If you’re self-employed, one of the most important decisions you have to make is when to start contributing to your retirement account. The good news is that there are ways to delay enrollment without any penalty, thanks to the new 2018 Tax Cuts and Jobs Act.
What is Part B and when does it need to be paid?
There are a few things to keep in mind if you’re self-employed and want to delay Part B enrollment. First of all, remember that if you’re not eligible for Medicare because you are over the age of 65, you’ll need to pay Part B on your own. Secondly, keep in mind that if you delay Part B enrollment, it could affect your eligibility for other government benefits, like food stamps or student loan payments. Finally, be sure to speak with a health care advisor about delaying Part B and other government benefits to ensure that everything is taken care of correctly.
Tips to Delay Part B Enrollment
Delaying Part B enrollment can be a great way to save money on your health insurance. Here are a few tips to help you delay your enrollment:
1. Research your options. There are a variety of options available to self-employed individuals, so it important to do your research and find the plan that best suits your needs.
2. Shop around. Compare rates and coverage across different providers to find the best deal.
3. Make a plan. Create a timeline for when you want to enroll in Part B and stick to it. This will help you stay on track and avoid any unexpected fees or changes in your coverage.
4. Ask questions. If there’s something you don’t understand or you have questions about your coverage, ask your provider or the government agency that oversees Part B benefits (Medicare). They can help guide you through the process and answer any questions you may have.
What can I do if I’m self-employed?
If you are self-employed, you may be able to delay Part B enrollment. You will need to contact the Social Security Administration (SSA) to determine whether you are eligible for a delay. The SSA will send you a form to complete and return. You will also need to provide evidence that you are unable to participate in the Part B program due to your self-employment.
If you’re self-employed, one of the challenges you face is that your business income doesn’t always pay your taxes on a monthly or yearly basis. This means that sometimes it can be difficult to keep up with your Part B Enrollment requirements. Here are three tips for delaying Part B Enrollment if you’re self-employed:
1) Set up quarterly payment plans with the IRS so that you can easily stay on top of your tax obligations.
2) Try using flexible spending accounts (FSAs) to cover some of your Medicare expenses.
3) Negotiate a payment plan with the IRS in order to get ahead of deadlines and avoid penalties.