2014 Medicare Rate Increase
Medicare Part A
Hospital deductible Day 1-60 = $1,216.00
Co-Insurance per day – Day 61 – 93 = $304.00
Day 91 – 150 = $608.00
Medicare Part B
Monthly premium = $104.90 - $335.70 based on one’s modified adjusted gross income
Deductible per year = $147.00
Supplemental Security Income 2014 Rate
Single, aged, or disabled = $877.40
Couple, aged and disabled = $1,524.00
Gift Tax Exemption
$14,000.00 per person per year
Lifetime exclusion = $5.34 Million
Estate exemption - $5.34 Million
(Note that gift and estate exemption is a unified amount, not to be duplicated, but merely a total lifetime/death exemption).
2014 Medicaid Figures
Community Spouse Resource Allowance (CSRA) = $117,240.00 (in many states)
Minimum Monthly Maintenance Needs Allowance (MMMNA) $2,931.00.
Average Private Pay Rate (varies from state to state. In Massachusetts $9,000.00 per month, in California $7,628.00 per month).
All of these figures and calculations are meant to be used as the current rates in most states, although these figures vary from state to state, and in some cases, from county to county within a state. Of course, there are always exceptions to the rules, such as whether a gift is really a taxable gift or a completed gift, or whether a gift is a disqualifying transfer for Medicaid purposes or not. Your elder law attorney is available to help you through the process of understanding what these numbers mean and how they work within your plan. You may also obtain information on how to select a qualified attorney on the National Academy of Elder Law Attorney’s website.
Hyman G. Darling, Esq.