Social Security

Social Security - Ministers Form 4361

Asked Monday, December 18, 2000 by an anonymous user

CPA Answer:

The Form first used to claim exemption from social security is filed on IRS Form 4361. The exemption once granted is irrevocable unless requested within a 27 and a half initial period.
Exempted Ordained Ministers, Priests, or Rabbi's may revoke the original election and re-elect social security coverage by filing out IRS Form 2031.
Once you revoke the exemption you can never elect exemption from social security coverage again.
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Retirement Planning

Is Form 2031 the form an exempted minister uses to re-elect social security coverage ?

Asked Monday, December 18, 2000 by an anonymous user

CPA Answer:

The Form first used to claim exemption from social security is filed on IRS Form 4361.
The exemption once granted is irrevocable unless requested within a 27 and a half initial period. Exempted Ordained Ministers, Priests, or Rabbi's may revoke the original election and re-elect social security coverage by filing out IRS Form 2031.
Once you revoke the exemption you can never elect exemption from social security coverage again.
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Social Security

What is the Social Security Administrations phone number ?

Asked Friday, December 01, 2000 by an anonymous user

CPA Answer:

If your name or social security number on your social security card is incorrect or you need to speak to the Social Security Administration the phone number is 1-800-772-1213.
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Retirement Planning

How do I apply for Medicare?

Asked Monday, November 20, 2000 by an anonymous user

CPA Answer:

Go to the Social Security Website http://www.socialsecurity.gov/medicareonly/. You can use the online Medicare application if you:
•are at least 64 years and 8 months old, •want to sign up for Medicare but do not currently have ANY Medicare coverage, >br>•live in the United States or one of its commonwealths or territories and •do not want to start receiving Social Security benefits at this time.
(If you aren't sure, you can apply for Medicare now and apply online for benefits later.) Traditional medicare comes in 3 parts, Part A and Part B. At age 65 you are automatically enrolled into premium free Part A which helps pay for hospital, hospice and some nursing care.
Medicare benefits most often used come from Part B which helps pay for doctors, outpatient care, laboratory and other medical services which is voluntary.
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Retirement Planning

What is Medicaid ?

Asked Monday, November 20, 2000 by an anonymous user

CPA Answer:

Medicaid is a joint federal and state program that pays for health care services for those with low incomes or very high medical bills relative to that persons income and assets. Medicaid pays for nearly half of all nursing home care.
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Retirement Planning

Does Medicare cover Long Term care insurance ?

Asked Monday, November 20, 2000 by an anonymous user

CPA Answer:

Generally not. Medicare only covers medically necessary care under Hospital Insurance Part A and medical insurance under Part B. Long-term care is custodial care given at home or in a nursing home for people with chronic disabilities or lengthy illnesses. Private insurance companies sell long-term care insurance policies. For more information on long-term care insurance speak to your local CPA or get a copy of A shopper's Guide to Long-Term Care Insurance from the National Association of Insurance Commissioners at 120 W. 12th Street, Suite 1100, Kansas City, MO 64105-1925
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Retirement Planning

What are the 4 basic components of Medicare ?

Asked Monday, November 20, 2000 by an anonymous user

CPA Answer:

Medicare is a national health insurance program for people ages 65+, or younger individuals with certain disabilities.
Like most other insurance programs, Original Medicare does not pay for all health care costs. You must pay for deductibles, premiums, coinsurance or copayments. Medicare has four parts:
A. Hospital Insurance - helps pay for inpatient care in a hospital or skilled nursing facility (following a hospital stay), some home health care and hospice care.
B.Medical Insurance - helps pay for doctors’ services and many other medical services and supplies that are not covered by hospital insurance.
C.Medicare Advantage - plans are available in many areas. People with Medicare Parts A and B can choose to receive all of their health care services through one of these provider organizations under Part C.
D.Prescription Drug Coverage - helps pay for medications doctors prescribe for treatment. Go to the Social Security website for more information at http://www.socialsecurity.gov/medicareonly/
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Retirement Planning

How do I enroll in Medicare ?

Asked Monday, November 20, 2000 by an anonymous user

CPA Answer:

Go to the government website at: http://www.medicare.gov/find-a-plan/questions/enroll-now.aspx
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Retirement Planning

What is the special enrollment period for Medicare?

Asked Monday, November 20, 2000 by an anonymous user

CPA Answer:

The Medicare Special Enrollment Period (SEP) is essentially an exemption that allows seniors who meet certain circumstantial events to make Medicare Advantage plan purchases outside of the annual open enrollment period. Qualifying circumstances include: •Seniors with a change in there permanent address •Seniors who enter or leave a nursing home •Seniors who are eligible for both Medicare and Medicaid, who lose cost sharing assistance provided by Medicaid •Seniors eligible for low-income subsidy •Senior who lost credible Rx coverage •Seniors dis-enrolling from employer sponsored health plan
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