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Key 2014 Planning Numbers for Seniors

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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.