Centers For Medicare and Medicaid Services 2010 Guide to Medicare
Medicare is the federal health insurance program for people over 65 years of age and people with certain disabilities or End-Stage Renal Disease (permanent kidney failure). There are four parts to Medicare:

• Part A – Hospital Insurance
• Part B – Optional Medical Insurance
• Part C – Optional Medicare Advantage Insurance
• Part D – Optional Prescription Drug Insurance

2010 Medicare Part A
Helps pay for care in hospitals, some skilled nursing facilities, hospice, and some health care. For most people, Part A is premium-free because they paid Medicare taxes.

2010 Optional Medicare Part B
Optional coverage to help pay for doctors, outpatient hospital care, and some other medical services not covered by Part A. The chart below shows the Part B monthly premium amounts based on income. These amounts change each year. There may be a late-enrollment penalty.

Medicare General Enrollment Period is from January 1 through March 31 of each year at a Social Security Administration office. Part B coverage will start on July 1 of that year.
Special Part B Enrollment Periods - while covered by employer or union group health plan or within 63 days of the date when the employer or union group health plan coverage ends, or when employment ends.

Part C Optional Medicare Advantage Plan Monthly
An alternative to traditional Medicare, Part C is another way to get Medicare benefits. It combines Part A, Part B, and, sometimes, Part D (prescription drug) coverage. Medicare Advantage Plans are managed by private insurance companies approved by Medicare. These plans must cover medically-necessary services. However, plans can charge different copayments, coinsurance, or deductibles for these services.

Part D Optional Medicare Prescription Drug Plan
This optional coverage may help lower an individual's prescription

*Catch Up Contribution Age 55 and older $1000.

*Prices above are for individuals. Prices for couples would be twice those of
the individuals.

Deductions can be taken for individuals, their spouse and tax dependents
(such as parents) and are subject to the same tax rules as traditional medial
expenses (such as 7.5% adjusted gross income [AGI] floor).

Payments for a tax-qualified long-term care insurance policy purchased
by a self employed individual or sole proprietor are currently treated as
medical insurance premiums with the same limits as those for individuals
taxpayers.

Premium payments for a tax-qualified [TQ] long-term care insurance policy
are fully (100%) deductible as a reasonable and necessary business
expense similar to traditional health and accident insurance premiums
(IRC Sec 702B[a][3]).

Premium payments for policies purchased for a non-partner/non-owner or
less-than-2% shareholder-employee are fully deductible as a reasonable
and necessary business expense so long as the entity does not retain any
interest in the policy. The same is true for their spouse or tax dependents.

IRA Fact Sheet

• Individuals can make a 2008 contribution up until April 15th, 2009
• Individuals age 50 and above can contribute a total of $12,000 jointly
• Individuals cannot make an IRA Contribution during the year they turn 701/2.
  Note: If they wait until April 1, individuals must take two distributions during that year. Contributions can be made in 2009 until April 1st for the 2008 tax year.
• After 2009 figures are adjusted for inflation.