2013 Figures
MEDICARE Part A
Hospital deductible
Hospital co-insurance for days 61 - 90
Hospital co-insurance for days 91 - 150
Recipient pays 100% of all costs for each day
beyond 150
Skilled nursing facility co-insurance
Days 21 - 100
$1,184 per benefit period
$296 per day
$592 per day
$148 per day
MEDICARE Part B
Premium varies by income
Standard Premium (individual income <$85,000)
Deductible
$104.90 per month
$147 per year
Indiana Medicaid
Financial criteria for the Aged, Blind and Disabled category
Income:
Countable Assets:
Individual
$710 per month
$1,500
Married Couple
$1,066 per month
$2,250
Spousal Impoverishment Protection Law (as of 7/1/2013)
Spouse is institutionalized and the other remains in the community:
Income:
Assets:
Community Spouse
Minimum: $1,939 per month
Maximum: $2,898 per month
Minimum: $23,184
Maximum: 50% up to $115,920
Institutional Spouse
$52 for personal
Excess above $52/month goes to the institution
$1,500
Indiana Partnership Program (ILTPP) (eff. 1-1-2013)
Minimum daily nursing home benefit - $115
State-set dollar amount for total asset protection - $291,050
HIPAA FEDERAL TAX DEDUCTION LIMITS
|
Your age in years, attained before the close of the taxable year |
Maximum long term care insurance premiums you can include for tax year 2012 |
Maximum long term care insurance premiums you can include for tax year 2013 |
|
40 or less |
$ 350 |
$ 360 |
|
41 – 50 |
$ 660 |
$ 680 |
|
51 – 60 |
$1,310 |
$1,360 |
|
61 – 70 |
$3,500 |
$3,640 |
|
70 + |
$4,370 |
$4,550 |
Deductible for self-employed - 100% (up to limit in chart above)
State Tax Deduction for Indiana Partnership Policyowners
Beginning with tax year 2000, premiums paid for Indiana Partnership long term care policies during the taxable year can be taken as a deduction (not credit) on the Indiana State tax form when filing Form IT-40. The deduction is listed on Schedule 1 and 2 under “Other Deductions” using code #608. To qualify for the Indiana tax deduction, the Partnership policy will have the following language on the first page of the policy in bold print.
THIS POLICY [CERTIFICATE] QUALIFIES UNDER THE INDIANA LONG TERM CARE INSURANCE PROGRAM FOR MEDICAID ASSET PROTECTION. THIS POLICY [CERTIFICATE] MAY PROVIDE BENEFITS IN EXCESS OF THE ASSET PROTECTION PROVIDED IN THE INDIANA LONG TERM CARE PROGRAM.
A self-employed person can deduct the difference from the amount paid and deduction taken on a federal return for a tax qualified partnership policy.
