Page 10 - Jupiter West - May '22
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Page 10, Jupiter West

        Financial Focus                                  Palm Beach Gardens Medical

        Don’t Be Surprised By                            Center’s Cardiac Nurse Navigator

        Social Security Taxes                            Helps Guide Heart Surgery Patients

        By Sally Sima Stahl
          When you reach the                               Heart conditions can be                         During Hospitalization
        appropriate age, it’s                            chronic, meaning there is no                      • Communication with patient and family – preoperatively
        easy to apply for Social                         specific treatment option that                    and during surgery – to keep them up-to-date on the process
        Security retirement                              can fix the problem right away.                   and patient progress
        benefits – just go to Social                     If you or a loved one were                        • Patient visitation
        Security’s website, fill out                     recently diagnosed with heart                     • Patient discharge instructions and scheduling follow-up
        the online form and you’re                       disease, you may find yourself                    appointments
        essentially done. But many                       wondering what to do next.                        After Surgery
        people overlook the next                         There is a lot to keep up with,                   • Patient records
        step – completing Form                           from follow-up appointments,                      • Communication with patient or family for follow-up
        W-4V, which asks you                             to imaging tests, to treatment/                   questions
        how much federal income tax you want withheld from   counseling coupled with new                   • Appointment scheduling
        your benefits. And if you skip this step, you could face an   medications, diet, and exercise regimens.     You should never be afraid to speak up when it comes
        unpleasant surprise when it’s tax-filing time, because Social     Trying to keep it all straight can be a challenge, and that is   to your healthcare. If you ever feel stressed, overwhelmed,
        Security benefits can indeed add to your taxable income.   where we come in! When receiving care at the Heart and Vascular   or confused about what is expected of you, Kelly, and other
          Here are the details:                          Institute at Palm Beach Gardens Medical Center (PBGMC), our   members of our care team are here to help. At Palm Beach
          • If you’re a single filer … If your “combined” income is   cardiac nurse navigator can help. We are proud to introduce Kelly   Gardens Medical Center, we know that treating the physical
        between $25,000 and $34,000, you may have to pay income   Bates, R.N. Kelly has over 25 years of experience as a cardiac   problem is only half the battle. We are here to help with your
        tax on up to 50 percent of your Social Security benefits.   nurse, and she, along with all of the members of the cardiac care   mental and emotional stresses as well.
        (“Combined” income includes your adjusted gross income,   team, is available to guide patients on every step of their journey.     As the first hospital in Palm Beach County to start
        non-taxable interest, and one-half of your annual Social   She can help explain the tests, procedures, and medications that   an open-heart surgery program, Palm Beach Gardens
        Security benefits.) If your combined income is more than   were prescribed. As the cardiac patient navigator, her role is to   Medical Center continues to provide innovative, top-quality
        $34,000, up to 85 percent of your benefits may be taxable.  provide guidance through the hospital process, reviewing what is   cardiac care to the community. We were also one of the
          • If you’re married and file jointly … If you and your   involved in a particular patient’s diagnosis, as well as the reason   first hospitals in Palm Beach County to offer minimally
        spouse have a combined income between $32,000 and   for the tests and potential treatment options. She supports and   invasive heart surgery as a treatment option for patients
        $44,000, you may be taxed on up to 50 percent of your   enhances the comfort levels of patients and their families with   suffering from heart valve disease. Unlike traditional open-
        benefits. If your combined income is more than $44,000,   the information that they share, encouraging patients’ questions   heart surgery where the breastbone needs to be surgically
        up to 85 percent of your benefits may be taxable.   and discussing any concerns.                   separated, minimally invasive valve surgery is performed
          These numbers might seem high, but they don’t mean     Here are some of the ways our cardiac nurse navigator helps   through a small incision between the ribs.
        you’ll lose 50 percent, or 85 percent, of your benefits – they   our patients:                       Other cardiac achievements of the hospital include:
        are just the percentages of benefits you may be taxed on,   Before Surgery                         • More than 100,000 cardiac catheterizations
        at your personal income tax rate.                • Completing necessary paperwork                  • Over 700 TAVRs
          To help avoid a big tax bill or an underpayment   • Scheduling diagnostic studies/surgery        • Over 275 Mitraclips
        penalty, you can file Form W-4V with the Social Security   • Patient and family needs with regard to transportation, hotel   • Over 50 Convergent procedures
        Administration and request to have 7, 10, 12 or 22 percent   stays and meals                       • Over 50 minimally invasive cardiac surgeries
        of your monthly benefit withheld. Your tax advisor can help   • Distribution of educational materials and instructions regarding     For more information about our cardiac services and
        you choose the withholding percentage that’s appropriate   surgery and patient care                program, go to or call (561) 622-1411.
        for your situation.
          The amount of taxes you may need to pay will also
        depend on when you start taking Social Security. The earlier
        you take benefits, the smaller your monthly checks, and the
        smaller the taxes. But taxes should not be a key issue in
        deciding when you need to begin collecting your payments.
        Rather, you should consider other factors, such as your
        anticipated life expectancy, your employment situation,
        your spending needs and the benefits for your spouse.
          Here’s something else to keep in mind: Because
        Social Security taxes are based on your overall income,
        as described above, the amount of money you withdraw
        during retirement, and where that money comes from, can
        also affect your tax situation. For example, withdrawals
        from a traditional IRA are taxable and will increase your
        adjusted gross income, but withdrawals from a Roth IRA
        will be tax-free, provided you’ve had your account at least
        five years and you’re over 59½, so this money won’t enter
        into your taxable income calculations and it won’t increase
        the tax you owe on your Social Security benefits. Similarly,
        withdrawals from health savings accounts (HSAs) used for
        qualified health expenses also won’t count toward your
        taxable income.
          By knowing exactly what to expect from Social
        Security, including the tax effects, you can more effectively
        incorporate your benefits into your overall retirement
        income planning – and the better your plans, the more
        you’ll be able to enjoy your life as a retiree.
          This article was written by Edward Jones for use by
        your local Edward Jones Financial Advisor, Edward Jones,
        Member SIPC.
          Edward Jones is a licensed insurance producer in
        all states and Washington, D.C., through Edward D.
        Jones & Co., L.P., and in California, New Mexico and
        Massachusetts through Edward Jones Insurance Agency
        of California, L.L.C.; Edward Jones Insurance Agency of
        New Mexico, L.L.C.; and Edward Jones Insurance Agency
        of Massachusetts, L.L.C.
          Edward Jones, its employees and financial advisors
        cannot provide tax advice. You should consult your   Licensed and Insured
        qualified tax advisor regarding your situation.
          Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
        1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
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