Page 16 THE EVERETT ADVOCATE – FRiDAy, MAy 20, 2022 Medicare Part B And D Income-Related Adjustments M ost Medicare benefi ciaries pay the standard Part B premium. Medicare benefi ciaries may also pay a premium for Medicare Part D, which covers prescription drugs. The standard premium for Medicare Part B for 2022 is $170.10 per month. The average premium for a standalone Part D prescription drug plan for 2022 is $47.59 per month. Medicare recipients will pay higher Part B and Part D premiums if their income exceeds a certain amount. This is known as the Income-Related Monthly Adjusted Amount (IRMAA). In order to determine your 2022 Medicare Part A and B premiums, the Social Security Administration reviews the income on your 2020 tax return, not your 2021 return. Your 2023 Medicare premiums will be based upon your 2021 tax return. The number they review is called your modifi ed adjusted gross income. The 2022 Medicare Part A standard premium of $170.10 would increase to $238.10 if your 2020 modifi ed adjusted gross income was between $182,000 and $228,000 for a married fi ling joint income tax return. For a single person, the $238.10 premium kicks in for income between $91,000 and $114,000. Starting in 2020, the IRMAA is indexed to the Bureau of Labor Statistics Consumer Price Index for Urban Consumers (CPI-U). The IRMAA income brackets were not previously indexed in this fashion. Over the last several years with sales of appreciated real estate investment property and stocks, many Medicare recipients have been assessed these higher Part A and Part B premiums. It pays to at least consider the impact that a signifi cant capital gain will have on your Medicare premiums. It might make sense to split the sale of appreciated stock over a consecutive two-year period. For example, in December of one year and in January of the next year. Of course, economics and good fi nancial strategies should always be kept in mind when determining when to sell any investment. Many of the capital gains realized on the sale of investment property have been so large in recent years, it is impossible to avoid the Medicare premium adjustment. The good news is that the Medicare premiums will drop in a following year based upon the tax return actually filed two years earlier. For many, the increase in Medicare premiums is a one-year deal. For those retirees with substantial income year after year, the increased premiums they will just have to live with. I suppose if a married couple has a modifi ed adjusted gross income of $182,000, an additional $68 per month in premiums is not too heavy of a price to pay. I fi nd that many Medicare recipients are surprised when they get the notice from Social Security informing them of the increase in premiums. It’s a good thing to keep in mind that higher income levels, regardless of the source, will result in greater Medicare premiums. Joseph D. Cataldo is an estate planning/elder law attorney, Certifi ed Public Accountant, registered investment advisor, AICPA Personal Financial Specialist and holds a masters degree in taxation. LIKE US ON FACEBOOK ADVOCATE NEWSPAPER FACEBOOK.COM/ADVOCATE.NEWS.MA Sa nr Sa a y Senior Seni by Jim Miller Best Senior Travel Discounts in 2022 also offer senior fares to Dear Savvy Senior, What are some of the best travel discounts available to seniors? My husband and are about to retire and are interested in traveling more but live on a tight budget. Frugal Travelers Dear Frugal, There are literally hundreds of different travel-related discounts available to older travelers that can add up to save you hundreds of dollars on your next trip. To qualify, you’ll need to meet the age requirement, which varies by business. Some discounts may be available as soon as you turn 50, but most don’t kick in until you turn 55, 60, 62 or 65. Here’s a rundown of top travel discounts, along with some extra tips to help you save. Ways to Save The fi rst thing to know is that most businesses don’t advertise them, but many give senior discounts just for the asking, so don’t be shy. You also need to be aware that when it comes to senior travel bargains, the “senior discount,” if available, may not always be the best deal. Hotels, resorts, airlines and cruise lines, for example, offer advanced bookings along with special deals and promotions from time to time that may be a lower rate than what the senior discount is. Before you book, always ask about the lowest possible rate and the best deal available. Another way you can save is to be fl exible when you travel. Last minute travel deals can off er huge savings, as does traveling during off -season or off -peak times, and avoiding holidays. Club memberships can also garner you a wide variety of travel bargains. AARP, for example has dozens of travel discounts available on hotels, rental cars, cruises, vacation packages and more – see AARP.org/benefits-discounts. The American Automobile Association (AAA. com) is another membership club that provides some great travel discounts to members at any age. Types of Discounts Here are of some of the best senior travel discounts available in 2022. Airline: British