Grimaldi & Yeung LLP alerts you to the following updates for 2020:
2020 Medicaid Levels Have Arrived!
Community-Based Medicaid for Home Care, Adult Day Program, Hospital Stay, Outpatient Rehab:
- Monthly Income for 1 person: $875*
- Monthly Income for 2 people: $1,284*
- Resource Level for 1 person household: $15,750
- Resource Level for 2 person household: $23,100
- Married Couple Monthly Income: $3,216
- Community Spouse Resource Allowance: $74,820 or the spousal share (one-half of a married couple's resources) up to a maximum of: $128,640**
Institutional-Based Medicaid for Nursing Home & Hospital Stays:
- Individual Monthly Income: $50
- Resource Level for Individual: $15,750
- Non-Institutional Community Spouse Monthly Income: $3,216
- Non-Institutional Community Spouse Resource Allowance: $74,820 or the spousal share (one-half of a married couple's resources) up to a maximum of: $128,640**
- Maximum Home Equity Limit: $893,000
NYS Medicaid Regional Rates for average cost of nursing home care to be used in determining transfer penalty period as of 2020:
Long Island $13,407
New York City $12,844
Northern Metropolitan $12,805
The Medicare Part B premium deducted from monthly social security benefits. Based on following income levels for new enrollees in the system:
- Up to $87,000 $144.60*** - $136,000 to $163,000 $376.00
- $87,000 to $109,000 $202.40 - $163,000 to $500,000 $462.70
- $109,000 to $136,000 $289.20 - $500,000 and over $491.60
Medicare co-payment for Skilled Nursing Facility is $176.00
Medicare hospital deductible per benefit period is $1,408.00
*Plus a $20 disregard
**Higher amounts may be kept under the “Spousal Refusal” provisions
***Individuals who have received Social Security payments & Medicare prior to 2011 will pay $96.50
Home Equity Maximum: $893,000
Federal Estate and Gift Tax for 2020:
The federal estate tax exclusion amount for 2020 is $11.58 million for an individual and $23.16 million for a married couple.
These are the total amounts decedents can leave to heirs or beneficiaries without paying federal estate tax.
Also, an individual or married couple can gift these same amounts during their lifetime without incurring federal gift tax.
The rate for federal estate and gift tax is 40%.
For 2020, the annual gift tax exclusion remains at $15,000 for an individual and $30,000 for a married couple.
These are the total amounts you can gift during a calendar year without having to file a federal gift tax return.