Supplemental Security Income (SSI): Effective 1-1-15 

SSI Federal Benefit Rate           SSI Resource Maximum

For an Individual – $733.00                   2,000.00

For a Couple – $1,100.00                      3,000.00

New Jersey State Supplement: New Jersey supplements the federal benefit rate with additional money. The payment received by SSI recipients each month includes both the SSI federal benefit rate and the New Jersey state supplement. In 2015, New Jersey state supplement is:

For an Individual – $31.25

For a Couple – $25.36

Substantial Gainful Activity (SGA) Limit: 1,090.00 (Blind SGA: 1,820.00)

Medicaid: Effective 1-1-15

Community Spouse Resource Allowance: 

1. Minimum Community Spouse Resource Allowance (CSRA) – $23,844.00
2. Maximum CSRA – $119,220.00

Home Equity Limits:

1. Minimum: 552,000.00
2. Maximum: 828,000.00

Income Cap: The income cap for 2015 applicable in “income cap” states is $2,199/mo.

Spousal Impoverishment: 

1. Minimum Monthly Maintenance Needs Allowance (MMMNA) for all States (Except Alaska and Hawaii): $1,966.25
2. Maximum Monthly Maintenance Needs Allowance:$2,980.50 (Effective 7-1-14)

Social Security: Effective 1-1-15

Maximum amount of earnings subject to Social Security taxation: $118,500.00

Limitations on Earnings:

1. Under full retirement age: $15,720/yr. or $1,310/mo. One dollar in benefits will be withheld for every $2 in earnings above the limit.
2. The year the individual reaches full retirement age: $41,880/yr. or $3,490/mo. The limit applies only to earnings for months prior to attaining full retirement age. One dollar in benefits will be withheld for every $3 in earnings above the limit.
3. The month an individual attains full retirement age: there is no limit on earnings.

Medicare Premiums, Deductibles and Copayments for 2015

• Part B premium: $104.90/month
• Part B deductible: $147
• Part A deductible: $1,260
• Co-payment for hospital stay days 61-90: $315/day
• Co-payment for hospital stay days 91 and beyond: $630/day
• Skilled nursing facility co-payment, days 21-100: $157/day

Higher premiums apply for beneficiaries with higher incomes

Gift and Estate Taxes

Federal estate tax exemption: $5.43 million for individuals

Federal estate tax exclusion for gifts: $5.43 million. New Jersey has no gift tax.

Generation-skipping transfer tax exemption: $5.43 million

Annual gift tax exclusion remains at $14,000. 

For additional information concerning Medicaid and public benefits planning, visit:
https://vanarellilaw.com/medicaid-public-benefits-planning/