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.
These new figures, effective January 1, 2009, reflect an increase in the Consumer Price Index (CPI) of 4.9 percent from September 2007 to September 2008.
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.
For details from the American Association for Long-Term Care Insurance, click here.
– 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 more information, click here.
Social Security Benefits for 2009
– Cost of Living Increase: 5.8 percent
– Estimated Average Monthly Social Security Benefit Payable in January 2009: $1,153
– Maximum Taxable Earnings: $106,800
– Maximum Social Security Benefit: $2,323/mo.
Retirement Earnings Test Exempt Amounts:
– Under full retirement age: $14,160/yr.
– The year an individual reaches full retirement age: $37,680/yr.
SSI Federal Payment Standard:
– Individual: $674/mo.
– Couple: $1,011/mo
For further information on understanding these figures and how they will affect your unique situation, please do not hesitate to contact The Farr Law Firm today.
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About Evan H Farr, CELA, CAP
