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Orange County Estate Planning: 2012 Facts & Figures That Retirees Need to Know

Retirement PlanningNo Comments

2012 150x150 Orange County Estate Planning: 2012 Facts & Figures That Retirees Need to KnowA list of key numbers that every retiree – or those who plan to retire soon – needs to know was published recently at ElderLawAnswers.com:

  • Medicaid Spousal Impoverishment Figures for 2012
    • The new minimum community spouse resource allowance (CSRA) is $22,728, and the new maximum CSRA is $113,640. The new maximum monthly maintenance needs allowance is $2,841. The minimum monthly maintenance needs allowance remains $1,838.75 until July 1, 2012.
  • Income cap
    • The income cap for 2012 applicable in “income cap” states will be $2,094 a month.
  • Medicaid home equity limit
    • Minimum: $525,000; Maximum: $786,000
  • Medicare Premiums, Deductibles and Copayments for 2012
    • Basic Part B premium: $99.90/month (was $96.40 for most beneficiaries)
    • Part B deductible: $140 (was $162)
    • Part A deductible: $1,156 (was $1,132)
    • Co-payment for hospital stay days 61-90: $289/day (was $283)
    • Co-payment for hospital stay days 91 and beyond: $578/day (was $566)
    • Skilled nursing facility co-payment, days 21-100: $144.50/day (was $141.50)
  • Premiums for higher-income beneficiaries:
    • Individuals with annual incomes between $85,000 and $107,000 and married couples with annual incomes between $170,000 and $214,000 will pay a monthly premium of $139.90 (was $161.50).
    • Individuals with annual incomes between $107,000 and $160,000 and married couples with annual incomes between $214,000 and $320,000 will pay a monthly premium of $199.80 (was $230.70).
    • Individuals with annual incomes between $160,000 and $214,000 and married couples with annual incomes between $320,000 and $428,000 in 2010 will pay a monthly premium of $259.70 (was $299.90).
    • Individuals with annual incomes of $214,000 or more and married couples with annual incomes of $428,000 or more in 2010 will pay a monthly premium of $319.70 (was $369.10).
  • Social Security Benefit Changes for 2012
    • Monthly federal Supplemental Security Income (SSI) payment standard will be $698 for an individual and $1,048 for a couple.
    • Average monthly Social Security retirement payment: $1,229 a month (was $1,186) for individuals and $1,994 (was $1,925) for couples
    • Maximum amount of earnings subject to Social Security taxation: $110,100 (was $106,800).

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