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2017 Updates on Long-Term Care Insurance Tax Deductions,
Medicare, Medicaid & Health Savings Account Deductibles

2017 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 $410
41 - 50 $770
51 - 60 $1,530
61 - 70 $4,090
71 and older $5,110

Indemnity policies: Benefit payments above $360 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 for owner and spouse.

Medicare: 

Part A Deductible $1,316
Skilled Nursing Facility Coinsurance $164.50
Part B Deductible $183
Part B Premium $134 (incomes below $85,000 individual/ $170,000 joint)
Qualified Medicare Beneficiary*
(Annual amounts are issued in approximately February each year)
Individual: $1,001 month income / $7,280 assets
Couple: $1,348 month income / $10,930 assets

Medicaid: Click here to see state-specific Medicaid information

Spouse's minimum asset allowance $24,180
Spouse's maximum asset allowance $120,900
Spouse's minimum income allowance* $2,002.50 (effective 7/1/16-6/30/17)
Excess shelter allowance $600.75 (effective 7/1/16 - 6/30/17)
Spouse's maximum income allowance $3,022.50
Income cap states (3 x SSI) $2,205
Home equity limits $560,000 / $840,000

Health Savings Accounts: (Minimum Deductible: $1,300 Individual / $2,600 Family)

Individual = Maximum contribution of $3,400. Additional 2017 contribution of $1,000 for 55+; Out-of-Pocket maximum: $6,550. Family = Maximum contribution of $6,750. Additional 2017 contribution of $1,000 for 55+; Out-of-Pocket maximum: $13,100.

*Limits vary for AK and HI

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LTC Consultants provides long-term care insurance training to agents and educates consumers with information about long term care insurance. This website contains reports and articles about caregiving, assisted living, nursing homes, aging, senior living and elder care, home health care and other long-term care related articles. Order Phyllis Shelton’s Protecting Your Family with Long-Term Care Insurance with articles about whether or not to self-insure or buy combo life insurance and annuity policies or a traditional LTC insurance plan. The book also contains ideas for people who don't qualify for LTC insurance such as Medicaid, life settlements, reverse mortgages, critical illness and also contains in-depth information about Medicare, Medicare Advantage and Medicare Supplements.

 

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