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Indiana Long Term Care Partnership Program

ILTCP > Consumer Information > Annual Figures 2014 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

$1,216 per benefit period

$304 per day

$608 per day


 
 

$152 per day

MEDICARE Part B

Premium varies by income

Standard Premium (individual income <$85,000)

Deductible

$104.90 per month

 

$147 per year


Indiana Medicaid

Financial criteria for the Aged, Blind and Disabled category


Income:
Countable Assets:

Individual
$973 per month
$2,000

Married Couple
$1,311 per month
$3,000


Spousal Impoverishment Protection Law (as of 7/1/2014)

Spouse is institutionalized and the other remains in the community:


Income:
 
Assets:

Community Spouse
Minimum:  $1,966 per month
Maximum: $2,931 per month
Minimum: $23,448
Maximum: 50% up to $117240

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

Indiana Partnership Program (ILTPP) (eff. 1-1-2014)

Minimum daily nursing home benefit - $115
State-set dollar amount for total asset protection - $305,603

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 2013

Maximum long term care insurance premiums you can include for tax year 2014

40 or less

$ 360

$ 370

41 – 50

$ 680

$ 700

51 – 60

$1,360

$1,400

61 – 70

$3,640

$3,720

70 +

$4,550

$4,660

Deductible for self-employed - 100% (up to limit in chart above)
Per Diem Limit- $330 (2014)

 

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.