Many numbers are pertinent to the Elder Law practice change annually. Below are the 2016 Elder Law Numbers. This year many of the numbers did not change because there was no Cost of Living Adjustment; therefore, many of the numbers below are indexed to the COLA so they may have not changed.
Medicare Part A
- Hospital Deductible per Benefit Period…………………………………………….$1,288.00
- Co-payment for hospital stay Days 61-90 (per day)……………………………..$322.00
- Co-payment for hospital stay Days 91-150 (per day)……………………………$644.00
- Skilled Nursing Facility for Days 1-20………………………………………………………$0.00
- Skilled Nursing Facility for Days 21-100……………………………………………….$161.00
Medicare Part B
- Part B Premium for those “held harmless”*…………………………………………..$104.90
- Part B Premium for those not “held harmless”**…………………………………..$121.80
- Part B Premium with those with higher annual income
individuals with income of $85,000 to $107,000……………………………….$170.50
individuals with income of $107,000 to $160,000……………………………..$243.60
individuals with income of $160,000 to $214,000……………………………..$316.70
individuals with income over $214,000 …………………………………………….$389.80
*held harmless- Because there was no cost of living increase to Social Security for 2016, those already receiving Medicare Part B with be “held harmless” for any increases to Part B premiums for 2016.
**not held harmless- Persons not already receiving Social Security benefits or who enroll for the first time in Medicare Part B in 2016 will not be “held harmless.”
Medicaid
- Community Spouse Resource Allowance………………………………………$119,220.00
- Income Limit…………………………………………………………………………………….$2,199.00
- Minimum Monthly Needs Allowance (until June 30, 2016)…………………..$1,991.00
- Maximum Monthly Needs Allowance (until June 30, 2016)………………….$2,981.00
- Home Equity Limit………………………………………………………………………….$552,000.00
Supplemental Security Income (SSI)
Individual Maximum Federal Benefit…………………………………………………………….733.00
Social Security
Maximum Benefit at Full Retirement………………………………………………………..$2,663.00
Gift and Estate Tax
Gift and Estate Tax Exemption………………………………………………………….$5,450,000.00
Annual Gift Tax Exclusion……………………………………………………………………..$14,000.00