Important Elder Law Number Updates for 2012

Jan. 18, 2012 - PRLog -- As previously mentioned in a prior blog post I made, the first cost-of-living adjustment since 2008 has recently been made.  This adjustment brought a 3.7% increase to many of the planning figures used in an elder law practice every day.
Spousal Impoverishment Standards

   Minimum Community Spouse Resource Allowance: $22,728
   Maximum Community Spouse Resource Allowance: $113,640
   Maximum Monthly Maintenance Needs Allowance: $2,841
   Income Cap Limit: $2,094
   Minimum Home Equity Limit: $525,000
   Maximum Home Equity Limit: $786,000

Medicare Deductibles, Premiums and Co-payments

   Medicare Part A Deductible: $1,156
   Medicare Part B Premium: $99.90
   Medicare Part B Deductible: $140
   Co-payment for hospital stay, days 61-90: $289 per day
   Co-payment for hospital stay, days 91 and up: $578 per day
   Co-payment for skilled nursing facility stay, days 21-100: $144.50 per day

Long-Term Care Insurance Federal Tax Deductible Figures

Taxpayer's Age at End of Year // Deductible Limit

   Age 40 or less // $350
   More than 40 but less than 50 // $660
   More than 50 but less than 60 // $1,310
   More than 60 but less than 70 // $3,500
   More than 70 // $4,370

State-specific figures can be located in the Attorney Resources section of this site.  Please note that access to the figures are only provided to elder law attorneys.

To view the documentation released by the Centers for Medicare and Medicaid Services please click here.

To view the documentation released by the American Association for Long-Term Care Insurance please click here.

A thank you goes to www.elderlawanswers.com for previously posting this information on January 3, 2012.

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Krause Financial Services specializes in helping families qualify for Medicaid benefits through the use of Medicaid Compliant Annuities, and Veterans Aid & Attendance benefits through the use of various life and annuity insurance products.