Airways offers AARP members $65 off economy travel and $200 off business club travel. American, Delta and United passengers 65 and older in certain markets but are extremely limited. And JetBlue offers 5 percent discounts for retired military and veterans that are enrolled in Veterans Advantage. Train: Amtrak provides a 10 percent discount to travelers 65-plus, and a 10 percent discount to passengers over age 60 on cross-border services operated jointly by Amtrak and VIA Rail Canada. Rental Car: Avis and Budget provide AARP members up to 30 percent off at participating locations. Hertz off ers up to 20 off to 50-plus travelers. And Thrifty and Sixt provides 5 percent off to those 50 and older. Hotels: Certain hotel chains off er discounted rates for seniors usually ranging between 10 and 15 percent off but may vary by location. Some popular hotels that off er these discounts include Best Western, Choice Hotels, Hyatt, IHG Hotels, Marriott, Omni Hotels & Resorts, Red Roof and Wyndham Hotels. Res t aurant s : Many restaurant chains off er senior discounts ranging from free drinks, to senior menus, to discounts off your total order, but they may only be available on certain days of the week or at certain locations. Some popular options include Applebee’s, Denny’s, IHOP, Chili’s, Perkins Restaurant & Bakery and McDonalds. Cruises: Royal Caribbean and Carnival Cruise lines off er discount rates to cruisers 55 and over on select cruises. And Grand European Travel off ers AARP members up to $100 savings per person on river cruises. Call before booking to inquire. Entertainment and Attractions: Most museums, zoos, aquariums, movie theaters, public golf courses and even ski slopes provide reduced admission to seniors over 60 or 65. And for those 62 or older, one of the best deals available is the America the Beautiful Senior Pass ($20 for an annual senior pass, or $80 for a lifetime pass) which provides admittance to more than 2,000 national parks and recreation sites. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book. nior ior BEACON | FROM PAGE 15 the overall bidding process. Amendment opponents said that the bill already requires that the application’s score be based on several things about the applicant in addition to diversity, equity and inclusion. They argued that elevating the diversity requirement to account for 25 percent of an applicant’s score is unfair to the very other important things that help develop the applicant’s score. Sens. Mike Rodrigues (D-Westport) and Eric Lesser (D-Longmeadow), two opponents of the amendment, did not respond to repeated requests by Beacon Hill Roll Call for a comment. (A “Yes” vote is for the amendment. A “No” vote is against it.) Sen. Sal DiDomenico No ALSO UP ON BEACON HILL ADOPT ANIMALS USED IN RESEARCH (S 613) – The Senate approved and sent to the House a bill that would require research labs to take reasonable steps to offer healthy animals up for adoption rather than euthanizing them when the research is done. According to supporters, more than 60,000 dogs and nearly 20,000 cats are used for animal experimentation in the US. “I fi led the bill to give animals used in medical and product testing experiments a life after the lab,” said sponsor Sen. Bruce Tarr (R-Gloucester) who noted that beagles are very docile and because of that they are often used in laboratories. In fact the majority of animal testing facilities rely on dogs—the greatest proportion of which are beagles. Dogs and other animals involved in research in Massachusetts make tremendous sacrifi ces to save our lives and make us healthier. We have a moral imperative to give them the opportunity for life after the lab.” ADOPT-A-SENIOR (S 427) – A proposal that would establish a statewide Adopt-A-Senior volunteer program to assist seniors with snow removal and property or home maintenance services received a favorable report from the Elder Aff airs Committee back on December 20, 2021 but has been languishing in the Senate Ways and Means Committee since that time. Provisions include creation of a registry of volunteers to match and place volunteers with seniors within their community. “The commonwealth’s seniors need support with things that many younger, able people would happily donate their time to provide,” said sponsor Sen. Mike Rush (D-Boston). “Connecting the people who need assistance with those who are willing to provide it is a no-brainer.” “I have always felt that volunteers make a community stronger,” said Rep. Brian Ashe (D-Longmeadow). “There are many older residents who deserve to stay in their home but are no longer able to do all the maintenance that comes along with owning a home. Hiring someone can be diffi cult and too expensive on a fi xed income. The Adopt-A-Senior program will allow seniors of any community access to the assistance they need while promoting community service—a win-win for everyone.” DONATE FOOD (S 954) A proposal that would provide civil liability protections to individuals, restaurants and organizations that make direct food donations to persons in need BEACON | SEE PAGE 17
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