Many of the programs that, as elder law attorneys, we deal with daily, such as Medicaid and VA Aid and Attendance, are adjusted annually to account for changes in the cost of living, ie. inflation.
The Social Security Administration announced that Social Security recipients will receive a 1.5% increase in benefits starting in January. Many of the Medicaid and VA numbers will increase by the same percentage. Here are some of the important changes for 2014.
The Medicaid income cap will increase by $33 to $2163 per month. This number is the limit on income per month needed to qualify for many Medicaid programs. The Community Spouse Resource Allowance is now up to $117,240. That is the maximum amount a healthy spouse may keep in countable assets (provided the married couple have at least that amount times 2 at the time the “snapshot of assets” is taken).
VA Aid and Attendance pension benefits will also increase by 1.5% in 2014. This means that a single veteran can receive a maximum of $1758 per month, a married veteran can receive as much as $2085 per month and the widowed spouse of a veteran tops out at $1130 per month in VA Aid and Attendance benefits.
In today’s world, being responsible for the financial affairs and well-being of an aging senior in need of care isn’t easy. Having helped many families in this same situation, I have a very good idea of what must be accomplished and in what order. Please don’t hesitate to contact me for additional information.