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22 North Shore Towers Courier n September 2016 MEDICARE CORNER BY FELICE HANNAH Social Security Changes in 2017 REMOVAL OF SOCIAL SECURITY NUMBERS FROM MEDICARE CARDS To aid in protecting Medicare Beneficiaries from identity theft, Congress passed a law to no longer display a Social Security Number on a card holder’s Medicare Card. Congress passed the Medicare Access and CHIP Reauthorization Act of 2015, which requires the Center for Medicaid and Medicare Services (CMS) to remove Social Security Numbers from Medicare ID cards. Medicare Health Insurance Claim Numbers (HICNs) will be replaced with randomly generated Medicare Beneficiary Identifier (MBI). The Bill gives Health and Human Services (HHS) four years to issue the cards with the MBI to all new Medicare Beneficiaries and four more years for existing Medicare Beneficiaries. CONGRESS CLOSES SOCIAL SECURITY LOOPHOLES Deemed Filing and File and Suspend loopholes have been closed by the Bipartisan Budget Act (BBA) of 2015 The Bipartisan Budget Act of 2015 (BBA) closed unintentional loopholes, which allowed higher income individuals to obtain additional or enhanced benefits. The Benefits were designed for low- or middle-income wage earners, who lost earned income due to retiring, loss of job, becoming disabled or dying. Benefits were intended to be “actuarially fair” and not to provide “bonuses.” • Deemed Filing allowed a high income worker to collect a spouse benefit while accruing “delayed retirement credits” (DRC) on their own wage until full retirement age of 70, when they switched from a spousal benefit to a worker. The elimination of this loophole became effective January 2, 2016. If you were age 62 in 2015, contact Social Security to inquire if you were “grandfathered in.” • File and Suspend (Claim Then Suspend) loophole allowed a high-income worker to file for benefits, then suspend payments beyond full retirement age. Benefits were still paid to the spouse even though the worker had not retired and not collecting benefits. The worker also received delayed retirement credits (DRC), which allowed for higher retirement benefits. The purpose of spousal benefits is to supplement benefits paid to the worker’s dependent family. This loophole strategy ended April 30, 2016. “Actuarially fairness: the worker would receive the same amount of benefits over a lifetime as they would if they did not delay retirement and no spousal benefits are paid to the spouse until the worker is receiving benefits. Effective April 30,2016: if a worker suspends retirement benefits, spousal benefits based on that person’s earnings will also be suspended. Additionally, the worker cannot “unsuspend” and at a later time, receive a lump sum for the past-due period. FURNITURE MEDIC® The prescription for damaged furniture On Site Furniture Repair Antiques, new, kitchen/ closet cabinets etc. Full refinishing in shop. Wood, leather, upholstery Custom furniture made from solid American wood LIKE US ON FACEBOOK: FURNITURE MEDIC BH SERVING NYC FURNITUREMEDICBH@GMAIL.COM 516-791-1118 JOE’S GOLD BUYING SERVICE WE BUY GOLD IN ANY CONDITION Estate Diamonds • Antique Jewelry Oil Paintings • Bronzes • Coins Sterling Silver • Watches • Rolex FOR IMMEDIATE CASH FREE IN-HOME SERVICE CALL JOE 7 DAYS A WEEK 516-849-8826 CUTLER’S LIGHTING Over 50 Years Experience REPAIRS • REWIRING • RE-FINISHING • LAMP SHADES 12 years from now, LAMP SHADE SALE this LED bulb will still be saving you money. 10% OFF OFF ANY PURCHASE With Coupon. Not combinable – New Orders Only. Limit 1 per customer. $150.00 max for discount. LYNBROOK 817 Sunrise Hwy (2 Blocks west of Peninsula Blvd.) 516-887-1300 S U MME R SAVIN GS 30-50% OFF On yellow tagged items GREAT NECK 120 Northern Blvd. 516-482-1919 Excludes Repairs, Refi nishing, Rewiring. Exp. 9/30/16 CUTLER’S LIGHTING CUTLER’S LIGHTING


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