| 2021 Updates | |
| Provided by: | GotLTCi |
HIPAA:
| Attained age before the close of the taxable year: | Amount that counts as a medical expense OR paid through a Health Savings Account OR 1st dollar tax-deduction for self-employed |
| 40 or less | $450 |
| 41 – 50 | $850 |
| 51 – 60 | $1,690 |
| 61 – 70 | $4,520 |
| 71 and older | $5,640 |
Indemnity/cash policies: Benefit payments above $400 per day that exceed the actual cost of care will be taxed as income. [IRS §213(d)(10)]
Self-Employed Long-Term Care Insurance Deductions:
100% of age-based limits for owner and spouse. C-Corps 100% of premium.
Medicare:
| Part A Deductible |
$1,484 |
| Skilled Nursing Facility Coinsurance | $185.50 |
| Part B Deductible | $203 |
| Part B Premium | $148.50 (incomes below $88,000 individual / $176,000 joint) |
| Qualified Medicare Beneficiary* (Annual amounts are issued in approximately February each year) |
Individual: $1,084 monthly income / $7,860 assets Couple: $1,457 monthly income / $11,800 assets |
Medicaid: Click here to see state-specific Medicaid information
| Spouse’s minimum asset allowance | $26,076 |
| Spouse’s maximum asset allowance | $130,380 |
| Spouse’s minimum income allowance* | $2,155 (effective 7/1/20 – 6/30/21) |
| Excess shelter allowance | $646.50 (effective 7/1/20 – 6/30/21) |
| Spouse’s maximum income allowance | $3,259.50 |
| Income cap states (3 x SSI) | $2,382 |
| Home equity limits | $603,000 / $906,000 |
Health Savings Accounts:
(Minimum Deductible: $1,400 Individual / $2,800 Family)
| Individual = Maximum contribution of $3,600. Additional 2021 contribution of $1,000 for 55+; Out-of-Pocket maximum: $7,000. | Family = Maximum contribution of $7,200. Additional 2021 contribution of $1,000 for 55+; Out-of-Pocket maximum: $14,000. |
*Limits vary for AK and HI
