Posts Tagged ‘social security’

Income Taxes and Your Social Security Benefits

Monday, March 7th, 2016

It’s tax season, perhaps you know this because there is an accountant in your life who just got super busy or you’ve seen the increase in TV ads for Turbo Tax. Either way, we thought this timely information from our friends at the Social Security Administration might be useful.

Income Taxes and Your Social Security Benefits

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With tax season upon us, many of you have asked about Income Taxes And Your Social Security Benefits. Some people have to pay federal income taxes on their Social Security benefits. This usually happens only if you have other substantial income (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return) in addition to your benefits.

Note: No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules. If you:

  • file a federal tax return as an “individual” and your combined income* is
  • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
  • more than $34,000, up to 85 percent of your benefits may be taxable.
  • file a joint return, and you and your spouse have a combined income* that is
  • between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits
  • more than $44,000, up to 85 percent of your benefits may be taxable.
  • are married and file a separate tax return, you probably will pay taxes on your benefits.
  • Each January you will receive a Social Security Benefit Statement (Form SSA-1099) showing the amount of benefits you received in the previous year. You can use this Benefit Statement when you complete your federal income tax return to find out if your benefits are subject to tax.
  • If you currently live in the United States and you need a replacement form SSA-1099 or SSA-1042S, we have a new way for you to get an instant replacement quickly and easily. Using your online my Social Security account. If you don‚Äôt already have an account, you can create one online. Go to Sign In or Create an Account. Once you are logged in to your account, select the “Replacement Documents” tab.

Withholding Income Tax From Your Social Security Benefits

You can ask us to withhold federal taxes from your Social Security when you apply for benefits.

If you are already receiving benefits or if you want to change or stop your withholding, you’ll need a form W-4V from the Internal Revenue Service (IRS).

You can download the form, or call the IRS toll-free number 1-800-829-3676 and ask for Form W-4V, Voluntary Withholding Request. (If you are deaf or hard of hearing, call the IRS TTY number, 1-800-829-4059.)

When you complete the form, you will need to select the percentage of your monthly benefit amount you want withheld. You can have 7%, 10%, 15% or 25% of your monthly benefit withheld for taxes.

Note: Only these percentages can be withheld. Flat dollar amounts are not accepted.

Sign the form and return it to your local Social Security office by mail or in person.

If you need more information

If you need more information about tax withholding, read IRS Publication 554, Tax Guide for Seniors, and Publication 915, Social Security and Equivalent Railroad Retirement Benefits.

If you have questions about your tax liability or want to request a Form W-4V, you can also call the IRS at 1-800-829-3676 (TTY 1-800-829-4059).

Announcing NJFA’s 18th Annual Conference!

Monday, February 29th, 2016

Announcing NJFA’s 18th Annual Conference!

NJFA will hold its 18th Annual Conference on Thursday, June 2nd at the Crowne Plaza Monroe. The 2016 Morning Keynote Speaker will be Ruth Finkelstein, ScD, who is an internationally recognized leader of inspiring and creating strategies for aging friendly communities. She is Assistant Professor of Health Policy and Management at Columbia University Mailman School of Public Health where she also serves as the Associate Director of the International Longevity Center-Columbia Aging Center (ILC-CAC). At the Columbia Aging Center she currently leads the translation of interdisciplinary scientific knowledge on aging and its implications for societies into policy-focused practice in order to maximize productivity, quality of life, and health across the life course. The Luncheon Keynote is Karin Price Mueller. She writes the Bamboozled consumer affairs column for The Star-Ledger which often addresses senior scams. Karen is also the founder of a personal finance web site that offers smart and objective advice on everything money, NJMoneyHelp.com. She is the recipient of many national and local journalism awards.

The 2016 conference workshop speakers will include policy makers, direct care & clinical practice specialists. Topics include Hearing Loss, Dementia, Older Worker Programs and more.

More information and registration can be found on NJFA‚Äôs website at www.njfoundationforaging.org Limited vendor space and sponsorships remain, call us at 609-421-0206, email at [email protected] ¬†or check out the website for details.

