Page 10 - Jupiter West - May '22

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 www.pbgmc.com 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.