Key Elder Law Numbers for 2022: Our Annual Roundup

Key Elder Law Numbers for 2022: Our Annual RoundupBelow are figures for 2022 that are frequently used in the elder law practice or are of interest to clients.

Medicaid Spousal Impoverishment Figures for 2022

The new minimum community spouse resource allowance (CSRA) is $27,480 and the maximum CSRA is $137,400. The maximum monthly maintenance needs allowance is $3,435. The minimum monthly maintenance needs allowance remains $2,177 ($2,721.25 for Alaska and $2,505 for Hawaii) until July 1, 2022.

Medicaid Home Equity Limits

Minimum: $636,000

Maximum: $955,000

For CMS's complete chart of the 2022 SSI and Spousal Impoverishment Standards, click here.

Income Cap

The income cap for 2022 applicable in "income cap" states is $2,523 a month.

Gift and estate tax figures

Federal estate tax exemption: $ $12,060,000 for individuals, $24,120,000 for married couples

Lifetime tax exclusion for gifts: $12,060,000

Generation-skipping transfer tax exemption: $12,060,000

Annual gift tax exclusion: $16,000

For these and other inflation adjustments from the IRS, click here.

Long-Term Care Premium Deductibility Limits for 2022

The Internal Revenue Service has announced the 2022 limitations on the deductibility of long-term care insurance premiums from income. Any premium amounts above these limits are not considered to be a medical expense.

Attained age before the close of the taxable year

Maximum deduction

40 or less

$450

More than 40 but not more than 50

$850

More than 50 but not more than 60

$1,690

More than 60 but not more than 70

$4,510

More than 70

$5,640

Benefits from per diem or indemnity policies, which pay a predetermined amount each day, are not included in income except amounts that exceed the beneficiary's total qualified long-term care expenses or $390 per day (for 2022), whichever is greater. For these and other inflation adjustments from the IRS, click here.

VA Benefits

Asset limit: $138,489 (effective 12/1/2021)

Penalty Period Rate: $2,431

Maximum Annual Pension Rate (MAPR) income limits:

Veteran with no dependents

$14,753

Veteran with a spouse or a child

$19,320

Housebound veteran with no dependents

$18,029

Housebound veteran with one dependent

$22,596

Additional children

$2,523 for each child

 

Aid and Attendance MAPR:

Veteran who needs aid and attendance and has no dependents

$24,610

Veteran who needs aid and attendance and has one dependent

$29,175

 

 

Aid and Attendance monthly rates:

Single veteran

$2,050

Married veteran

$2,431

Surviving spouse

$1,318

Vet married to Vet (both with A&A)

$39,036/yr

For the 2022 Pension Rate Table from MilitaryBenefits.info, click here.

Medicare Premiums, Deductibles and Copayments for 2022

  • Part B premium: $170.10 (was $148.50)
  • Part B deductible: $233 (was $203)
  • Part A deductible: $1,556 (was $1,484)
  • Co-payment for hospital stay days 61-90: $389/day (was $371)
  • Co-payment for hospital stay days 91 and beyond: $778/day (was $742)
  • Skilled nursing facility co-payment, days 21-100: $194.50/day (was $185.50)

Part B premiums for higher-income beneficiaries: ($91,000 and above) are as follows:

  • Individuals with annual incomes between $91,000 and $114,000 and married couples with annual incomes between $182,000 and $228,000 will pay a monthly premium of $238.10.
  • Individuals with annual incomes between $114,000 and $142,000 and married couples with annual incomes between $228,000 and $284,000 will pay a monthly premium of $340.20.
  • Individuals with annual incomes between $142,000 and $170,000 and married couples with annual incomes between $284,000 and $340,000 will pay a monthly premium of $442.30.
  • Individuals with annual incomes above $170,000 and less than $500,000 and married couples with annual incomes above $340,000 and less than $750,000 will pay a monthly premium of $544.30.
  • Individuals with annual incomes above $500,000 and married couples with annual incomes above $750,000 will pay a monthly premium of $578.30.

High-earner premiums differ for beneficiaries who are married but file a separate tax return from their spouse. Those with incomes greater than $91,000 and less than $409,000 will pay a monthly premium of $544.30. Those with incomes greater than $409,000 will pay a monthly premium of $578.30.

For Medicare's press release on the 2022 costs, click here.

Social Security Benefits for 2022

The new monthly federal Supplemental Security Income (SSI) payment standard is $641 for an individual and $1,261 for a couple.

Estimated average monthly Social Security retirement payment for individuals: $1,565 a month.

Maximum amount of earnings subject to Social Security taxation: $147,000 (was $142,800)

For a complete list of the 2022 Social Security figures, click here.