Question about Medicare deduction from Social Security payment.

[Willistonite]

That is good to know on selling assets, we do not plan on selling anything in near future but do plan on selling our
primary home in about 5 years. Will that cause our rates to increase insanely? I know for taxes we can sell it without
paying taxes as it has been our primary home for 40 years, just wonder if it affects the Medicare rate? Hopefully, if it is
not showing as income on our tax return is should not be counted towards income for Medicare purposes, but I would like to know for sure, if you could help me on that question. I am sure there are others in the same situation.

[mathjak107]

unless the sale of the house goes over the exclusion you get for selling a primary it does not count as income .

a single can exclude 250k and a couple up to 500k in gains . after that it is taxable income

[Willistonite]

Originally Posted by mathjak107

unless the sale of the house goes over the exclusion you get for selling a primary it does not count as income .

a single can exclude 250k and a couple up to 500k in gains . after that it is taxable income

Thanks, we will be about 400K so we will under that threshold. So I guess we will wait see what happens
next year on the rates when I retire. Thanks again.

[nightbird47]

Originally Posted by TFW46

Are you currently on Medicare? If so, your first Social Security payment after signing up for Medicare should have included deductions for two months' worth of Medicare premiums.

Sometimes Medicare will bill you for three months' worth of premiums at a time. That's what happened to me. I signed up for Social security and for Medicare B at the same time. Medicare billed me while Social Security deducted the premiums from my SS payments. I worried about not being covered by Medicare if I didnt pay the bill so I went ahead and paid it, knowing that, eventually, I'd be reimbursed for those premiums. And I was -- it took only a few months for them to get straightened out.

I've applied for and am told I should get 'extra help' since I don't get a big check, and should get a limited cost to none on part B. Would this be taken into consideration in billing more than a month? I am very worried that in this form or a copayment, I will end up with not enough for the bills and food and normal needs. I also absolutely need my medical supplies. Under medical I got them at no cost as they are necessary. Is there any consideration of need and a very slim budget?

I'm really feeling very threatened by all these costs since the budget already has no reasonable place to cut. I did apply for extra help and am told I should get it but am on pins and needles right now.

I'm really scared I will end up not able to pay my bills, and trimming them would be difficult.