• Raphan Law: Blog

Important Elder Law Facts & Figures for 2020

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:

https://www.ssa.gov/news/press/factsheets/colafacts2020.pdf

MEMBER:

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•American Bar Association

•New York State Bar Association

•United States District Court New York Southern District • USDC NY Eastern District

•State of New York Unified Court System

•National Alliance of Trust & Estate Professionals

•Temple University • Cardozo Law School NY

•AARP Listed Attorney

BRIAN A. RAPHAN, ESQ.

BRIAN A RAPHAN, P.C.
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The information on this site is not, nor is it intended to be legal advice and does not automatically create an attorney/client relationship.  On negligence and medical malpractice cases we may participate or partner with other counsel with disclosure to potential client before we or such partnering counsel accept the case.                         © 2020 Brian A. Raphan, P.C.