Under current law, there will be no cost-of-living adjustment (COLA) in Social Security in 2010 — the first time that has happened since automatic cost-of-living adjustments began in 1975. Several bills before Congress would grant a special increase in Social Security payments for 2010.
In addition, when no Social Security COLA is provided, Medicare Part B premiums — which are deducted from Social Security checks — are frozen for most beneficiaries so that the Social Security checks do not drop (click here for more information).
Below are figures for 2010 that are frequently used in the elder law practice, including the new Medicaid spousal impoverishment figures, the long-term care insurance deductibility limits, and Medicare premiums and co-pays, and Social Security Figures:
Medicaid Figures for 2010
| Divestment Penalty Divisor | $ 6,654.00 – Northern Virginia (Arlington, Fairfax, Loudoun and Prince William Counties and the Cities of Alexandria, Fairfax, Falls Church, Manassas and Manassas Park.) $ 4,954.00 – All Other |
| Individual Resource Allowance | $ 2,000.00 |
| Monthly Personal Needs Allowance | $ 40.00 |
| Minimum Community Spouse Resource Allowance | $ 21,912.00 |
| Maximum Community Spouse Resource Allowance | $ 109,560.00 |
| Minimum Monthly Maintenance Needs Allowance | $ 1,821.25 |
| Maximum Monthly Maintenance Needs Allowance | $ 2,739.00 |
| Shelter Standard | $ 546.38 |
| Standard Utility Allowance | $ 141 |
Estate Tax Exclusion / Exemption Equivalent Amount:
Unlimited Exemption (Estate Tax Temporarily Repealed for 2010). Exemption currently set to revert to $1 million in 2011.
Annual Gift Tax Exclusion: $13,000
| 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 |
| Beneficiaries who file an individual tax return with income: | Beneficiaries who file a joint tax return with income: | Income-related monthly adjustment amount | Total monthly premium amount |
| Less than or equal to $85,000 | Less than or equal to $170,000 | $0.00 | $110.50 |
| Greater than $85,000 and less than or equal to $107,000 | Greater than $170,000 and less than or equal to $214,000 | $44.20 | $154.70 |
| Greater than $107,000 and less than or equal to $160,000 | Greater than $214,000 and less than or equal to $320,000 | $110.50 | $221.00 |
| Greater than $160,000 and less than or equal to $214,000 | Greater than $320,000 and less than or equal to $428,000 | $176.80 | $287.30 |
| Greater than $214,000 | Greater than $428,000 | $243.10 | $353.60 |
Social Security Figures for 2010
(Click here for SSA Press Release)
(Click here for SSA Fact Sheet)
- Cost of Living Increase: 0 percent
- Maximum Taxable Earnings: $106,800
SSI Federal Payment Standard:
- Individual: $674/mo.
- Couple: $1,011/mo.
About Evan H Farr, CELA, CAP
