In 2024, 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 your estate plan to ensure it meets your needs.
Here is a summary of the important 2024 numbers you need to know for your retirement, estate planning, and special needs planning:
| Medicare Part A | |
| Hospital Co-Pay per Benefit Period | $1,632.00 |
| Skilled Nursing Facility Per Day Co-Pay for Days 1 – 20 | $0.00 |
| Skilled Nursing Facility Per Day Co-Pay for Days 21 – 100 | $204.00 per day |
| Medicare Part B | |
| Premium Per Month for Individuals with less than $103,000/year income | $174.70 |
| Premium Per Month for Individuals making more than $103,000/year | $244.60-$594.00 |
| Yearly Deductible | $240.00 |
| Social Security | |
| Cost of Living Adjustment (COLA) | 3.2% |
| Maximum Benefit at Full Retirement | $3,822.00 |
| Maximum Benefit at Full Retirement at age 70 | $4873.00 |
| Maximum Taxable Earnings | $168,600.00 |
| Substantial Gainful Activity Limit (Not Blind) | $1,550.00 |
| Substantial Gainful Activity Limit (Blind) | $2,590.00 |
| Supplemental Security Income (SSI) | |
| Individual Maximum Benefit Rate | $943.00 |
| Couple Maximum Benefit Rate | $1,415.00 |
| Individual Maximum Resource Limit | $2,000.00 |
| Couple Maximum Resource Limit | $3,000.00 |
| Medicaid (SSI Related Programs) | |
| Individual Income Limit | $2,829.00 |
| Couple Income Limit | $5,658.00 |
| Individual Asset Limit (Countable Assets) | $2,000.00 |
| Couple Asset Limit (Countable Assets) | $3,000.00 |
| Maximum Community Spouse Resource Allowance | $154,140.00 |
| Minimum Community Spouse Resource Allowance | $30,828.00 |
| Maximum Monthly Maintenance Needs Allowance | $3,853.50 |
| Minimum Monthly Maintenance Needs Allowance | $2,465.00 |
| Minimum Home Equity Limit | $713,000.00 |
| Maximum Home Equity Limit | $1,071,000.00 |
| Florida Medicaid Transfer Penalty Divisor | $10,438.00 |
| Florida Monthly Personal Needs Allowance (in nursing home) | $130.00 |
| Montana Medicaid Transfer Penalty Divisor (until 6/30/24) | $286.71 per day |
| Montana Monthly Personal Needs Allowance (in nursing home) | $50.00 |
| Veterans Benefits (Pension, Aid & Attendance) | |
| Net Worth Limit for Pension (Until November 30, 2022) | $155,356.00 |
| Maximum Annual Pension Rate (Single Veteran) Annual | $16,551.00 |
| Housebound (Single Veteran) Annual | $20,226.00 |
| Aid & Attendance (Single Veteran) Annual | $27,609.00 |
| Maximum Annual Pension Rate (Widow) Annual | $14,529.00 |
| Housebound (Widow) Annual | $16,989.00 |
| Aid & Attendance (Widow) Annual | $21,166.00 |
| Estate & Gift Taxes | |
| Estate Gift Tax Exemption (Single) | $13.61 million |
| Estate Gift Tax Exemption (Couple) | $27.22 million |
| Annual Gift Tax Exclusion | $18,000.00 |
| Miscellaneous Important Numbers | |
| Florida Hourly Minimum Wage | $12.00 |
| Montana Hourly Minimum Wage | $10.30 |
| Federal Hourly Minimum Wage | $7.25 |
| IRS Mileage Rate Per Mile | 67 cents |
| ABLE Account Contribution Limit | $18,000.00 |
| ABLE Account Limit | $100,000.00 |
