2020 Government Benefit Increases

As federal benefits increase this year, our Elder Law and Estate Planning attorneys are on hand to help you navigate these government programs, eligibility requirements and planning opportunities. Contact us at 718-210-4744.

Social Security Benefits

1.6% increase

2020 Veteran’s Benefits

Aid and Attendance Pension Benefit:

Single Veteran: $1,912
Married Veteran: $2,266
Surviving Spouse: $1,230

2019 Medicare Benefits

Hospital Deductible: $1,364 (2020: $1,408)
Co-insurance (days 61-90): $341/day
Skilled Nursing Facility Co-insurance (days 21-100*): $170.50/day
*if medically eligible

Medicaid Benefits

Institutional Benefits:

Resource Allowance: $15,750
Income Allowance: $50
Community Spouse Resource Allowance: $128,640
Community Spouse Income Allowance: $3,216
Home Equity Limit: $878,000

Community/Home Care Benefits

Resource Allowance: $15,750
Income Allowance: $875
Community Spouse Resource Allowance: $23,100
Community Spouse Income Allowance: $1,284

Estate and Gift Taxes

Federal Estate Tax Exemption: $11,580,000
New York State Estate Tax Exemption: $5,740,000
Annual Gift Tax Exclusion: $15,000 (per year/per beneficiary)

Testimonials

“I want to take this time to thank Tanya and Keith for their professionalism and their ability to keep me calm during this process. Tanya was very helpful in explaining the whole guardianship process and my next steps. Despite my numerous emails, I never felt ignored or that they were growing weary of me. Even after being granted guardianship when I had an issue with the bank releasing money Tanya stayed calm and found a way to get what I was entitled to. I hope I never need to do this again but if I do, I will definitely come back to Tanya and her team. Thank you Thank you Thank you. Love from Bermuda.”