ElderLawAnswers.com has gathered 2024 updates for key elder law, estate, tax, and special needs planning figures. They are listed below.
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 = $2,465 for lower 48 states ($3,080 for Alaska; $2,835 for Hawaii)
- 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.
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