Daily Statutory Amount in 2020 (45 * 380 ) (a) $17,100
Actual cost of the Care (b) $13,500
Allowable Cost {higher of a or b} $17,100
Less: Medicare Pays $8,000
Amount of exclusion from gross total income $9,100
{long term care insurance received is included in the gross total income}
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Tax Drill - Long-term Care Insurance Valentino is a patient in a nursing home for 45...
Richard is a patient in a nursing home for 45 days of 2020. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Richard receives $15,000 from his long term care insurance policy, which pays while he is in the facility. Assume that the federal daily excludible amount for Richard is $380. Of the $15,000 what amount may Richard exclude from his gross income?
Valentino is a patient in a nursing home for 57 days of 2020. While in the nursing home, he incurs total costs of $25,992. Medicare pays $15,595 of the costs. Valentino receives $28,591 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is $380. Of the $28,591, what amount may Valentino exclude from his gross income?
Valentino is a patient in a nursing home for 51 days of 2020. While in the nursing home, he incurs total costs of $23,256. Medicare pays $13,954 of the costs. Valentino receives $25,582 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is $380. Of the $25,582, what amount may Valentino exclude from his gross income?
29. Hazel, who suffers from Alzheimer's disease, is a paticnt in a mursing home for the last 30 days off 2019. Wmie the nursing home, she incurs total costs of $7,600. Medicare pays $3,500 of the costs. Hazel receives 57,900 from her long-term care insurance policy, which pays while she is in the facility. How much of the S7,900 received from her long term care insurance policy must she inchude in income? a. $3,500 b. All $7,900 e. S0 d....
Franklin spent 120 days of 2019 in a nursing home. The cost of the services provided to him was $32,200. Medicare paid $21,300 toward the cost of his stay. Franklin also received $15,000 of benefits under a long-term care insurance policy he purchased. The 2019 per diem rate is $370. If the amount is zero, enter "0". Determine the amount of his exclusion. $ Determine the amount included in his gross income. $
11. For Medicare to cover the cost of care in the home, certain conditions must be met. These conditions include all of the following EXCEPT: (Search Chapter 3) a. The care must be certified as medically necessary. b. The care must be provided by a Medicare-certified home health agency. c. The patient must be homebound. d. The level of needed care must be custodial. 12. Which Medigap policy plan provides coverage for long-term custodial care? (Search Chapter 3) a. Plan...
How does Medicare assess the need for long-term care services in a nursing home setting? Your answer must include reference to MDS, RUGS and CAAs.
1. Which is the largest financing source for long-term care in the U.S.? Medicare Medicaid (Medi-Cal in California)* Money Follows the Person (MFP) programs Private insurance 2. A skilled nursing facility is prohibited by regulations to have an assisted living section. True False 3. Registered nurses (RNs) typically function as directors of nursing (DONs) and team leaders in skilled nursing facilities. True False 4. Most Americans over the age of 50 believe that the federal government should ________. pay for...
Belinda spent the last 60 days of 2019 in a nursing home. The cost of the services provided to her was $18,000 ($300 per day). Medicare paid $8,500 toward the cost of her stay. Belinda also received $5,500 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is $370. What is the amount of her exclusion?
The director of nursing at your long term care nursing home has assigned you to be in charge of the nursing home for the weekend AS A CNA because she is going away on a vacation to the HAWAII What should you do?