TAXES

The Social Security Act was signed by President Franklin Roosevelt on August 14, 1935. This is a federal program (run by the Social Security Administration (SSA)) and uses social security taxes (and the balance goes into a trust fund) to provide benefits to people who are eligible (Old-Age, Survivors, and Disability Insurance (OASDI) ).

Medicare Part B is that portion of Medicare (medical insurance) that covers;

Medically necessary outpatient medical services (like doctor visits, diagnostic tests, etc.),
Some preventive care (Like screenings, certain vaccines, and mental health counseling) and
Durable Medical Equipment (DME).

Medicare Part A(Hospital Insurance) is the hospital coverage portion (inpatient and care following hospital stays) of Original Medicare (alongside Part B). It’s the federal government-sponsored health insurance program for U.S. citizens aged above 65 years (individuals who are disabled or with End-Stage Renal Disease (ESRD) can get it at any age).

Medicare Part D, the Prescription Drug plan is a part of the Medicare program (optional to anyone with Medicare) that caters to most outpatient prescription drugs. Part D is “privatized”, meaning its offered and managed through approved private companies either as a stand-alone prescription drug plan (PDP) for Original Medicare enrollees or packaged as a benefit in a Medicare Advantage prescription drug plan (MA-PD)- Which includes HMOs and PPOs, that cover all Medicare benefits including drugs.

Medicare Advantage Plan Part C Medicare Advantage Plans, sometimes called “Part C” or “MA Plans,” are a type of health plan offered by a private […]

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What is Medical Deduction Medical Deductions are qualified medical and dental expenses for an individual, their spouse, and dependents that IRS allows a taxpayer to […]

Insurance Enrollment Periods Enrollment in Insurance means the annual window when individuals can buy a Health Insurance Plan directly through the Health Insurance Marketplace. During […]