Important Elder Law Number Updates for 2014
Published: Tue, 11/05/13
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Evan Farr's Elder Law and Estate Planning News |
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Important Elder Law Number Updates for 2014
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Key Dollar Amounts for Elder Law page on our Website.
Dear ,
With a new year on the horizon, changes lie ahead. See below for some important elder law number updates for 2014! Medicare Deductibles, Premiums and Co-pays
The Centers for Medicare and Medicaid Services (CMS) recently announced that Part B premiums will stay the same and that there will be a decrease in Part A premiums for 2014. Below is a summary of the amount changes. Read announcement.
Medicare Part A Deductible
2014: $1,216 2013: $1,184 Medicare Part B Deductible Medicare Part A Premium
2014:$426
2013: $441 Medicare Part B Premium
2014: Stays the same
2013: $104.90 Medicare Part D Premium (for basic coverage)
2014: Stays the same
2013: $30 Co-payment for hospital stay, days 61-90
2014: $304 per day 2013: $296 per day
Co-payment for hospital stay, days 91 and up
2014: $608 per day
2013: $592 per day
Co-payment for skilled nursing facility stay, days 21-100
2014: $152 per day
2013: $148 per day
Spousal Impoverishment Standards
While CMS has not officially released the updated figures for 2014, in light of the consumer price index update recently made we can now estimate the approximate spousal impoverishment figures (source: Dale Krause's Medicaid Annuity Blog)
Minimum Community Spouse Resource Allowance
2014: $23,448
2013: $23,184
Maximum Community Spouse Resource Allowance
2014: 117,240
2013: $115,920
Maximum Monthly Maintenance Needs Allowance
2014: $2,931 2013: $2,898
Minimum Monthly Income Allowance
The total Minimum Monthly Income Allowance remains at $1,939 - it will be adjusted on July 1, 2014.
Long-Term Care (LTC) Insurance Premium Deductibility Limits
The IRS recently announced increased deductibility levels for individuals purchasing LTC insurance policies in 2014. See below for the maximum deductions based on attained age before the close of the taxable year.
40 or younger
2014: $370/yr
2013: $360/yr
41 to 50
2014: $700/yr
2013: $680/yr
51 to 60
2014: $1,400/yr
2013: $1,360/yr
61 to 70
2014: $3,720/yr
2013: $3,640/yr
Over 70
2014: $4,660/yr
2013: $4,550/yr
Social Security and Supplemental Security Income
Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 1.5 percent COLA for 2014. The increase was preceded by a 1.7 percent COLA for 2013, 3.7% adjustment in 2012, and a 0% adjustment in 2010 and 2011. Find out more.
Retirement Earnings Test Exempt Amounts
Under full retirement age*
2014: $15,480/yr.($1,290/mo.)
2013: $15,120/yr. ($1,260/mo.)
*One dollar in benefits will be withheld for every $2 in earnings above the limit.
The year an individual reaches full retirement age**
2014: $41,400/yr. ($3,450/mo.)
2013: $40,080/yr. ($3,340/mo.)
**Applies only to earnings for months prior to attaining full retirement age. One dollar in benefits will be withheld for every $3 in earnings above the limit. There is no limit on earnings beginning the month an individualattains full retirement age. Social Security Disability Thresholds Substantial Gainful Activity (SGA) Non-Blind
2014: $1,070/mo.
2013: $1,040/mo.
Blind
2014: $1,800/mo
2013: $1,740/mo.
Maximum Social Security Benefit: Worker Retiring at Full Retirement Age
2014: $2,642/mo. 2013: $2,533/mo.
SSI Federal Payment Standard
Individual
2014: $721/mo.
2013: $710/mo.
Couple
2014: $1,082/mo.
2013: $1,066/mo.
SSI Resource Limits
Individual
2014: Same as 2013
2013: $2,000
Couple
2014: Same as 2013
2013: $3,000
Estimated Average Monthly Social Security Benefits Payable in January 2014
The 2014 amount is after the 1.5% COLA.
All Retired Workers
2014: $1,294
2013: $1,275
Aged Couple, Both Receiving Benefits
2014: $2,111
2013: $2,080
Widowed Mother and Two Children
2014: $2,622
2013: $2,583
Aged Widow(er) Alone
2014: $1,243
2013: $1,225
Disabled Worker, Spouse and One or More Children
2014: $1,943
2013: $1,919
All Disabled Workers
2014: $1,148
2013: $1,131
With all of these changes on the horizon, the Fairfax and Fredericksburg Elder Law Firm of Evan H. Farr, P.C. is helping clients plan for the future. Contact us for a free consultation at 703-691-1888. |
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