Below are figures for 2020 that are frequently used in our elder law practice or are of interest to clients:
Medicaid Spousal Impoverishment Figures for 2020
The new minimum community spouse resource allowance (CSRA) is $25,728 and the maximum CSRA is $128,640.
The maximum monthly maintenance needs allowance is $3,216.
The minimum monthly maintenance needs allowance will be $2,155 ($2,693.75 for Alaska and $2,478.75 for Hawaii) beginning July 1, 2020.
Medicaid Home Equity Limits
Minimum: $595,000
Maximum: $893,000
For CMS's complete chart of the 2020 SSI and Spousal Impoverishment Standards, click here.
Income Cap
The income cap for 2020 applicable in "income cap" states is $2,349 a month.
Gift and estate tax figures
Fed estate tax exemption: $11.58 million for individuals, $23.16 million for married couples
Lifetime tax exclusion for gifts: $11.58 million
Generation-skipping transfer tax exemption: $11.58 million
Annual gift tax exclusion: $15,000 (unchanged)
Long-Term Care Premium Deductibility Limits for 2020
The Internal Revenue Service has announced the 2020 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: $430
More than 40 but not more than 50: $810
More than 50 but not more than 60: $1,630
More than 60 but not more than 70: $4,350
More than 70: $5,430
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 $380 per day (for 2020), whichever is greater.
For these and other inflation adjustments from the IRS, click here.
VA Benefits
Asset limit: $129,094 (effective 12/01/2019)
Penalty Period Rate: $2,266
Maximum Annual Pension Rate (MAPR) income limits:
Veteran with no dependents: $13,752
Veteran with a spouse or a child: $18,008
Housebound veteran with no dependents: $16,805
Housebound veteran with one dependent: $21,063
Additional children: $2,351 for each child
Aid and Attendance MAPR:
Veteran who needs aid and attendance and has no dependents: $22,939
Veteran who needs aid and attendance and has one dependent: $27,195
Aid and Attendance monthly rates:
Single veteran: $1,911
Married veteran: $2,266
Surviving spouse: $1,228
Vet married to Vet (both with A&A) : $3,032
For the 2020 Pension Rate Table from MilitaryBenefits.info, click here.
Medicare Premiums, Deductibles and Copayments for 2020
Part B premium: $144.60/month (was $135.50)
Part B deductible: $198 (was $185)
Part A deductible: $1,408 (was $1,364) Co-payment for hospital stay days 61-90: $352/day (was $341)
Co-payment for hospital stay days 91 and beyond: $704/day (was $682)
Skilled nursing facility co-payment, days 21-100: $176/day (was $170.50)
Part B premiums for higher-income beneficiaries:
Individuals with annual incomes between $87,000 and $109,000 and married couples with annual incomes between $174,000 and $218,000 will pay a monthly premium of $202.40.
Individuals with annual incomes between $109,000 and $136,000 and married couples with annual incomes between $218,000 and $272,000 will pay a monthly premium of $289.20.
Individuals with annual incomes between $136,000 and $163,000 and married couples with annual incomes between $272,000 and $326,000 will pay a monthly premium of $376.
Individuals with annual incomes between above $163,000 and less than $500,000 and married couples with annual incomes above $326,000 and less than $750,000will pay a monthly premium of $462.70.
Individuals with annual incomes above $500,000 and married couples with annual incomes above $750,000 will pay a monthly premium of $491.60
High-earner premiums differ for beneficiaries who are married but file a separate tax return from their spouse. Those with incomes greater than $87,000 and less than $413,000 will pay a monthly premium of $462.70. Those with incomes greater than $413,000 will pay a monthly premium of $491.60.
For Medicare's "Medicare 2020 costs at a glance," click here.
Social Security Benefits for 2020
The new monthly federal Supplemental Security Income (SSI) payment standard is $783 for an individual and $1,175 for a couple.
Estimated average monthly Social Security retirement payment for individuals: $1,503 a month.
Maximum amount of earnings subject to Social Security taxation: $137,700 (was $132,900)
For a complete list of the 2020 Social Security figures, go to:
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