IRS: You Can Contribute More to Retirement Starting in 2023

In October 2022, the Internal Revenue Service (IRS) announced contribution limitation adjustments for employee retirement plans in response to inflation.

The IRS issued Notice 2022-55, which describes cost-of-living adjustments for retirement and pension plans. The changes are effective January 1, 2023.

Increases to Contribution Limits for...
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What Is the Difference Between Medicaid / MassHealth and Medicare?

Although Medicaid and Medicare are both public health insurance programs, they have essential differences. Furthermore, in Massachusetts we refer to Medicaid benefits simply by the name of the agency administering the benefits: MassHealth.

Medicare is a federal program for older adults, people with disabilities, and individuals with end-stage renal...

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IRS Issues Long-Term Care Premium Deductibility Limits for 2022, and they Look Pretty Familiar

The Internal Revenue Service (IRS) has announced the amounts taxpayers of different ages can deduct from their 2022 income as a result of buying long-term care insurance, and the figures are almost the same as in 2021.

Many types of medical expenses are deductible from your taxes. To claim...

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It’s Medicare Open Enrollment Time: Is Your Plan Still Working for You?

Every year Medicare gives beneficiaries a window of opportunity to shop around and determine if their current Medicare plan is still the best one for them. During Medicare's Open Enrollment Period, which runs from October 15 to December 7, beneficiaries can freely enroll in or switch plans. 
During this period, you may enroll...

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In 2022, Social Security Beneficiaries Will See the Biggest Increase in 39 Years

The year was 1983: The U.S. invaded Granada. A gallon of gas cost 96 cents. Michael Jackson’s ‘Thriller’ video premiered. That year was also the last time that Social Security recipients saw a cost-of-living increase steeper than the one just announced for 2022. This year, Social Security benefits will rise 5.9 percent,...

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Britney Spears Case Puts Renewed Focus on Guardianships and Less Restrictive Alternatives

Britney Spears’s legal fight to wrest back control over her personal and financial affairs has flooded the issue of guardianship in Klieg lights. While full guardianship may be necessary for many individuals who are incapable of managing their own affairs due to dementia or intellectual, developmental or mental health disabilities, the Spears...

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MEDICARE WOULD COVER DENTAL, VISION, AND HEARING UNDER SENATE DEMOCRATS’ SPENDING PLAN

The Senate Democrats' proposal for a $3.5 trillion spending plan includes expanding Medicare to provide dental, vision, and hearing benefits. The proposal is now being negotiated in Congress. 

Currently, Medicare does not offer much in the way of dental, vision, and hearing benefits. Medicare Part A will cover certain...

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