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THE SAUGUS ADVOCATE – FriDAy, JUly 25, 2025 Page 11 SOUNDS | FROM PAGE 10 you read this summer and you may win an Amazon gift card. Enter to win by going to our website and fi lling out the book review form; grades 7-12. ·Adult Summer Reading Contest at the library: June 18-August 20; adults ages 18 and up can participate in our Adult Summer Reading Contest for the chance to win a gift card to a local restaurant! Fill out an online (www.sauguspubliclibrary. org) book review form for every book you read over the summer, and you will be entered to win! The more books you read, the greater your chances of winning! Graphic novels, manga, cookbooks, e-books and audio books count, too. Good luck! Buy-A-Brick for a veteran The Saugus War Monument Committee, once again, is sponsoring the Buy-A-Brick Program to honor all those who have served their country. If you would like to purchase one in the name of someone who is presently serving or has served, in the memory of a loved one, or just someone from your family, school, etc., the general pricing is $100 for a 4” x 8” brick (three lines) or $200 for a 8” x 8” brick (fi ve lines). Each line has a maximum of 15 characters. The improvement and upkeep of the monument on the corner of THE SOUNDS | SEE PAGE 12 RV FOR SALE 2003 Keystone Montana Trailer Good Condition, Sleeps 4, Everything Works. $4,000 or Best Offer! Must be towed. Call Jim - 781-771-9573 Sa nr Sa a y Senior Seni by Jim Miller Beware of the Medicare Advantage Trap Dear Savvy Senior, I will be enrolling in Medicare in a few months and would like to know if I initially enroll in a Medicare Advantage plan, am I able to switch back to original Medicare and get a supplemental (Medigap) policy and prescription drug plan later with without paying a fi ne? Almost 65 Dear Almost, You won’t be subject to any fines for switching Medicare plans, but you will be subject to medical underwriting for the supplemental (Medigap) policy. That means the private insurance companies that off er these plans can deny you coverage or charge you a lot more for preexisting conditions. This is known as the Medicare Advantage trap. Here’s what you should know. GAMBLING LOSS DEDUCTION A s part of the big beautiful bill passed by both branches or Congress, and signed by President Trump on July 4, 2025, was a change in the amount of gambling losses that can be claimed as an itemized deduction on your 2026 Federal income tax return. For gambling losses incurred in 2026, only 90 percent of such losses will be able to be deducted on Schedule A as an itemized deduction. Needless to say, the gambling industry is not happy about this provision. If a taxpayer had $10,000 in gambling winnings in 2026 and $10,000 in gambling losses, only $9,000 in gambling losses would be deductible as an itemized deduction. The result is the taxpayer is going to pay income taxes even after not having made any money in gambling for the year. Keep in mind that you can only claim gambling losses as an itemized deduction. Therefore, if you end up claiming the standard deduction due to it being higher than the total of your itemized deductions, you end up not claiming a gam2025. However, for the first time, only 90% of gambling losses can be utilized to off set gambling winnings in calendar year 2026. This could be a very big deal for professional gamblers. They may have signifi cant winnings yet only get the 90% deduction. This is intended of course to raise tax revenue to help off set loss of revenue due to other tax provisions in this new legislation. On July 7, 2025, Nevada Repbling loss and all of the gambling winnings are taxable income with no off setting losses. With the increase in the SALT (state and local tax) deduction from $10,000 to $40,000, there will be more taxpayers that will end up itemizing their deductions and therefore would then be able to claim 90% of their gambling losses in 2026. For the calendar year 2025, you can still claim 100 percent of your gambling losses if you itemize your deductions. Gambling losses have always been limited to gambling winnings. That has not changed under the new legislation for the calendar year resentative Dina Titus introduced legislation to restore the 100 percent deduction for gamblers. She named the bill “My Fair Bet Act”, which calls for a fair taxation policy with respect to gambling winnings and losses. The American Gaming Association is obviously supporting her bill. I doubt, now that the law has passed, the Republican controlled congress will vote in favor of her bill. Joseph D. Cataldo is an estate planning/elder law attorney,Certifi ed Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a masters degree in taxation. Understanding MA Plans Medicare Advantage plans (also known as Medicare Part C) are government approved health plans sold by private insurance companies that you can choose in place of original Medicare. The vast majority of Advantage plans are managed-care policies such as HMOs or PPOs that require you to get your care within a network of doctors. If you join an Advantage plan, the plan will provide all your Part A (hospital insurance) and Part B (medical insurance) coverage like original Medicare does. But many Advantage plans also off er extra health perks like dental, hearing and vision coverage along with gym/fi tness memberships, and most plans include prescription drug coverage too. Medicare Advantage plans are also cheaper than if you got original Medicare, plus a separate Part D drug plan and a Medigap policy. This can be very attractive to new enrollees who are relatively healthy and don’t require much medical care. But the benefi ts and networks of Advantage plans can change from year to year. And if you get care outside the networks, you’ll usually pay more – sometimes a lot more. Advantage plans are also criticized for pre-authorization requirements which can delay or deny patient access to medical care. The rap on Medicare Advantage has always been that they’re great when you’re healthy and don’t require much health care, but depending on the plan, may not be so great if you get sick. With original Medicare, benefi ts remain the same and you can use any provider that accepts Medicare (most doctor’s do). But original Medicare has coverage gaps (deductibles, coinsurance and copayments) that can be very expensive, which is why you’ll need a supplemental (Medigap) plan off ered by a private insurer. If you opt for original Medicare when you’re fi rst eligible, insurers are required to issue you a Medigap policy and can’t charge you more based on your health status. In most states, Medigap plans are automatically available only in the fi rst six months after an enrollee becomes eligible for Medicare. But if you enroll in a Medicare Advantage plan when you’re fi rst eligible, you’ll miss the Medigap enrollment window, which means an insurer can refuse to write you a Medigap policy or charge you a lot more for signing up later. And in case you’re wondering, you can’t buy a Medigap policy while you’re in a Medicare Advantage plan. There are, however, four states — Connecticut, Massachusetts, Maine and New York — that prohibit insurers from denying a Medigap policy to eligible applicants, including people with pre-existing conditions. For more information on how Medigap works visit Medicare. gov/health-drug-plans/medigap. 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

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