New 2021 Medicaid, Medicare, VA Pension & Estate Tax Numbers

New 2021 Medicaid, Medicare, VA Pension & Estate Tax NumbersHow much are the 2021 Medicare benefit deductibles?: hospital deductible $1,484, co-insurance (days 61-90) $371/day, and skilled nursing facility co-insurance (days 21-100) $185.50/day.

How much are the 2021 Medicaid Institutional and Community/Home Care resource and income allowances? (Community / Home Care Benefits are in parenthesis): resource allowance $15,900 ($15,950), income allowance $50 ($884), community spouse resource allowance $130,380 ($23,400), community spouse income allowance $3,259.50($1,300), and home equity limit $906,000.

What are the 2021 Medicaid Regional Rates for calculating gift penalties?. The dollar value of transfers or gifts made during the past five years, divided by the average monthly cost of nursing home care is used to calculate the number of months of ineligibility for Medicaid institutional services. The regional rates for the average monthly costs are WNY $11,054; Central NY $10,857;  Northern Metropolitan NY $13,206; Northeastern NY $11,689; New York City $13,037; Long Island $13,834; and Rochester $13,020. For example, a WNY nursing home patient’s gifts of $115,400 divided by the regional rate of $11, 540 would result in a ten-month penalty. Therefore, the patient would have to private pay the nursing home for at least ten months.

What are the 2021 Estate and Gift Tax exemptions? U.S. Estate Tax exemption $11,580,000, New York State Estate Tax exemption $5,740,000, and the U.S. annual gift tax exclusion $15,000 per year/per beneficiary.

How much are the 2021 VA Aid and Attendance Pension Benefits? Single veteran $1,936, married veteran $2,295, and surviving spouse $1,244.

Contact the New York Elder Law Attorneys at Friedman & Ranzenhofer, PC at 716.542.5444 for advice on preserving your assets.

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