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Important Elder Law Number Updates for 2013
Dear ,
Merry Christmas and Happy New Year! With a New Year often comes change. See below for some important elder law number updates for 2013!
Medicare Deductibles, Premiums
and Co-pays
The Centers for
Medicare and Medicaid Services recently
announced an
increase in Part B premiums and a
decrease in Part A premiums for 2013. Below is a summary of the amount changes. Read
announcement.
- Medicare Part A Deductible
- 2013: $1,184
- 2012: $1,156
- Medicare Part B Deductible
- Medicare Part B Premium
- 2013: $104.90
- 2012: $99.90
- Medicare Part D Premium for Basic Coverage
- 2012 and 2013: $30 (no change)
- Co-payment for hospital stay, days 61-90
- 2013: $296 per day
- 2012: $289 per day
- Co-payment for hospital stays, days 91 and up
- 2013: $592 per day
- 2012: $578 per day
- Co-payment for skilled nursing facility stay, days 21-100
- 2013: $148 per day
- 2012: $144.50 per day
Spousal
Impoverishment Standards
The Center
for Medicare and Medicaid Services recently
announced the
Spousal Impoverishment
Standards and Home Equity Standards for
2013 (see below). Read announcement.
- Minimum Community Spouse Resource Allowance
- 2013: $23,184
- 2012: $22,728
- Maximum Community Spouse Resource Allowance
- 2013: $115,920
- 2012: $113,640
- Maximum Monthly Maintenance Needs Allowance
- 2013: $2,898
- 2012: $2,841
- Income Cap Limit
- 2013: $2,130
- 2012: $2,094
- Minimum Home Equity Limit
- 2013: $536,000
- 2012: $525,000
- Maximum Home Equity Limit
- 2013: $802,000
- 2012: $786,000
Long-Term Care (LTC) Insurance
Premium Deductibility Limits
The IRS recently announced increased
deductibility levels for individuals
purchasing LTC insurance policies in 2013. See below for the maximum deductions based on attained age before the close of the taxable year. Read announcement.
- 51 to 60
- 2013: $1,360
- 2012: $1,310
- 61 to 70
- 2013: $3,640
- 2012: $3,500
- Over 70
- 2013: $4,550
- 2012: $4,370
Social
Security and Supplemental Security
Income
Social Security
and Supplemental Security Income (SSI)
beneficiaries will
receive a 1.7 percent COLA
for 2013. This increase is preceded by a 3.7%
adjustment in 2012, and a 0% adjustment in
2010 and 2011.
Retirement Earnings Test Exempt Amounts
- Under full retirement age*
- 2013: $15,120/yr. ($1,260/mo.)
- 2012: $14,640/yr. ($1,220/mo.)
*One dollar in benefits will be withheld for every $2 in earnings above the limit.
- The year an individual reaches full retirement age**
- 2013: $40,080/yr. ($3,340/mo.)
- 2012: $38,880/yr. ($3,240/mo.)
**Applies only to earnings for months prior to attaining full retirement age. One dollar in benefits will be withheld for every $3 in earnings above the limit. There is no limit on earnings beginning the month an individualattains full retirement age.
Social Security Disability Thresholds
- Substantial Gainful Activity (SGA)
- Non-Blind
- 2013: $1,040/mo.
- 2012: $1,010/mo.
- Blind
- 2013: $1,740/mo.
- 2012: $1,690/mo.
Maximum Social Security Benefit: Worker Retiring at Full Retirement Age
- 2013: $2,533/mo.
- 2012: $2,513/mo.
SSI Federal Payment Standard
- Individual
- 2013: $710/mo
- 2012: $698/mo
- Couple
- 2013: $1,066/mo.
- 2012: $1,048/mo.
SSI Resource Limits
Estimated Average Monthly Social Security Benefits Payable in January 2013
The 2013 amount is after the 1.7% COLA.
