Many state and federal programs concerning elder care have specific financial requirements you and your family need to know when panning for the future. That is why we compiled a list of important financial thresholds and prerequisites for:
Please note that the figures described below are applicable for 2018.
Medicaid is a hybrid state/federal program providing the means for low-income Americans to obtain medical treatment. Under the program, beneficiaries pay low out-of-pocket fees for health services that are paid for by federal dollars. Although the federal government establishes general guidelines for the program, states design, implement, and administer their own Medicaid programs. The federal government matches state expenditures on medical assistance based on the federal medical assistance percentage, which can be no lower than 50 percent. Below are the most up-to-date financial figures for Virginia, Maryland, and DC:
Divestment Penalty Divisors
Individual Resource Allowance
Married Couple Resource Allowance
Monthly Personal Income Allowance for Nursing Home Residents
Standard Utility Allowance
Medicaid Home Equity Cap
Allowance Available for a Community Spouse
The deductible for Medicare Part A is $1,340 for each benefit period (in 2018).
Long Term Care Insurance remains one of the most tax advantaged planning solutions available. Not only are the benefits paid tax-free, but policyholders may deduct some or all of their premiums. The IRS announced it will be increasing the amount long term care insurance policyholders can deduct from their 2018 taxes for owning coverage.
Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2016 through the third quarter of 2017, Social Security and Supplemental Security Income (SSI) beneficiaries received a 2 percent COLA in 2018.
Retirement Earnings Test Exempt Amount
If you’re younger than full retirement age, the exempt max is $17,040 per year in 2018. If you made more than this amount, every dollar of additional benefit will be withheld for every additional $2 you earned above the exempt limit. When you reach full retirement age, the exempt max is $45,360.