Important Elder Law Number Updates for 2013

PRLog (Press Release) - Nov. 20, 2012 - Social Security and Supplemental Security Income
The Social Security Administration recently announced (http://www.ssa.gov/cola/) that the monthly Social Security and Supplemental Security Income benefits will increase by 1.7% in 2013.  This increase is preceded by a 3.7% adjustment in 2012, and a 0% adjustment the two years prior.  This increase is also one of the lowest since 1975 - when automatic adjustments started.

Medicare Deductibles, Premiums and Co-pays
The Centers for Medicare and Medicaid Services recently announced (http://www.medicare.gov/your-medicare-costs/costs-at-a-gl...) an increase in Part B premiums and a decrease in Part A premiums for 2013.

Medicare Part A Deductible: $1,184 (was $1,156 in 2012)
Medicare Part B Deductible: $148 (was $140 in 2012)
Medicare Part A Premium: $441 (was $451 in 2012)
Medicare Part B Premium: $104.90 (was $99.90 in 2012)
Co-payment for hospital stay, days 61-90: $296 per day (was $289 in 2012)
Co-payment for hospital stays, days 91 and up: $592 per day (was $578 in 2012)
Co-payment for skilled nursing facility stay, days 21-100: $148 per day (was $144.50 in 2012)

LTCI Federal Tax Deductibility Figures
The Internal Revenue Service recently announced (http://www.aaltci.org/news/long-term-care-insurance-assoc...) increased deductibility levels for individuals purchasing long-term care insurance policies in 2013.

Age 40 or less: $360 (was $350 in 2012)
More than 40 but less than 50: $680 (was $660 in 2012)
More than 50 but less than 60: $1,360 (was $1,310 in 2012)
More than 60 but less than 70: $3,640 (was $3,500 in 2012)
More than 70: $4,550 (was $4,370 in 2012)

Spousal Impoverishment Standards
The Center for Medicare and Medicaid Services recently announced (http://www.medicaidannuity.com/LinkClick.aspx?fileticket=...) the Spousal Impoverishment Standards and Home Equity Standards for 2013.

Minimum Community Spouse Resource Allowance: $23,184 (was $22,728 in 2012)
Maximum Community Spouse Resource Allowance: $115,920 (was $113,640 in 2012)
Maximum Monthly Maintenance Needs Allowance: $2,898 (was 42,841 in 2012)
Income Cap Limit: $2,130 (was $2,094 in 2012)
Minimum Home Equity Limit: $536,000 (was $525,000 in 2012)
Maximum Home Equity Limit: $802,000 (was $786,000 in 2012)