The New Jersey Foundation for Aging (NJFA) is a public charity with the primary goal to empower elders to live in the community with independence and dignity.

 

To learn more about the work of the Foundation visit www.njfoundationforaging.org or call 609-421-0206. The New Jersey Foundation for Aging was established in 1998, its mission is promote policy and services that enable older adults to live in the community with independence and dignity.

Medicare Hospice Benefit

Monday, February 1st, 2016

Medicare Hospice Benefit

Hospice and other end of life issues are not things we often want to talk about. However, being prepared and knowing all your options is a good idea.

We should start by describing hospice. Hospice is a program of care and support for people who are terminally ill. The focus is usually on providing comfort instead of treatment. It is a choice a patient needs to make with their doctor and family. Hospice programs also offer assistance and services to family members during the process of caring for the patient.

If you have Medicare it will cover hospice services. The Medicare hospice benefit covers your care and you shouldn’t have to go outside of hospice to get care (except in very rare situations).

Once you choose hospice care, your hospice benefit should cover everything you need. All Medicare-covered services you get while in hospice care are covered under Original Medicare, even if you were previously in a Medicare Advantage Plan (like an HMO or PPO) or other Medicare health plan.

Medicare Part A (Hospital Insurance) covers Hospice care if you meet these conditions:

Your hospice doctor and your regular doctor certify that you’re terminally ill (with a life expectancy of 6 months or less).

You accept palliative care (for comfort) instead of care to cure your illness.

You sign a statement choosing hospice care instead of other Medicare-covered treatments for your terminal illness and related conditions.

Palliative care means that the medical team will focus on relieving the patient’s pain and any other symptoms, including mental stress. Only your hospice doctor and your regular doctor can certify that you’re terminally ill and have 6 months or less to live.

To start the process you meet with your doctor to discuss all options. Medicare covers a one-time only hospice consultation with a hospice medical director or doctor to discuss your care options and management of your pain and symptoms. This one-time consultation is available to you, even if you decide not to get hospice care.

Medicare will cover the hospice care you get for your terminal illness and related conditions, but the care you get must be from a Medicare-approved hospice program.

Hospice care is can be given in your home. Although depending on your needs and wishes, there are also inpatient programs available. That is one of the things you will discuss with the hospice program (and your loved ones). Together you will create a plan of care that can include any or all of these services:

Doctor services

Nursing care

Medical equipment (like wheelchairs or walkers)

Medical supplies (like bandages and catheters)

Prescription drugs

Hospice aide and homemaker services

Physical and occupational therapy

Speech-language pathology services

Social worker services

Dietary counseling

Grief and loss counseling for you and your family

Short-term inpatient care (for pain and symptom management)

Short-term respite care

Any other Medicare-covered services needed to manage your terminal illness and related conditions, as recommended by your hospice team

You can find out more information at medicare.gov or by calling them at 1-800-Medicare. Hospice specific information and resources are available at https://www.medicare.gov/coverage/hospice-and-respite-care.html

You can also talk to your physician about your options and care available in your area.

This information is meant to inform you of coverage available to you should you need it. Don’t be afraid to talk openly with your family about end of life decisions.

Medicare Coverage

Tuesday, January 12th, 2016

Medicare coverage

What does Medicare cover? It’s a common, but also complex question. Medicare has 2 basic parts, Part A, which is known as hospital insurance (we’ll define that in a minute) and Part B, which covers services, such as lab tests, doctor visits, etc. Part A and Part B together are known as Original Medicare.

