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Indiana Long Term Care Insurance Program

Indiana Long Term Care Insurance Program

ILTCP > Consumer Information > Annual Figures 2015 Figures

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MEDICARE Part A

Hospital deductible

Hospital co-insurance for days 61 - 90

Hospital co-insurance for days 91 - 150

Recipient pays 100% of all costs for each day
beyond 150

Skilled nursing facility co-insurance
Days 21 - 100

$1,316 per benefit period

$329 per day

$658 per day


 
 

$164.50 per day

 

MEDICARE Part B

Premium varies by income

Standard Premium (individual income <$85,000)

Deductible

$109 per month
 

 

$183 per year

 


Indiana Medicaid

Financial criteria for the Aged, Blind and Disabled category


Income:
Countable Assets:

Individual
$990 per month
$2,000

Married Couple
$1,335 per month
$3,000

 

 

Spousal Impoverishment Protection Law (as of 1/1/2017)

 

Spouse is institutionalized and the other remains in the community:


Income:
 
Assets:

Community Spouse
Minimum:  $2,002 per month
Maximum: $3,023 per month
Minimum: $24,180
Maximum: 50% up to $120,900

Institutional Spouse
$52 for personal
Excess above $52/month goes to the institution
 $2,000

 

Indiana Partnership Program (ILTPP) (eff. 1-1-2015)

Minimum daily nursing home benefit - $115
State-set dollar amount for total asset protection - $353,773

HIPAA FEDERAL TAX DEDUCTION LIMITS

 

Your age in years, attained before the close of the taxable year

Maximum long term care insurance premiums you can include for tax year 2016

Maximum long term care insurance premiums you can include for tax year 2017

40 or less

$ 390

$ 410

41 – 50

$ 730

$ 770

51 – 60

$1,460

$1,530

61 – 70

$3,900

$4,090

70 +

$4,870

$5,110

Deductible for self-employed - 100% (up to limit in chart above)
Per Diem Limit- $360 (2015)

 

State Tax Deduction for Indiana Partnership Policyowners

Beginning with tax year 2000, premiums paid for Indiana Partnership long term care policies during the taxable year can be taken as a deduction (not credit) on the Indiana State tax form when filing Form IT-40. The deduction is listed on Schedule 1 and 2 under “Other Deductions” using code #608. To qualify for the Indiana tax deduction, the Partnership policy will have the following language on the first page of the policy in bold print.

THIS POLICY [CERTIFICATE] QUALIFIES UNDER THE INDIANA LONG TERM CARE INSURANCE PROGRAM FOR MEDICAID ASSET PROTECTION. THIS POLICY [CERTIFICATE] MAY PROVIDE BENEFITS IN EXCESS OF THE ASSET PROTECTION PROVIDED IN THE INDIANA LONG TERM CARE PROGRAM.

A self-employed person can deduct the difference from the amount paid and deduction taken on a federal return for a tax qualified partnership policy.