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As previously mentioned in a prior blog post I made, the first cost-of-living adjustment since 2008 has recently been made.  This adjustment brought a 3.7% increase to many of the planning figures used in an elder law practice every day.

Spousal Impoverishment Standards

• Minimum Community Spouse Resource Allowance: $22,728
• Maximum Community Spouse Resource Allowance: $113,640
• Maximum Monthly Maintenance Needs Allowance: $2,841
• Income Cap Limit: $2,094
• Minimum Home Equity Limit: $525,000
• Maximum Home Equity Limit: $786,000

Medicare Deductibles, Premiums and Co-payments

• Medicare Part A Deductible: $1,156
• Medicare Part B Premium: $99.90
• Medicare Part B Deductible: $140
• Co-payment for hospital stay, days 61-90: $289 per day
• Co-payment for hospital stay, days 91 and up: $578 per day
• Co-payment for skilled nursing facility stay, days 21-100: $144.50 per day

Long-Term Care Insurance Federal Tax Deductible Figures

Taxpayer's Age at End of Year // Deductible Limit

• Age 40 or less // $350
• More than 40 but less than 50 // $660
• More than 50 but less than 60 // $1,310
• More than 60 but less than 70 // $3,500
• More than 70 // $4,370

State-specific figures can be located in the Attorney Resources section of this site.  Please note that access to the figures are only provided to elder law attorneys.

To view the documentation released by the Centers for Medicare and Medicaid Services please click here.

To view the documentation released by the American Association for Long-Term Care Insurance please click here.

A thank you goes to www.elderlawanswers.com for previously posting this information on January 3, 2012.