Key Elder Law Numbers for 2024: Annual Roundup

The year 2024 painted on a flat road that stretches ahead into the sunset.ElderLawAnswers.com has gathered 2024 updates for attorneys on the following key elder law figures.

Be sure to bookmark this page for quick reference throughout the year.

2024 Medicaid Spousal Impoverishment Figures

Community Spouse Resource Allowance (CSRA)

  • Minimum CSRA = $30,828
  • Maximum CSRA = $154,140

Monthly Maintenance Needs Allowance (MMNA)

  • Minimum MMNA (Note that the following minimum MMNA numbers are effective as of July 1, 2024)
    • Lower 48 states = $2,555
    • Alaska = $3,192.50
    • Hawaii = $2,937.50
  • Maximum MMNA = $3,853.50

Medicaid Home Equity Limits

  • Minimum = $713,000
  • Maximum = $1,071,000

For further details, refer to the 2024 SSI and Spousal Impoverishment Standards issued in November 2023 by the Centers for Medicare and Medicaid Services.

Income Cap

The monthly income cap (in applicable states) = $2,829

Gift and Estate Tax Exemption Adjustments for 2024

The annual gift tax and estate tax exclusions for 2024 are as follows:

Federal Estate Tax Exemption

  • $13,610,000 (for individuals)
  • $27,220,000 (for married couples)

Lifetime Tax Exclusion for Gifts

  • $13,610,000

Generation-Skipping Transfer Tax Exemption

  • $13,610,000

Annual Gift Tax Exclusion

  • $18,000

The Internal Revenue Service website outlines these and other inflation adjustments for 2024.

2024 Long-Term Care Premium Deductibility Limits

The chart immediately below outlines the 2024 limitations on the deductibility of long-term care insurance premiums from income. (Any premium amounts above the limits seen here are not considered to be a medical expense.)

Attained Age Before the Close of the Taxable Year

Maximum Deduction

Age 40 or under

$470 (down from $480)

Age 41 to 50

$880 (down from $890)

Age 51 to 60

$1,760 (down from $1,790)

Age 61 to 70

$4,710 (down from $4,770)

Age 71 and over

$5,880 (down from $5,960)

Benefits from per diem or indemnity policies, which pay a predetermined amount each day, are not included in income except amounts that exceed the beneficiary’s total qualified long-term care expenses or $410 per day (for 2024) – whichever is greater.

Access this information in Sections .28 and .62, as well as other inflation adjustments, in this PDF issued by the IRS.

VA Benefits

  • Asset limit = $155,356 (effective 12/1/23)
  • Penalty Period Rate = $2,727

Maximum Annual Pension Rate (MAPR) Income Limits

Veteran with no dependents

$16,551 (up from $16,037)

Veteran with at least one dependent spouse or child

$21,674 (up from $21,001)

Housebound veteran with no dependents

$20,226 (up from $19,598)

Housebound veteran with at least one dependent

$25,348 (up from 24,562)

Additional children

$2,831 for each dependent (up from $2,743)

Aid and Attendance MAPR

Veteran who needs aid and attendance and has no dependents

$27,609 (up from $26,752)

Veteran who needs aid and attendance and has at least one dependent

$32,729 (up from $31,714)

Aid and Attendance Monthly Rates

Single veteran

$2,300 (up from $2,229)

Married veteran

$2,727 (up from $2,642)

Surviving spouse

$1,478 (up from $1,432)

Veteran married to veteran (both with A&A)

$3,649 (up from $3,536)

 

Visit the U.S. Department of Veterans website for all 2024 VA pension rates information.

Medicare Premiums, Deductibles, and Co-payments for 2024

  • Part B basic monthly premium = $174.70 (up from $164.90 in 2023)
  • Part B annual deductible = $240 (up from $226)
  • Part A deductible = $1,632 (up from $1,600)
  • Co-payment for hospital stay, days 61 to 90: $408/day (up from $400)
  • Co-payment for hospital stay, days 91 and beyond: $816/day (up from $800)
  • Co-payment for skilled nursing facility, days 21 to 100: $204/day (up from $200)

Monthly Medicare Part B premiums for higher-income beneficiaries are as follows for 2024:

For individuals with annual incomes …

  • Above $103,000 and up to $129,000 = $244.60

  • Above $129,000 and up to $161,000 = $349.40

  • Above $161,000 and up to $193,000 = $454.20

  • Above $193,000 and up to $500,000 = $559.00

  • $500,000 or more = $594.00

For married couples filing jointly with annual incomes …

  • Above $103,000 and up to $397,000 = $559.00

  • $397,000 or more = $594.00

Social Security Benefits for 2024

Supplemental Security Income (SSI)

Monthly federal SSI payment standard

  • $943 for an individual (up from $914)
  • $1,415 for a couple (up from $1,371)

Social Security Retirement

  • Estimated average monthly payment = $1,907 for an individual (up from $1,848)

Maximum amount of earnings subject to Social Security taxation = $168,600 (up from $160,200)

Review all 2024 Social Security updates.