Friday, November 29, 2013

Elder Planning Numbers for 2014 – Pennsylvania



Each year cost of living adjustments are made to income, expense, tax and program qualification numbers that are particularly significant in planning for seniors. Here are some of the key adjustments for 2014. 

Medicaid Long Term Care

2014 Amount
Community Spouse Resource Allowance (Minimum)
$23,448
Community Spouse Resource Allowance (Maximum)
$117,240
Community Spouse Income Allowance (Minimum)
$1,939 month (adjusts on July 1, 2014)
Community Spouse Income Allowance (Maximum)
$2,931 month
Community Spouse Housing Allowance
$581.63 (adjusts on July 1, 2014)
Aging Waiver and LIFE Program Income Cap
$2,163 month
NMP-MA and Aging Waiver Resource limit
$8,000
MNO-MA Resource limit
$2,400
Average Daily Private Pay Rate
$288.21
Average Monthly Private Pay Rate
$8,766.39
Excess Home Equity Limit
$543,000


Medicare Premiums and Deductibles

2014 Amount
Part A Hospital Stay deductible
$1,216 per benefit period
Part A Skilled Nursing Facility deductible (days 21-100)
$152 per day
Part B Monthly Premium (varies with your income – most people pay the standard)
$104.90 per month - standard
Part B deductible
$147 per year
Part D Monthly Premium (varies with your income – most people pay their plan premium)  
Your plan premium

Estate and Gift Taxes

2014 Amount
Federal Estate Tax Basic Exclusion
$5.34 million
Federal Gift Tax Lifetime Exclusion
$5.34 million
Annual Gift Tax Exclusion (per donee)
$14,000

(Note: the above numbers are applicable in Pennsylvania. Some of the figures may be different in other states.)
Monthly Social Security and Supplemental Security Income (SSI) benefits will increase 1.5 percent in 2014. Nearly 63 million Americans (41.5 million over age 65) receive benefits from either or both of these programs. See: Social Security Monthly Statistical Snapshot, October 2013.

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