Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next
Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121594  
Subject: Re: Medicare Part B premiums deduction? Date: 2/15/2011 1:02 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 2
Going back to OP's situation, I don't know that I'd rely too much on this since OP doesn't have any insurance established for the Schedule C business. (OP is covered by his wife's employer-sponsored insurance.) We all know I'm more conservative than you on these things, but what are your thoughts about that specific issue?

That really cuts to the crux of the issue if you ask me. (And I think you did!)

To be deductible as self-employed health insurance, you have to establish the insurance as a part of the overall plan for your business. I can certainly see that it is possible to use medicare as part of your insurance plan - it's just so much more cost-effective than a private plan for primary care. And you can always supplement it with additional insurance if you want more coverage.

I'd hesitate to take medicare as SE health insurance if someone over 65 just started a bit of SE work to keep busy during retirement. On the other hand, someone who has been self-employed for years and just happens to cross that magic 65 age and start on medicare I think would have a better argument for calling that SE health insurance. Particularly if they had been paying for health insurance all along and are just switching from a private plan to medicare.

--Peter
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement