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Valentino is a patient in a nursing home for 45 days of 2020. While in the nursing home, he incurs total costs of $20,520. Medicare
Valentino is a patient in a nursing home for 45 days of 2020. While in the nursing home, he incurs total costs of $20,520. Medicare pays $12,312 of the costs. Valentino receives $22,572 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 $22,572, what amount may Valentino exclude from his gross income?
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