Part B Premium

steve3752

Expert
67
I have a client who was approved for A&B June 1. They have not filed income tax returns for five years due to an audit. ( Their excuse)

How will they determine the Part B premium? I suggested filing and then amending and they refused.
 
I have a client who was approved for A&B June 1. They have not filed income tax returns for five years due to an audit. ( Their excuse)

How will they determine the Part B premium? I suggested filing and then amending and they refused.
Caveat, I am not an agent.

If your cash needs and cash flow allow you to do so, that may be a client to consider walking away from.
 
I have a client who was approved for A&B June 1. They have not filed income tax returns for five years due to an audit. ( Their excuse)

How will they determine the Part B premium? I suggested filing and then amending and they refused.

"Medicare will charge you a premium for Part B each month - usually they charge $174.70 for most people who are not high-income. But - they may charge you more if they identify you as high income" and move on.

I wouldn't go down a rabbit hole of trying to figure out how the government will handle this odd situation since (a) I'm not the government and (b) I don't care that much.

They'll do what they do - send the people the link to the govt site and move on:
 
Caveat, I am not an agent.

If your cash needs and cash flow allow you to do so, that may be a client to consider walking away from.

Could not disagree more.

Just because they have tax filing issues doesn't mean we can't help them with health insurance. It does mean we can't say, "hey look at this chart, this is what to expect based on the chart." - but we don't even really need to be able to do that.
 
What Scott said.

Even if you could find out, there’s no way to know until the first bill arrives plus 4 weeks for IRMAA
 
What a ridiculous thing to say.
Caveat, not an agent.

Perhaps from your perspective, but not from mine.

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My first thought when I read op's initial post was that his clients might be lying to the IRS or hiding information from the IRS. If that is true, and they are willing to do that to the IRS, one might expect they would also be willing to do that to a mere insurance agent.

Also, if not filing returns means they are hiding IRMAA level income and Social Security gives them the base premium in the absence of tax returns, there is then an issue of what would happen when Social Security and CMS then find out the clients really owed premiums plus a surcharge. If Social Security and CMS then came after the clients for obtaining low Part B premiums through fraudulent actions, the insurance agent might also get sucked into the legal action for aiding the client's actions.

If Part B got cancelled over those activities, clients might even turn and sue insurance agent for improper advice!

I would not care to be involved with the potential for any of those situations.
 
Caveat, not an agent.

Perhaps from your perspective, but not from mine.

----------------------------------------------------------------------

My first thought when I read op's initial post was that his clients might be lying to the IRS or hiding information from the IRS. If that is true, and they are willing to do that to the IRS, one might expect they would also be willing to do that to a mere insurance agent.

Also, if not filing returns means they are hiding IRMAA level income and Social Security gives them the base premium in the absence of tax returns, there is then an issue of what would happen when Social Security and CMS then find out the clients really owed premiums plus a surcharge. If Social Security and CMS then came after the clients for obtaining low Part B premiums through fraudulent actions, the insurance agent might also get sucked into the legal action for aiding the client's actions.

If Part B got cancelled over those activities, clients might even turn and sue insurance agent for improper advice!

I would not care to be involved with the potential for any of those situations.

You know you don’t have to opine on every subject here right? OP isn’t a tax advisor, he’s a health insurance agent.
 
my point exactly. And he has already started down the path of giving them tax advice and being trapped in their tax problems.

No he hasn’t. How is he giving him tax advice by trying to find out what his part b premium would be? Again, you don’t have to opine on every subject in here.
 

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