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2012 Updates on
Long-Term Care Insurance
Tax Deductions,
Medicare, Medicaid & Health Savings Account Deductibles
| 2012
Updates |
|
| Provided by: |
LTC Consultants |
HIPAA:
| Attained age before the close of the taxable year: |
Amount that counts as a medical expense: |
| 40 or less |
$350 |
| 41 - 50 |
$660 |
| 51 - 60 |
$1,310 |
| 61 - 70 |
$3,500 |
| 71 and older |
$4,370 |
Indemnity policies: Benefit payments above $310 per day that exceed the actual cost of care will be taxed as income. [IRS §213(d)(10)]
Self-Employed Long-Term Care Insurance Deductions: 100%
of age-based limits
Medicare:
| Part A Deductible
| $1,156 |
| Skilled Nursing Facility Coinsurance |
$144.50 |
| Part B Deductible |
$140 |
| Part B Premium |
$99.90 (incomes below $85,000 individual/ $170,000 joint) |
Qualified Medicare Beneficiary
(Annual amounts are issued in approximately February each year) |
Individual: $951 month income/$6,940 assets
Couple: $1,281 month income/$10,410 assets |
Medicaid: Click here to see state-specific Medicaid information
| Spouse's minimum asset allowance |
$22,728 |
| Spouse's maximum asset allowance |
$113,660 |
| Spouse's minimum income allowance |
$1,892 (effective 7/1/12-6/30/13) |
| Excess shelter allowance |
$568 (effective 7/1/12 - 6/30/13) |
| Spouse's maximum income allowance |
$2,841 |
| Income cap states (3 x SSI) |
$2,094 |
| Home equity limits |
$525,000/$786,000 |
Health Savings Accounts:
(Minimum Deductible $1,200 Ind/$2,400 Fam)
| Individual = Maximum contribution of $3,100. Additional 2012 contribution of $1,000 for 55+; Out-of-Pocket maximum: $6,050. |
Family = Maximum contribution of
$6,250. Additional 2012 contribution of $1,000 for 55+; Out-of-Pocket maximum: $12,100. |
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