Mainebiz

W W W. M A I N E B I Z . B I Z 7 J U N E 1 6 , 2 0 2 5 15%. e Petrovich Peterson Cardiac Catheterization Laboratory is consid- ered critical because York Hospital is one of only four hospitals in Maine that performs percutaneous coro- nary interventions, more commonly known as coronary artery ballooning and stenting. Expansion and redesign of the lab is expected to reduce wait times, elevate the level of care and help attract and retain medical staff. e project was funded by the hospi- tal's capital campaign called Leading with Heart, which raised more than $6 million toward the $6.4 million tar- get. e project is seeking additional support to meet the goal, Hilary Grace Leonhard, a manager with the hospital's office of philanthropy, told Mainebiz. Yarmouth school acquires building for housing North Yarmouth Academy said it would expand student housing into a 17,600-square-foot commercial building it recently acquired for $5.25 million. e private school bought 350 U.S. Route 1 in Yarmouth from 103 LLC. Charles W. Day at Porta & Co. represented the buyer and Josh Soley of CORE represented the seller. e deal, which closed May 20, was the result of an off-market list- ing. North Yarmouth Academy plans to redevelop the property, which is less than a mile from its 148 Main St. campus, to expand student and faculty housing. N O T E W O R T H Y S O U T H E R N Partners Bank in Sanford donated $15,000 to York Hospital's Leading with Heart campaign to provide resi- dents of southern Maine and Seacoast New Hampshire with a state-of-the-art Cardiac Catheterization Laboratory. MaineHealth in Portland held a rib- bon cutting for MaineHealth Parkview Health Center, a renovated behavioral health center located at 329 Maine St. in Brunswick. Everest Recovery Centers, providing outpatient treatment for opioid use disorder, opened at 127 Main St. in South Portland. Portland City Council approved Portland Development Corp.'s recommendation to create an interest-free loan product designed to support investment in store- fronts located in downtown Portland. The city has allocated $250,000 in downtown transit-oriented development tax increment financing funds to sup- port façade improvements and other upgrades to enhance activation of commercial storefronts. Red City Ale House in Windham said it will be featured on America's Best Restaurants web platforms after a visit from its roadshow that took place on June 13. The city of South Portland was selected to receive a $1 million Brownfields Revolving Loan Fund Grant from the U.S. Environmental Protection Agency to fund loans and subgrants to property owners to sup- port environmental cleanup activities and program outreach. Maine Solar Solutions in Freeport launched a brand refresh including updated logo and website. Nominate a top-notch woman executive before July 7! Do you know a woman business owner, CEO, president or top executive with an established track record of success; a woman who has been a trailblazer and a mentor to others? S PONS OR ED BY FOLLOW U S @M AI NEBI Z #MBOWB25 GO TO W W W.MAINEBIZ .BIZ/OWB25 NOMINATE THEM BY JULY 7! A S K AC E A n s w e r e d b y B r i a n n a H e n w a r d , T i n d o n A s s o c i a t e s The Association for Consulting Expertise (ACE) is a nonprofit association of independent consultants who value "success through collaboration." The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com. Q: Will selling my business affect the cost of my Medicare in retirement? ACE replies: Yes, it absolutely can — depending on how much you sell it for and when the sale occurs, especially if it's after age 63. It's not uncommon for business owners to fund retirement through the sale of their business. However, large gains can lead to unexpected Medicare costs down the road due to what's known as the income-related monthly adjustment amount. Medicare looks at your taxable income from two years prior to determine your premiums for Part B (doctor coverage) and Part D (prescription coverage). This can result in a significant increase. For example, monthly Part B premiums can rise from about $185 to as much as $628.90, and Part D can increase by up to $85.50 — per person, if married. The good news is Medicare allows for an appeal if a quali- fying life event occurs, such as retirement or work reduction. By filing Form SSA-44 with the Social Security Administration, you may request that they base premiums on your current or last year's income instead of two years ago. If you sold your business in 2023 for $250,000 and retired, you would face higher premiums in 2025. However, since retirement qualifies as a life-changing event, you could file SSA-44 to have those pre- miums adjusted based on your potentially lower retire- ment income. Impor tant distinction: Selling your business alone is not a qualifying event. Retirement is. If you sell your busi- ness while on Medicare and do not retire or have any life- changing events, then you will owe the increased Medicare premiums for that year. In summary, Medicare premiums are income-based, and large sales can trigger increases. Retiring after the sale may allow for an appeal through proper documentation. ACE member Brianna Henward is an independent insurance advisor and owner of Tindon Associates. She specializes in Medicare plans and planning, the Affordable Care Act and the Maine Health Insurance Marketplace. She can be reached at brianna@tindon.us or (207) 248-8411.

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