The Centers for Medicare and Medicaid Services, the Department of Veterans Affairs (VA), the Social Security Administration and other state and federal agencies have released the following important numbers for 2017.
Medicare Part A deductible: $1316 for each benefit period.
Medicare Part A co-payments for hospital stays:
- Day 1-60: $0 co-payment for each benefit period
- Day 61-90: $329/day co-payment for each benefit period
- Beyond 91 days: $658/day co-payment for each benefit period.
Medicare Skilled nursing home co-payment:
- Day 1-20: $0
- Days 21-100: $164.50/day.
Medicare Part B Premium: $134/month. Medicare Part B Deductible: $183/year.
Part B 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 will pay a monthly premium of $187.50 (was $170.50).
- Individuals with annual incomes between $107,000 and $160,000 and married couples with annual incomes between $214,000 and $320,000 will pay a monthly premium of $267.90 (was $243.60).
- Individuals with annual incomes between $160,000 and $214,000 and married couples with annual incomes between $320,000 and $428,000 will pay a monthly premium of $348.30 (was $316.70).
- Individuals with annual incomes of $214,000 or more and married couples with annual incomes of $428,000 or more will pay a monthly premium of $428.60 (was $389.80).
High-earner premiums differ for beneficiaries who are married but file a separate tax return from their spouse:
- Those with incomes between $85,000 and $129,000 will pay a monthly premium of $348.30 (was $316.70).
- Those with incomes greater than $129,000 will pay a monthly premium of $428.60 (was $389.80).
Resource Allowance for an Individual: $2000.00.
Resource Allowance for a Couple who both reside in a facility: $3,000.00.
Medicaid Community Spouse Resource Allowance:
- Minimum $24,180.00
- Maximum $120,900.00
Medicaid Monthly Maintenance Needs Allowance:
- Minimum $2,002.50
- Maximum $3,022.50
Medicaid Monthly Personal Needs Allowance: $35.00/month
Medicaid Divestment Penalty Divisor: $332.50/day.
Medicaid Income Cap Limit: When a Medicaid’s applicant’s income exceeds $2205.00/month, a Qualified Income Trust (QIT) is required.
Principal Residence Equity Exclusion: $840,000.00
Community Spouse Monthly Housing Allowance: $600.75
Standard Heating and Utility Allowance: $501.00
SOCIAL SECURITY BENEFITS for 2017
The new monthly federal Supplemental Security Income (SSI) payment standard is $735 for an individual and $1,103 for a couple.
Estimated average monthly Social Security retirement payment: $1,360 a month (was $1,341) for individuals and $2,260 (was $2,212) for couples
Maximum amount of earnings subject to Social Security taxation: $127,200 (was $118,500)
For a complete list of the 2017 Social Security figures, go to: https://www.ssa.gov/news/press/factsheets/colafacts2017.pdf
STATE and FEDERAL ESTATE, GIFT and INHERITANCE TAXES
Federal Estate Tax Threshold: $5,490,000
Lifetime Federal Tax Exclusion for Gifts: $5,490,000
Federal Annual Gift Tax Exclusion: $14,000.00
Generation-skipping transfer tax exemption: $5,490,000
NJ Estate Tax Threshold: $2,000,000.00
NJ Gift Tax: There is no gift tax in NJ
NJ Inheritance Tax: No changes; Class A & E exempt
VA 2017 AID and ATTENDANCE PENSION
Married Veteran: $2,127
Single Veteran: $1,794
Surviving Spouse: $1,153
LONG-TERM CARE PREMIUM DEDUCTIBILITY LIMITS for 2017
The Internal Revenue Service has announced the 2017 limitations on the deductibility of long-term care insurance premiums from income. Any premium amounts above these limits are not considered to be a medical expense.
|Attained age before the close of the taxable year||Maximum deduction|
|40 or less||$410|
|More than 40 but not more than 50||$770|
|More than 50 but not more than 60||$1,530|
|More than 60 but not more than 70||$4,090|
|More than 70||$5,110|
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 $360 per day (for 2017), whichever is greater.
Have a Wonderful New Year!!!
For additional information concerning NJ elder law and special needs planning visit: http://vanarellilaw.com/legal-services/
For additional information concerning VA compensation and pension benefits, visit: http://vanarellilaw.com/va-benefits/
For additional information concerning Medicaid and public benefits planning, visit: http://vanarellilaw.com/medicaid-public-benefits-planning/
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