A health savings account may help you save money on medical expenses, depending on your insurance type. If you are eligible, you can use your health savings account (HSA) to cover certain medical costs, according to HealthCare.gov.How...
Deducting Long-Term Care Insurance Premiums in 2023
Are you a taxpayer who has purchased long-term care insurance (LTCI)? Take note of your policy details and your premium amount, as you may be able to deduct the cost – or at least part of it – from your 2023 income.
Why Young Parents Should Have a Last Will and Testament
Being a young parent can be a joyful and rewarding experience, but it also comes with many responsibilities, including the need to plan for the future. One important aspect of planning for the future is creating a last will and testament. Although...
What Is IRMAA and How Does It Affect My Medicare Premiums?
As we near retirement, we may assume that once Medicare kicks in, our medical insurance premiums will be fixed. However, many people may not realize that there are special rules regarding how much they pay for Medicare Parts B and D if they are in a higher income range.
Pros and Cons of an Irrevocable Trust for Asset Protection
An Irrevocable Trust is one option a person may consider to protect their assets from MassHealth and nursing homes or long-term care expenses.
An Irrevocable Trust is created during your lifetime. The primary goal of the Trust is to receive assets you transfer to it so that MassHealth will...
Protecting Spouses of MassHealth Applicants: 2023 Guidelines
The Centers for Medicare & Medicaid Services (CMS) has released the 2023 federal guidelines for how much money the spouses of institutionalized MassHealth recipients may keep, as well as related MassHealth figures.
IRS: You Can Contribute More to Retirement Starting in 2023
In October 2022, the Internal Revenue Service (IRS) announced contribution limitation adjustments for employee retirement plans in response to inflation.
The IRS issued Notice 2022-55, which describes cost-of-living adjustments for retirement and pension plans. The changes are effective January 1, 2023.Increases to Contribution Limits for...
What Is the Difference Between Medicaid / MassHealth and Medicare?
Although Medicaid and Medicare are both public health insurance programs, they have essential differences. Furthermore, in Massachusetts we refer to Medicaid benefits simply by the name of the agency administering the benefits: MassHealth.
Medicare is a federal program for older adults, people with disabilities, and individuals with end-stage renal...
Medicare Premiums to Increase Dramatically in 2022
Medicare premiums are rising sharply next year, cutting into the large Social Security cost-of-living increase. The basic monthly premium will jump 15.5 percent, or $21.60, from $148.50 to $170.10 a month.
The Centers for Medicare and Medicaid Services (CMS) announced the premium and other Medicare cost increases on November...
IRS Issues Long-Term Care Premium Deductibility Limits for 2022, and they Look Pretty Familiar
The Internal Revenue Service (IRS) has announced the amounts taxpayers of different ages can deduct from their 2022 income as a result of buying long-term care insurance, and the figures are almost the same as in 2021.
Many types of medical expenses are deductible from your taxes. To claim...