A Roundup of Key Elder Law Numbers for 2010
Last Updated: 1/5/2010 9:46:19 AM
Last Updated: 1/5/2010 9:46:19 AM
Below are figures for 2010 that are frequently used in the elder law practice or of interest to clients.
Medicaid Spousal Impoverishment Figures for 2010 Unchanged From 2009
The minimum community spouse resource allowance (CSRA) remains $21,912, as does the maximum CSRA, $109,560. The maximum monthly maintenance needs allowance remains $2,739. The minimum monthly maintenance needs allowance remains $1,821.25 until July 1, 2010.
For the CMS document announcing the unchanged 2010 figures, click here.
Income cap: Because the SSI federal benefit rate was unchanged, the income cap for 2010 applicable in "income cap" states should remain $2,022 a month.
Annual Gift Tax Exclusion Stays at $13,000
The annual gift tax exclusion remains at $13,000.
Long-Term Care Premium Deductibility Limits for 2010
The Internal Revenue Service has announced the 2010 limitations on the deductibility of long-term care insurance premiums from taxes. Any premium amounts above these limits are not considered to be a medical expense.
Attained age before the close of the taxable year Maximum deduction 40 or less $330 More than 40 but not more than 50 $620 More than 50 but not more than 60 $1,230 More than 60 but not more than 70 $3,290 More than 70 $4,110 Benefits from per diem or indemnity policies, which pay a predetermined amount each day, are not included in income except amounts that exceed the beneficiary's total qualified long-term care expenses or $290 per day (for 2010), whichever is greater.
For details from the American Association for Long-Term Care Insurance, click here.
Medicare Premiums, Deductibles and Copayments for 2010
Basic Part B premium: $110.50/month (was $96.40) (But most beneficiaries will not pay this increase due to a "hold-harmless" provision in the Medicare law prohibiting Part B premiums from rising more than that year's cost of living increase in Social Security benefits. For more, click here.) Part B deductible: $155 (was $135) Part A deductible: $1,100 (was $1,068) Co-payment for hospital stay days 61-90: $275/day (was $267) Co-payment for hospital stay days 91 and beyond: $550/day (was $534) Skilled nursing facility co-payment, days 21-100: $137.50/day (was $133.50) Premiums for higher-income beneficiaries: Rates differ for beneficiaries who are married but file a separate tax return from their spouse: Those with incomes between $85,000 and $128,000 will pay a monthly premium of $287.30. Those with incomes greater than $128,000 will pay a monthly premium of $353.60. For more information, click here.
Social Security Benefit Changes for 2010 Monthly Social Security and Supplemental Security Income (SSI) benefits will not automatically increase in 2010 as there was no increase in the Consumer Price Index (CPI-W) from the third quarter of 2008 through the third quarter of 2009. For other important 2010 Social Security information, click here.