How much are the 2024 Medicare benefit deductibles?
- Hospital deductible: $1,632,
- co-insurance (days 61-90): $408/day,
- and skilled nursing facility co-insurance (days 21-100): $204/day.
How much are the 2024 NY Medicaid Institutional and Community/Home Care resource and income allowances?
- (Community / Home Care Benefits are in parenthesis): resource allowance $31,175,
- income allowance $50 ($1732), community spouse resource allowance $154,140 ($29,274),
- community spouse income allowance $3,853.50($2,354), and
- home equity limit $1,071,000.
What are the 2024 NY 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 of nursing home care for:
- Buffalo/WNY( Erie, Niagara, Genesee, etc) : $12,241;
- Rochester (Monroe, Ontario, Seneca,etc):$14,419;
- Long Island (Nassau and Suffolk) : $14,668; NYC: $14,273;
- Syracuse/Central (Broome, Cayuga, Oswego, etc ): $12,196;
- Albany/Northeastern (Rensselaer, Saratoga, etc) :$13,235; and
- Northern Metropolitan (Westchester, Dutchess, Orange, Rockland, etc): $14,16.
For example, a WNY nursing home patient’s gifts of $122,2410 divided by the regional rate of $12,224 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 2024 Estate and Gift Tax exemptions?
- U.S. Estate Tax exemption: $13,610,000.
- New York State Estate Tax exemption: $6,940,000.
- U.S. annual gift tax exclusion:$18,000 per year/per beneficiary.
How much are the 2024 VA Aid and Attendance Pension Monthly Benefits?
- Veteran with no spouse or dependent child $1,685.
- Veteran with a spouse or a dependent child $2,112.
- Surviving spouse with no dependent child $1,130.
Call or text the experienced New York Elder Law Attorneys at Friedman & Ranzenhofer, PC at 716.333.5144 for a free consultation on preserving your assets.
