong !
That is great info, thanks a lot. We are years away from Medicaid and like you, I had no idea we needed to plan ahead. Thanks for the heads up.
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Old 04-15-2016, 01:38 PM
 
Location: Florida
4,366 posts, read 3,704,692 times
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The premium problem can come up each year so be sure to file an appeal. I think you can use your estimated income for the current year. However, if your estimate was below the cut off but your tax return for that year showed your income was over the cut off you will be billed the excess premiums.
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Old 04-15-2016, 01:40 PM
 
Location: Kountze, Texas
1,013 posts, read 1,159,915 times
Reputation: 1267
Congratulations!!
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Old 04-15-2016, 02:23 PM
 
Location: Mount Airy, Maryland
10,464 posts, read 5,933,005 times
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Congrats MJ, that's great news and certainly sounds like a fair ruling. But since when is the Government fair? But you are right, hope this lesson is read by others in a similar situation.
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Old 04-15-2016, 02:36 PM
 
Location: Las Vegas
13,890 posts, read 25,331,777 times
Reputation: 26388
Congratulations! Good for you!
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Old 04-15-2016, 02:39 PM
 
71,648 posts, read 71,777,271 times
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Quote:
Originally Posted by rjm1cc View Post
The premium problem can come up each year so be sure to file an appeal. I think you can use your estimated income for the current year. However, if your estimate was below the cut off but your tax return for that year showed your income was over the cut off you will be billed the excess premiums.
they automatically just go back two years and bingo , new bill at increased premium appears in january . there is nothing you show them prior to that , no request for info , nothing . .

be careful selling your home . if you have a home for decades you may have gains that exceed the exclusion limit , especially if you had a spouse die and now file single .

those gains can bite you and the examiner said that ss makes no exceptions because you sold your house and the gains triggered premium increases so plan accordingly .
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Old 04-15-2016, 04:31 PM
 
294 posts, read 173,443 times
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Wow, I had no idea selling your home would cause an increase to your Medicare payments. We still own our first home. When we sell is there a way to be smart about this or will our Medicare costs rise significantly. I feel like when the government is involved you just can't win.

What is the exclusion limit? Thanks
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Old 04-15-2016, 04:42 PM
 
71,648 posts, read 71,777,271 times
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if you qualify for the capital gain exclusion on your primary home then assuming it was never used as a vacation home or rental and you lived in it for at least 2 out of the last 5 years then any gains under 250k if you are single or 500k if you are married are not taxed .

this will likely effect mostly folks in high cost areas who are long time owners . however if like us you do not want to be landlords in retirement and intend to sell investment property's watch the year you sell vs go on medicare . they will use your income from two years prior .

each year is rolled forward by a year so it always looks 2 years behind .

unless there is drastic differences in income don't expect to luck out like we did where the difference in income was more than 6x the amount from 2014 to 2015 so they considered it a life changing event .

the typical loss of your paychecks vs your retirement income is not going to be enough to get the premiums from the gains on asset sales waived

Last edited by mathjak107; 04-15-2016 at 05:17 PM..
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Old 04-15-2016, 06:16 PM
 
Location: Asheville NC
1,604 posts, read 1,314,379 times
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Default Yay

Glad for you.
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Old 04-15-2016, 06:21 PM
 
Location: Cochise county, AZ
4,976 posts, read 3,462,838 times
Reputation: 10509
Yay for Mathjack and Marilyn.
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