Question

Mr. Wong is a single individual. He has had a successful business career and is now able to retire with a comfortable income. Mr. Wong's taxable income is in excess of $100,000. Mr. Wong has health coverage through his employer but will sign-up Medicare Part A, Part B and Part D when he leaves the workforce. How would you advise him as he budgets for Medicare premiums?

Answer 1

Answer:

Basically, here are the things I would tell Mr. Wong :

- Since he's participating in the workforce, He does not have to spend a single penny for the medicare part A.  So he can pretty much focus his budget on the medicare part B and part D.

- According to the federal, workers with higher than $85,000 income need to pay higher premiums for part B and D. Nothing Mr. Wong can really for this higher payment. (since's he is considered middle to upperclass earner).

But, he can adjust his part B and Part D plan with private insurance to cater specifically for the type of treatment that he wants. (so he does not have to pay for all type of specialists/drugs and reduce the overall cost)

Answer 2

Answer:

Due to his participation in the workforce he will not have to pay premiums for Part A but he will pay higher premiums for Part B and Part D due to the amount of his income.

Explanation: