One advantage to getting older is being part of the Medicare system.
When looking at Medicare you have to be a U.S. citizen or permanent resident for at least 5 years and the enrollment is automatic when you are drawing social security. There are four different parts in this health insurance benefit program – Part A, B, C and D. Part A helps with hospital insurance benefits and Part B assists with physician services for which there is a charge. Adding Medigap insurance can be used to fill in the gap between Part A and B. Part C is Medicare Advantage – HMO services for Parts A, B and D allows for better benefits through private companies. The prescription drug coverage in Part D is voluntary and the costs are paid for by the monthly premiums of enrollees and Medicare. Then there is Medicaid. This is a needs based program that provides medical coverage to all U.S. citizens and legal residents. Although it is a joint Federal/State program, States may decide on how it is run as long as the program complies with minimum standards set by Federal law. Each Medicaid program must provide coverage to individuals who are both aged, blind or disabled; and considered needy based upon their income and resources with a 5-year look back rule.
IRS CIRCULAR 230
Any tax advice included in this written or electronic communication was not intended or written to be used, and it cannot be used by the taxpayer, for the purpose of avoiding any penalties that may be imposed on the taxpayer by any governmental taxing authority or agency.
Marcia L. Miller, M.B.A., E.A.
Financial Horizons, Inc.
- President and owner of Financial Horizons, Inc., a full service accounting and tax firm
- Enrolled agent entitled to practice before the Internal Revenue Service
- 40 years of accounting, tax and management consulting in South Florida for a practice with an emphasis on representing small business owners in all aspects of taxes, employment and labor issues, pensions, estate planning as well as federal, state (nationwide) and foreign mandatory reporting
- Federal appointment successfully completed for a three year term to the Internal Revenue Service's Information Reporting Program Advisory Committee (IRPAC)
- Author, speaker and teleconference expert, for various national companies and accounting organizations at their annual conferences, lecturing on a multitude of tax, technical and non-technical topics focusing on the areas of tax planning, management and health care reform
- Managing director, Transition Advisors, LLC, leading CPAs through transition with succession and M & A strategies
- Live presenter at the 2016 CCH Annual User's Conference and FICPA Chapter meetings regarding Succession Planning for CPAs
- Previous nationwide presenter of tax legislative seminars for Thomson Reuters' Bell Learning Series on current business taxation and accounting issues
- Former adjunct professor at Nova Southeastern University's H. Wayne Huizenga School of Business and Entrepreneurship
- M.B.A. and B.B.A. degrees, University of Miami School of Business
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