I did consider it.You might consider switching to Medicare Supplement 1A. The premium savings are higher than the Part B deductible, and that is the only difference in coverage. Additionally, while Medigap premiums are not eligible HSA expenses, paying the Part B deductible is (only relevant if you have an HSA balance of course).
https://www.mass.gov/doc/2025-medicare- ... 5/download
However, as a self-employed person who gets to deduct Medicare / Medigap & Plan D premiums ... it is a different calculation.
Between federal, state, Medicare / Social Security payroll taxes ... I'm in about the 42% combined tax bracket.
I get no tax deductions anywhere for paying the deductible.
Therefore, the after-tax difference is:
[Premiums for 1 - Premiums for 1A] x .42 - [the deductible]
In my case that came out to be $91 I'd save. In return I'd have to pay for one bill, two bills, three bills, ??? bills to take care of that deductible. Since I've been on Medicare starting April 2016 I've never had to spend any time dealing with any bills.
Also, by having the higher premiums which are all tax deductible, that then lowers both my AGI and MAGI, which could possibly lead to less of my Social Security being taxed and not being in an IRMMA position. Just being $1 over that IRMMA limit can results in a lot of extra Medicare and Plan D costs in a year.
That was my reasoning for staying with Medicare Supplement 1.
Statistics: Posted by yankees60 — Sun Dec 08, 2024 10:05 am