A. MEDICARE CO-PAYMENT INCREASED FOR REHABILITATION IN 2020
Medicare will usually pay 100% of First 20 days with a $176 co-payment per day 21-100.
B. 2019 MEDICAID ELIGIBILITY NUMBERS FOR LONG TERM CARE.
1. For Single Individuals 2020 Resources: $15,750.00 in assets, certain retirement assets in pay status, a prepaid funeral and home with $893,000 in equity or less (but no exemption if in a nursing home or if dies while on Medicaid).
2. For Single Individuals 2020 Income: In a nursing home an individual is permitted to have $50, at home $875 a month in income plus a $20 unearned income credit if applicant or recipient is over 65 years old or disabled. If the individual is applying for home care they can protect any excess income using a “Pooled Trust.”
3. For Married couples 2020 Resources: Both applying for Home Care $23,100 in assets, certain retirement assets in pay status, a prepaid funeral and a home with $893,000 in equity or less (but no exemption if in a nursing home or if dies while on Medicaid). If only one is applying for home care or nursing home care then applicant can have $15,750, and the non-applying spouse is permitted to have a home, of any value, and between $74,820 and $128,640 in assets, and certain retirement assets in pay status and a prepaid funeral.
4. For Married couples 2020 Income. Both applying for home care the joint income allowance is $1,284.00 plus a $20.00 unearned income credit, plus medical expenses. Can use a “Pooled Trust” to protect excess. If only one is applying the applicant can have $409 a month in income and the non-applying spouse can have $3,216, for a combined total of $3,625, plus medical expenses. Again a “pooled trust” may be available for excess income.
5. The Medicaid Transfer Penalty. For every $13,407 in Suffolk and Nassau County and $12,844 in New York City a person gifts they will be ineligible for nursing home Medicaid for one month, with a 60 month cap on the lookback.
C. ESTATE TAX – The Federal Estate and Gift Tax Exemption amount in 2020 is 11,580,000.00, and New York Estate Tax Exemption is set to go to $5,850,000. Annual gift exclusion is still $15,000.00.
D. VETERANS BENEFITS UNDER AIDE AND ATTENDANCE – The A&A Pension can provide up to $1,912 per month to a veteran, $1,230 per month to a surviving spouse, or $2,266 per month to a couple.
To see our complete outline click: 2020 Elderlaw handout.with Veterans Benefits.1.2020