Medicare recipients also have the choice to enroll in a Medicare Advantage plan (also known as Part C) which is delivered by an HMO. This coverage differs from Original Medicare not only in the delivery of benefits but also what is covered. There are many different plan options under Medicare Advantage and you can learn more at medicare.gov

When it comes to Original Medicare, coverage works like this:

Medicare Part A (Hospital Insurance) covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care. To sum it up, Part A covers:

  • Hospital care
  • Skilled nursing facility care or Nursing home care (as long as custodial care isn’t the only care you need)*
  • Hospice (provided by a Medicare approved program, either at home or an inpatient setting)**
  • Home health services

**Keep a look out for a blog post on Medicare Coverage of Hospice Services coming soon.

*This is where some of the complexity of Medicare comes in. When a patient is sent to a nursing home/rehab facility for rehabilitation, Medicare covers your stay on a short term basis. Medicare does not pay for “long term care” or “custodial care”. If needed, Medicare will cover your rehab stay for 20 days at 100%, on day 21 (should you still need to be there) you will be responsible for a 20% copay. The maximum amount of rehab time Medicare will pay for is 100 days, so from day 21 to day 100 you would pay 20% of the cost. If you or a loved one are in a situation where you have to be in a rehab facility for more than 20 days, you should definitely be thinking about your options and what your plan for long term care is. At that point you should have already had a meeting with the discharge planner if not an interdisciplinary team at the facility.

Medicare Part B (Medical Insurance) covers certain doctors’ services, outpatient care, medical supplies, and preventive services. Part B covers 2 types of services:

  • Medically necessary services: Services or supplies that are needed to diagnose or treat your medical condition and that meet accepted standards of medical practice.
  • Preventive services: Health care to prevent illness (like the flu) or detect it at an early stage, when treatment is most likely to work best.

Preventive services include screenings such as, mammograms, colonoscopies, bone mass measurements, and other cancer screenings, if your doctor thinks you are at risk. You also get a Welcome to Medicare visit within your first 12 months of enrollment, during this visit you can talk to your doctor about screenings and review your medical history. In addition to the Welcome to Medicare visit, you are entitled to an Annual Wellness visit. You pay nothing for most preventive services if you get the services from a health care provider who accepts assignment.

Part B covers things like:

  • Ambulance services
  • Durable medical equipment (DME)
  • Mental health
    • Inpatient
    • Outpatient
    • Partial hospitalization
  • Getting a second opinion before surgery
  • Limited outpatient prescription drugs

The fourth part of Medicare is Part D, which is prescription drug coverage. With Original Medicare prescriptions are not paid for, therefore you should obtain a separate Medicare Part D plan.

To learn more about all the parts of Medicare and to explore your options, such as, Original Medicare (Part A & B), Medicare Advantage (Part C) and Prescription Drug Coverage (Part D) visit https://www.medicare.gov/ or call 1-800-MEDICARE (1-800-633-4227).

You can also contact your local SHIP (State Health Insurance Assistance Program) through you County- find their contact information at: http://www.state.nj.us/humanservices/doas/home/sashipsite.html or call the SHIP Information Center at 1-800-792-8820.

 

medicare

NJFA Founding Trustee Given National Recognition

Thursday, October 1st, 2015

NJFA Founding Trustee Given National Recognition

Trenton— The New Jersey Foundation for Aging (NJFA) is pleased to announce that founding trustee, Carl West was recently recognized by the National Association of States United for Aging and Disabilities (NASUAD). In honor of the 50th Anniversary of the Older American‚Äôs Act, NASUAD honored more than 50 advocates who are dedicated to Aging and Disability Services. Carl West, who is a Founding Trustee and first Board Chair of NJFA, is also the former Executive Director of the Mercer County Office on Aging.

The honorees that were selected are featured in a publication from NASUAD titled, Celebrating 50 Years with 50+ Fabulous Older People, which is available online at http://www.nasuad.org/. Carl was recognized for his advocacy both in New Jersey and nationally. At the time of his retirement, Carl was the longest serving area agency on aging director in the country. In addition to being a founding member of NJFA, Carl has also been involved with and founding member of numerous other organizations. Locally, Carl was an integral part of the NJ Association of Area Agencies on Aging, serving as founding director, legislative chair and president. Nationally, Carl has been a long-standing board member of the National Caucus and Center on Black Aged, where he served as the Chairman of their National Board.

Even in his retirement, Carl continues to be involved, following important proceedings, such as the recent White House Conference on Aging. NJFA joins, NASUAD in saluting Carl for his dedication to the aging network, older adults and caregivers.

Carl West_picture