Question

Mr. Wong is a single individual. He has had a successful business career and is now able to retire with a comfortable income. Mr. Wong’s taxable income is in excess of $100,000. Mr. Wong has health coverage through his employer but will sign-up Medicare Part A, Part B and Part D when he leaves the workforce. How would you advise him as he budgets for Medicare premiums?

Answer 1

Answer: See explanation

Explanation:

From the question, we are given the information that Mr. Wong’s taxable income is in excess of $100,000.snd that he has a health coverage through his employer but will sign-up Medicare Part A, Part B and Part D when he leaves the workforce.

It should be noted that due to the fact that he's participating in the workforce, then he doesn't have to spend a penny for the medicare part A as he won't pay. On the other hand, he'll pay high premiums for both part A and D due to the fact that he earns a large income.