Page 20 - The Jewish Voice - December '24

Page 20, The Jewish Voice

LiFestyLes

Palm Beach Gardens Medical I speak Medicare: Supplement, Drug Plan, and Advantage known as qualified charitable distributions (QCDs), will

Center ER to Remain Open Plan. For your free Medicare plan review, please call me, Kathy reduce the balance on your IRA, you may have lower RMDs
in the future.
Olejniczak, Agent, 561-835-5413, or cell/text 561-212-7640.
During Renovations sustain yourself in retirement, the use of QCDs may not be
Of course, if you need some or all your RMDs to help
Palm Beach Gardens Medical Center’s emergency Financial Focus of interest to you. Keep in mind, though, that you can start
department will remain open and fully operational as it Consider Tax-Smart Charitable Gifts making QCDs at 70½, even before you must start taking
undergoes renovations designed to expand access and enhance RMDs. QCDs up to $105,000 can be taken in 2024.
the patient experience. As the longest-standing healthcare By Sally Sima Stahl Consider a donor-advised fund. If you’re interested in
provider in the Palm Beach Gardens community, the hospital As we enter the annual a long-term charitable giving arrangement, you might want
is investing in these improvements to meet the needs of the season of giving, you might to consider establishing a donor-advised fund. You can put
area’s growing population while maintaining its reputation for be thinking of charities you many types of assets into this fund, and then direct it to make
award-winning care. wish to support. But you also grants periodically to the charities you’ve chosen. You get
One of the key additions to the renovated emergency might be wondering how to an immediate tax deduction for your contribution and, if you
department will be a vertical care area, specifically designed gain some tax benefits from donate appreciated assets such as stocks, you’ll avoid the
for patients with less acute medical needs. This new area will your gifts. capital gains taxes you would have incurred if you simply sold
streamline the treatment process, enabling patients to receive It used to be pretty the stocks and then gave the money to the charities. One note
timely care and return home quicker, easing their experience straightforward: You wrote of caution, though — your contributions to a donor-advised
and improving overall patient flow. This addition is particularly a check to a charity and then fund are irrevocable, and once the assets are in the fund you
important as Palm Beach County experiences a population deducted the amount of the gift, can’t use them for anything except charitable giving.
surge that has placed increased demands on local healthcare within limits, from your taxes. But a few years ago, as part of These strategies — QCDs and donor-advised funds in
facilities. tax law changes, the standard deduction was raised significantly particular — can be complex and involve several issues of
“With our highly trained team, we are focused on enhancing so fewer people were able to itemize deductions. Consequently, which you should be aware, so you should consult your tax
services and patient-centric care in meaningful ways that will there was less financial incentive to make charitable gifts. advisor before taking action. But if any of these techniques
allow our community to seek specialized care close to home,” Of course, this didn’t entirely stop people from making are appropriate for your situation, give them some thought
says Erik Cazares, CEO of Palm Beach Gardens Medical them. And it’s still possible to gain some tax advantages, too. — because helping a charitable group and getting tax benefits
Center. “As the area’s population is rapidly growing, we’re Here are a few tax-smart charitable giving strategies: for doing so is a win for everyone.
continually optimizing our facilities, technology, and clinical Bunch your charitable gifts into one year. If you
programs to support that growth.” combine a few years’ worth of charitable gifts in a single This article was written by Edward Jones for use by your
The emergency department already boasts low wait times, year, you could surpass the standard deduction amount and local Edward Jones Financial Advisor, Edward Jones, Member
and these renovations aim to improve those times even further. then itemize deductions for that year. In the years following, SIPC. Edward Jones is a licensed insurance producer in all
By providing patients with prompt, specialized attention, Palm you could revert to taking the standard deduction. states and Washington, DC, through Edward D. Jones Co., L.P.,
Beach Gardens Medical Center reinforces its commitment Make qualified charitable distributions. Once you turn and in California, New Mexico, and Massachusetts through
to ensuring residents have access to quality care without 73 (or 75 if you were born in 1960 or later), you must start Edward Jones Insurance Agency of California, L.L.C.; Edward
prolonged wait times. taking withdrawals from your traditional or inherited IRA. Jones Insurance Agency of New Mexico, L.L.C.; and Edward
The ongoing upgrades at Palm Beach Gardens Medical These withdrawals — technically called required minimum Jones Insurance Agency of Massachusetts, L.L.C. Edward Jones,
Center also include a modernized building façade, new patient distributions, or RMDs — are taxable at your personal income its employees, and financial advisors cannot provide tax advice.
rooms designed for comfort, expanded operating rooms tax rate, so if the amounts are large enough they could push You should consult your qualified tax advisor regarding your
®
equipped with the latest technology, and a new main lobby. you into a higher tax bracket or cause you to pay larger situation. Contact us at (561) 748-7600, Sally Sima Stahl, CFP ,
™
The commitment to accessible, quality healthcare has Medicare premiums. AAMS , 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
been a cornerstone of Palm Beach Gardens Medical Center’s But if you donate these RMDs directly to a qualified
mission. These renovations are a continuation of the hospital’s charity, you can avoid the taxes. And because these donations, Lifestyles on page 21
legacy, positioning it to better serve the evolving needs of the
community with the latest in healthcare technology and patient
care approaches.

Medicare Corner with Kathy O

General Medicare Tips and Advice

The single most important
thing you can do for yourself
is to have your own agent.
Your agent is an amazing
resource to reorder lost cards,
answer benefit questions, give
a list of specialists, review
notices, claim statements, and
so much more. Your agent can
even answer questions about
those pesky TV ads and all the
gossip from your friends about
Medicare. Best of all, there is no cost to have an agent.
Moving? Do NOT change your address with your
Advantage, supplement, or drug plan carrier prior to your move
without first speaking to your agent — and if you don’t have
one, find one. When you call member service and change your
address, they may cancel your plan at the end of the current
month, even if you don’t move until next month. This could
unknowingly leave you with NO coverage.
The Special Enrollment Period for moving outside your plan
service rules are: 1) if you tell your plan before you move, your
chance to switch plans begins the month before the month you
move and continues for two full months after you move; or 2) if
you tell your plan after you move, your chance to switch plans
begins the month you tell your plan, plus two more full months.
It is also important to change your address with
Medicare. This is done through Social Security by phone
or online at ssa.gov.
Why is Social Security involved when I need services
with Medicare? Social Security (SSA) is the gatekeeper for
Medicare. Your earnings are tracked by SSA and you must
qualify with 40 work quarters to receive Medicare. Medicare
also relies on SSA to determine your Part B premium and, if
you receive SSA benefits, to collect your premium. If you are
not receiving SSA benefits, you will be billed quarterly by
Medicare.
If you still need to review or change your Medicare plan,
Open Enrollment is January 1 to March 30 and you may qualify
for a Special Enrollment. Call me! If you have new Medicare
topic suggestions, email me at czak82@aol.com.