SOCIAL SECURITY AND SUPPLEMENTAL SECURITY INCOME

By Fredrick P. Niemann, Esq. a New Jersey Elder Law Attorney
The Social Security Administration has announced the 2013 monthly Social Security and Supplemental Security Income benefits increase of 1.7%.  In 2012, the increase was 3.7% with a 0% adjustment the two years prior.  This increase is one of the lowest since 1975 – when automatic adjustments started.

The Centers for Medicare and Medicaid Services recently announced an increase in Part B premiums and a decrease in Part A premiums for 2013.

    Medicare Part A Deductible: $1,184 (was $1,156 in 2012)
Medicare Part B Deductible: $148 (was $140 in 2012)
Medicare Part A Premium: $441 (was $451 in 2012)
Medicare Part B Premium: $104.90 (was $99.90 in 2012)
Co-payment for hospital stay, days 61-90: $296 per day (was
$289 in 2012)
Co-payment for hospital stays, days 91 and up: $592 per day
(was $578 in 2012)
Co-payment for skilled nursing facility stay, days 21-100:
$148 per day (was $144.50 in 2012)

Long Term Care Insurance Tax Deductibility Allowance for Calendar Year

The Internal Revenue Service has announced an increased deductibility for individuals purchasing long-term care insurance policies in 2013.

    Age 40 or less: $360 (was $350 in 2012)
More than 40 but less than 50: $680 (was $660 in 2012)
More than 50 but less than 60: $1,360 (was $1,310 in 2012)
More than 60 but less than 70: $3,640 (was $3,500 in 2012)
More than 70: $4,550 (was $4,370 in 2012)

Increase Announced to Monthly Spousal Allowance Under NJ Medicaid

The Center for Medicare and Medicaid Services has announced the 2013 Spousal Impoverishment Standards and Home Equity Standards.

Minimum Community Spouse Resource Allowance: $23,184
(was $22,728 in 2012)
Maximum Community Spouse Resource Allowance: $115,920
(was $113,640 in 2012)
Maximum Monthly Maintenance Needs Allowance: $2,898
(was 42,841 in 2012)
Income Cap Limit: $2,130 (was $2,094 in 2012)
Minimum Home Equity Limit: $536,000 (was $525,000 in 2012)
Maximum Home Equity Limit: $802,000 (was $786,000 in 2012)

Contact me personally today to discuss your elder law matter.  I am easy to talk to, very approachable and can offer you practical, legal ways to handle your concerns.  You can reach me toll free at (855) 376-5291 or e-mail me at fniemann@hnlawfirm.com.  Please also visit our website www.njelderlawcenter.com.