I am 67, retired and collecting social security. Should I get medicare part B? My daughter wants to claim me as dependent. Will that affect my benefits?
Total Comments: 5
Posted: Fri Mar 01, 2013 01:32 pm Post Subject:
My daughter wants to claim me as dependent. Will that affect my benefits?
This has nothing to do with Medicare benefits.
However, at age 67, unless you are/were still covered by an employer-sponsored health insurance plan, if you did not enroll in Medicare Part B (or Part D) at age 65, there is a 10% premium penalty for every 12 months in which you did not have "creditable coverage" (for Part D drug benefits, the penalty is 1% per month for every month you did not have "creditable coverage"). You could be facing a 20% Part B premium penalty for the rest of your life, and a 24% Part D penalty for the same period of time.
Posted: Tue Mar 05, 2013 07:30 am Post Subject: benefits
It won't affect your social security or medicare benefits. Just that she would get the tax advantage, if she claims you as a dependent.
Posted: Tue Mar 05, 2013 11:37 am Post Subject:
According to my consideration, It will not affect your social security.
Posted: Tue Mar 05, 2013 12:24 pm Post Subject:
Just that she would get the tax advantage, if she claims you as a dependent.
In order to claim a person as a dependent, you must furnish at least half of their total annual support. Easy to do for a child, not as easy to do for an adult, but not impossible. The IRS, however, applies much greater scrutiny to the returns of persons claiming adults as dependents.
Posted: Fri Mar 01, 2013 01:32 pm Post Subject:
My daughter wants to claim me as dependent. Will that affect my benefits?
This has nothing to do with Medicare benefits.However, at age 67, unless you are/were still covered by an employer-sponsored health insurance plan, if you did not enroll in Medicare Part B (or Part D) at age 65, there is a 10% premium penalty for every 12 months in which you did not have "creditable coverage" (for Part D drug benefits, the penalty is 1% per month for every month you did not have "creditable coverage"). You could be facing a 20% Part B premium penalty for the rest of your life, and a 24% Part D penalty for the same period of time.
Posted: Tue Mar 05, 2013 07:30 am Post Subject: benefits
It won't affect your social security or medicare benefits. Just that she would get the tax advantage, if she claims you as a dependent.
Posted: Tue Mar 05, 2013 11:37 am Post Subject:
According to my consideration, It will not affect your social security.
Posted: Tue Mar 05, 2013 12:24 pm Post Subject:
Just that she would get the tax advantage, if she claims you as a dependent.
In order to claim a person as a dependent, you must furnish at least half of their total annual support. Easy to do for a child, not as easy to do for an adult, but not impossible. The IRS, however, applies much greater scrutiny to the returns of persons claiming adults as dependents.Posted: Wed Mar 20, 2013 10:55 am Post Subject:
Absolutely not affect your social security.
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