Below are figures for 2009 that are frequently used in the elder law practice, including the new Medicaid spousal impoverishment figures and the long-term care insurance deductibility limits.
Medicaid Spousal Impoverishment Figures for 2009
The new minimum community spouse resource allowances (CSRA) is $21,912 and the new maximum is $109,560. The new maximum monthly maintenance needs allowance is $2,739. The minimum monthly maintenance needs allowance remains $1,750 until July 1, 2009.
The new figures are effective January 1, 2009, and reflect an increase in the Consumer Price Index (CPI) of 4.9 percent from September 2007 to September 2008.
For the CMS document announcing the 2009 figures, click here. (Gene Coffey of the National Senior Citizens Law Center points out that the new minimum CSRA of $21,912 is a numerical palindrome.) Income cap: Although there has been no official CMS announcement, based on the new SSI federal benefit rate (see below), the income cap for 2009 applicable in "income cap" states should be $2,022 a month.
Annual Gift Tax Exclusion Rises to $13,000
The annual gift tax exclusion will increase from $12,000 to $13,000 effective January 1, 2009, the Internal Revenue Service (IRS) has announced.
Long-Term Care Premium Deductibility Limits for 2009
The Internal Revenue Service has announced the 2009 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
$320
More than 40 but not more than 50
$600
More than 50 but not more than 60
$1,190
More than 60 but not more than 70
$3,180
More than 70
$3,980
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 $280 per day (for 2009), whichever is greater.
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Chuck
If you think your boss is stupid, remember: you wouldn't have a job if he was any smarter.”
Medicare Premiums, Deductibles and Copayments for 2009
Basic Part B premium: $96.40/month (unchanged)
Part B deductible: $135 (unchanged)
Part A deductible: $1,068 (was $1,024)
Co-payment for hospital stay days 61-90: $267/day (was $256)
Co-payment for hospital stay days 91 and beyond: $534/day (was $512)
Skilled nursing facility co-payment, days 21-100: $133.50/day (was $128)
Premiums for higher-income beneficiaries:
Individuals with annual incomes between $85,000 and $107,000 and married couples with annual incomes between $170,000 and $214,000 in 2009 will pay a monthly premium of $134.90.
Individuals with annual incomes between $107,000 and $160,000 and married couples with annual incomes between $214,000 and $320,000 in 2009 will pay a monthly premium of $192.70.
Individuals with annual incomes between $160,000 and $213,000 and married couples with annual incomes between $320,000 and $426,000 in 2009 will pay a monthly premium of $250.50.
Individuals with annual incomes of $213,000 or more and married couples with annual incomes of $426,000 or more in 2009 will pay a monthly premium of $308.30.
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 $250.50.
Those with incomes greater than $128,000 will pay a monthly premium of $308.30.
For a complete list of the 2009 Social Security changes, go to: 2009 Social Security Changes: Press Office
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Sorry about the multiple posts, the article was too long for a single post
Last edited by patch36 : 12-16-2008 at 07:51 PM.
Reason: Posts merged
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"Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it." Ronald Reagan
Key Elder Law Numbers for 2009
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