- All Retired Workers
- 2013: $1,261
- 2012: $1,240
- Aged Couple, Both Receiving Benefits
- 2013: $2,048
- 2012: $2,014
- Widowed Mother and Two Children
- 2013: $2,592
- 2012: $2,549
- Aged Widow(er) Alone
- 2013: $1,214
- 2012: $1,194
- Disabled Worker, Spouse and One or More Children
- 2013: $1,919
- 2012: $1,887
- All Disabled Workers
- 2013: $1,132
- 2012: $1,113
With all of these changes on the
horizon, the Fairfax Elder Law Firm of Evan H. Farr, P.C. is helping clients plan for the future. Contact us for a free consultation at
703-691-1888.
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Farr Law Firm Holiday
Hours
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Friday, December
21:
Open
Monday, December 24:
Closed
Tuesday, December
25:
Closed
Monday, December
31:
Closed
Tuesday, January
1:
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Upcoming
Events |
All events are at The
Law Firm of Evan H. Farr, P.C., 10640
Main Street, Suite 200, Fairfax, VA
22030. RSVP today! We hope
to see you there.
Saturday, January
12: Living Trust Plus
Seminar: How to Protect Your Assets from
the Expenses of Probate and Long Term
Care
-Learn
how to protect your assets and obtain
valuable Medicaid and Veterans
benefits to pay for long-term
care.
-Learn
what the most important estate
planning document is, and find out
whether yours is up-to-date!
-Find
out if your Will is sufficient to
meet your needs, or if a Trust is a
better instrument for you!
-Find
out how you can protect your assets
from lawsuits, divorce, and long-term
care creditors!
January
14-
Financial Wellness
Event
January is Financial
Wellness Month. Join us for an event
focused on Senior Financial Wellness and
enjoy some fun refreshments!
At our Senior Financial Wellness event, we will discuss:
preparing for the unexpected (including
ensuring you have a proper power of
attorney & living trust in place);
ways to protect your life savings from
creditor attack and to avoid falling
victim to fraud; and ways to plan, track
and manage your money, both now and in
the future.
This event, hosted by The Law Firm of
Evan H. Farr, P.C. is for clients and
their friends who would like to learn
more about Senior Financial
Wellness. Join us for this
informative session on January 14 and
enjoy fun refreshments while learning how
to get a jump on some of those financial
New Year's resolutions you'll be
making!!
Five Important Questions to ask
Elderly Parents in the New
Year
1. Where are all your
financial documents?
Adult
children need to know where their
parent(s) keep their important legal
documents, valuables like jewelry, and
the key for the safety deposit
box.
2. Do you have an Advance Medical
Directive and General Power of
Attorney?
Who is
going to make decisions for your parents'
healthcare should they become
incapacitated? Do you know what your
parents' wishes are with respect to their
medical care? Do they want to be left on
a ventilator? An Advance Medical
Directive, which includes a Medical Power
of Attorney, can help your parents guide
their loved ones in these tough
decisions. The Financial Power of
Attorney can also cover everything from
managing retirement assets to paying
bills. These documents are part of
an Incapacity Plan, which adults of all
ages should have in place. If you
or your parents do not have an Incapacity
Plan in place, it's prudent to seek out
an elder law firm like the Fairfax Elder
Law Firm of Evan H. Farr, P.C. Contact us
for a free consultation at
703-691-1888.
3. Where do you want to be buried?
It is
a great relief knowing what your parents
and in-laws want at the end of their
lives, and it is a huge help to be able
to discuss these things openly as adults
before they are unable to do so. Do not
wait until the end to have important
conversations with your parents.
Instructions for burial v. cremation,
type of funeral / memorial service
desired, and other final wishes should be
included in your parent's Advance Medical
Directive.
4. Do you need help with managing your
finances?
To
ensure that you have covered all the
bases, it's wise to hire a professional.
If parents seem overwhelmed or are ill,
children should consider hiring someone
to pay the parents'
bills.
5. Do you have an Estate
Plan?
If
your parents do not have an Estate Plan
in place, suggest they make it a New
Year's resolution to seek out an elder
law firm such as the Fairfax Elder Law
Firm of Evan H. Farr, P.C. and create
their Estate Plan first thing in the new
year. Contact us for a free
consultation at
703-691-1888.
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Fairfax, VA 22030 |
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