Show j The Salt Lake Tribune NATION Thursday January 1998 1 All New Year Ringing in Medicare Changes the associated press WASHINGTON Medicare's biggest changes since the program began more than 30 years ago take effect today with new benefits for senior citizens covering mammograms and colorectal cancer screenings The changes included in the balanced budget deal also will open more kinds of private health plans in 1999 to the nearly 40 million seniors and disabled people covered by the government health insurance program This is a new Medicare program said Bruce M Fried director of Medicares Center for Health Plans and Providers Its not like anything weve done before Beneficiaries will get information about the new plans in the mail and on the Internet in 1998 so they are prepared to try them when they become available starting in 1999 Medicare's traditional program in which the government pays peoples doctor bills directly will remain an option Starting today Medicare will cover yearly mam Are Uncle Sams New Years Gift Continued from A-- bone-weakeni- bone-densi- ty l child credits throughout this year Families with higher earnings can get partial credits reduced by $50 for every additional $1000 in income Congress estimates the tax breaks could cover 483 million children Families also will be able to take a $1500 tax credit for each of the first two years of a childs college education Alternatively e they may choose a $1000 credit to continue a child's education after high school including vocational school Other tax changes ringing in with the New Yean B Qualifying families can save up to $500 a year for each child in new savings accounts that are tax free when spent on college or other education beyond high school B Senior citizens between 65 and 69 will be able to earn one-tim- I self-car- e New coverage of annual prostate cancer screenings for men over 55 will start in another couple of years on Jan 1 2000 $14500 a year up from $13500 without losmg any Social Security benefits However for working people paying Social Security payroll taxes the maximum earnings taxable will rise to $68400 from $65400 B People who work or volunteer for charities will be able to deduct 14 cents a mile for transportation up from 12 cents B Americans repaying college loans can take a $1000 tax deduction on the interest B People with higher incomes on savqualify for ings in individual retirement accounts known as IRAs Eligibility for the deduction will begin to phase-ou- t for single filers with earnings starting at $30000 up from $25000 For joint filers eligibility will begin to phase out at $50000 up from $40000 B Americans with savings in IRAs will be allowed to make penalty-free withdrawals to continue their education in college graduate school or through vocational training B A new kind of IRA called a Roth IRA will be available for retirement savings Unlike a traditional IRA money kept in a Roth IRA will not be taxable when it is Tax Breaks S3 mograms to check for breast cancer in women over 40 even if they have not met their annual $100 deductible Women also no longer have to pay a deductible before getting coverage for pap smears and pelvic exams once a year for those at high risk for disease and every third year for others Colorectal cancer screenings are also covered for the first time for all Medicare beneficiaries over age 50 The monthly Medicare premium beneficiaries pay for coverage of doctors office visits and other outpatient treatment remains at $4380 for 1998 On July 1 more new preventative benefits will kick in Women at high risk of developing the disease osteoporosis will be covered for tests And new Medicare benefits will become available to an estimated 3 million people with diabetes including coverage of glucose monitoring equipment and instruction in how to manage withdrawn after retirement However there is no up-fro- nt tax deduction as savings are accumulated Annual Roth IRA contributions of up to $2000 will be al- lowed for single filers with incomes below a phase-ou- t range of $95000-$11000- 0 Joint filers with incomes below a $150000-$16000- 0 phase-ou- t range will also qualify B The value of estates exempt from taxes after a persons death rises to $625000 from $600000 For small family farms and businesses the exemption rises to $13 million from $600000 B owners will be able to deduct from their taxes 45 percent of tie cost of their health insurance premiums up from 40 Small-busine- "s "Hr ss percent B Also the alternative minimum tax for corporations with less than $5 million in sales is repealed B Fewer youths who earn money working summer jobs or after school will owe taxes as deductions and exemptions rise on their earnings In addition to the New Years changes many Americans are already benefiting from capital-gain- s tax breaks that kicked in last May including an exemption from taxes for the first $500000 gained on the sale of a home by joint filers 3 i to what youre getting in 1998 listen Its not just a sale Its our after Christmas Clearance! 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