In 2020, as with each new year Medicare premiums, Social Security earnings, tax limits, and the minimum wage change. The beginning of the new year is a good time to review you estate plan to make sure it meets your needs.
Here is a summary of the important 2020 numbers you need to know for your retirement, estate planning, and special needs planning:
| Medicare Part A | |
| Hospital Co-Pay per Benefit Period | $1408 |
| Skilled Nursing Facility Per Day Co-Pay for Days 1 – 20 | $0.00 |
| Skilled Nursing Facility Per Day Co-Pay for Days 21 – 100 | $176 |
| Medicare Part B | |
| Premium Per Month for Individuals with less than $85,000/year income | $144.60 |
| Premium Per Month for Individuals making more than $85,000/year | $202.40-$491.60 |
| Yearly Deductible | $198.00 |
| Social Security | |
| Cost of Living Adjustment (COLA) | 1.6% |
| Maximum Benefit at Full Retirement | $3,011.00 |
| Maximum Taxable Earnings | $137,700.00 |
| Substantial Gainful Activity Limit (Not Blind) | $1,200.00 |
| Substantial Gainful Activity Limit (Blind) | $2,110.00 |
| Supplemental Security Income (SSI) | |
| Individual Maximum Benefit Rate | $783.00 |
| Couple Maximum Benefit Rate | $1,175.00 |
| Individual Maximum Resource Limit | $2,000.00 |
| Couple Maximum Resource Limit | $3,000.00 |
| Medicaid (SSI Related Programs) | |
| Individual Income Limit | $2,350.00 |
| Individual Asset Limit (Countable Assets) | $2,000.00 |
| Couple Asset Limit (Countable Assets) | $3,000.00 |
| Maximum Community Spouse Resource Allowance | $128,640.00 |
| Minimum Community Spouse Resource Allowance | $25,284.00 |
| Maximum Monthly Maintenance Needs Allowance (until 6/30/2020) | $3,217.00 |
| Minimum Monthly Maintenance Needs Allowance (until 6/30/2020) | $2,114.00 |
| Minimum Home Equity Limit | $595,000.00 |
| Maximum Home Equity Limit | $893,000.00 |
| Florida Medicaid Transfer Penalty Divisor (until 5/30/2020) | $9,485.00 |
| Florida Monthly Personal Needs Allowance (in nursing home) | $130.00 |
| Montana Medicaid Transfer Penalty Divisor (2019) | $7,155.52 |
| Montana Monthly Personal Needs Allowance (in nursing home) | $50.00 |
| Veterans Benefits (Pension, Aid & Attendance) | |
| Net Worth Limit for Pension | $129,094.00 |
| Maximum Annual Pension Rate (Single Veteran) Monthly | $1,146.00 |
| Housebound (Single Veteran) Monthly | $1,400.00 |
| Aid & Attendance (Single Veteran) Monthly | $1,911.00 |
| Maximum Annual Pension Rate (Widow) Monthly | $768.00 |
| Housebound (Widow) Monthly | $1,228.50 |
| Aid & Attendance (Widow) Monthly | $1,153.00 |
| Estate & Gift Taxes | |
| Gift Tax Exemption | $11.58 million |
| Estate Tax Exemption | $11.58 million |
| Annual Gift Tax Exclusion | $15,000.00 |
| Miscellaneous Important Numbers | |
| Florida Hourly Minimum Wage | $8.56 |
| Montana Hourly Minimum Wage | $8.65 |
| Federal Hourly Minimum Wage | $7.25 |
| IRS Mileage Rate Per Mile | 57.5 cents |
| ABLE Account Contribution Limit | $15,000.00 |
| ABLE Account Limit | $100,000.00 |
