Home > NewsRelease > Medicare Tax Deductions Explained By Medicare Supplement Insurance Association
Text Graphics
Medicare Tax Deductions Explained By Medicare Supplement Insurance Association
From:
American Association for Long-Term Care Insurance American Association for Long-Term Care Insurance
Los Angeles , CA
Wednesday, October 7, 2020


Medicare tax deductions explained
 

Some 60 million Americans are covered by Medicare.  Few are aware of the tax deductibility benefits available states the director of the American Association for Medicare Supplement Insurance.

"Almost 27 million Americans over age 65 file a federal tax return each year," reports Jesse Slome, director of the American Association for Medicare Supplement Insurance (AAMSI).   "About one in ten takes the medical and dental deduction which means their Medicare insurance costs could be deductible."

The Association director was discussing tax deductibility with insurance professionals preparing for Medicare's Annual Enrollment Period (AEP),  The special time of the year offers millions of Americans on Medicare the opportunity to review their current coverage and make changes for the coming year.

"Everyone values a good tax deduction and Medicare insurance premiums offer an excellent opportunity," Slome explains.  "You don't want to be giving tax advice but certainly you can differentiate yourself by at least having a general knowledge of the rules and asking your clients and prospects."

The Association posted Medicare tax deduction information on the organization's website.  "Many seniors do their own taxes and we wanted to make sure we provided the best possible information," Slome acknowledges.  According to the most recent IRS reports 2,389,000 tax returns filed by seniors age 65 or older took the medical and dental deduction.  This was from the 26,789,000 combined returns filed by Americans age 65 or older for the 2018 tax year.

"With AEP rapidly approaching we know many seniors are looking for a local Medicare insurance agent who'll be their resource for information," Slome shares.  "Today many consumers know to comparison shop and knowledge is one way to set yourself apart from others."

To access the information as well as the Association's director of Medicare insurance agents for Zip Codes across the nation, visit the organization's website  www.medicaresupp.org/find-local-agent/.

AAMSI is an advocacy and informational organization that strives to create heightened awareness for the many Medicare insurance planning options and supports insurance professionals who market Medicare insurance.  To learn more or access the resources go to www.medicaresupp.org.

 

Jesse Slome is director of the American Association for Critical Illness Insurance.  He also directs the American Association for Long-Term Care Insurance.  Visit their website to get long-term care insurance quotes.  To find local Medicare insurance agents visit the American Association for Medicare Supplement website.

News Media Interview Contact
Name: Jesse Slome
Title: Executive Director
Group: American Association for Long-Term Care Insurance
Dateline: Westlake Village, CA United States
Direct Phone: 818-597-3227
Main Phone: 818-597-3227
Jump To American Association for Long-Term Care Insurance Jump To American Association for Long-Term Care Insurance
Contact Click to Contact