Many public benefit programs are adjusted annually after receiving a cost-of-living, or COLA, increase. Following are the increased benefit amounts of selected public benefit programs Including the 2018 COLA adjustment.
Social Security
- There will be a 2.0% COLA increase for Social Security benefits.
- Maximum Social Security benefit for a single individual retiring at full retirement age $2,788
- Substantial Gainful Activity (SGA) – Disabled $1,180
- SGA – Blind $1,970
- Trial Work Period $850
- Maximum Social Security Wage Base $128,700
- Quarter of Coverage earned after receiving earnings of $1,320
Medicare
Part A
- Medicare Co-Payment – Skilled Nursing Facility (SNF) $167.50
- Hospital Deductible $1,340
- Per day Co-Insurance – Day 61 -90 $355
- Per day Co Insurance – Day 91-150 $670
Part B
- Medicare Part B Deductible $183
- Standard Part B Premium $134 (Note: Part B premiums increase based upon income, martial status and whether a married recipient files jointly or separately)
Part D Cost-Sharing for 2018
- Annual Deductible Maximum $405
- Member Pays 25% of the Next… $3,300 (25% = $825)
- Initial Benefit Period Maximum $3,750 ($400 + $3,300)
- Donut Hole Threshold $3,725
(Brand name drugs: 50% + 5% plan “subsidy,” Generic drug: 49% subsidy)
- Catastrophic Coverage $5,000 ($400 + $825 + $3,725)
- Catastrophic cost-sharing: Generic $3.35/$8.35 or 5% (whichever is greater)
- Catastrophic cost-sharing: Brand $7.40 or 5% (whichever is greater)
Supplemental Security Income (SSI)
- SSI – Single $750
- SSI – Couple $1,125
- New Jersey State Supplement to SSI – $31.25 Single, Living Alone
- New Jersey State Supplement to SSI – $25.36 Couple, Living Alone
- Maximum Annual SSI benefit – Single $9,000
- Maximum Annual SSI benefit – Couple $13,500
Medicaid
- Income Cap $2,250
- Maximum Community Spouse Resource Allowance (CSRA) $123,600
- Minimum CSRA $24,720
- Maximum Minimum Monthly Maintenance Needs Allowance (MMMNA) $3,090
- MMMNA (July 1, 2017 until June 30, 2018) $2,030
- Excess Shelter Allowance (July 1, 2017 until June 30, 2018) $609
- Maximum Resource Limit (Individual) $2,000
- Minimum and Maximum Cap on Equity in the Home $572,000 –$858,000
- Nursing Facility Personal Needs Allowance $50 per month for 2018
Veterans Aid & Attendance and Household Benefits
Aid and Attendance
- Veteran with no dependents $1,830 per month
- Veteran with one dependent $2,169 per month
- Spouse of deceased Veteran with no dependent $1,176 per month
Housebound Benefits
- Housebound Veteran, no dependents $1,340 per month
- Housebound Veteran, one dependent $1,688 per month
- Housebound spouse of deceased Veteran, no dependent $899 per month
Tax
- Annual Gift Tax Exclusion $15,000
- Gifts to Non-Citizen Spouse $152,000
- Income Level/Maximum Tax Estates and Trust $12,700
- Income Level/Maximum Single Individual Income Tax $426,700
- Federal Estate Tax Exemption $5,600,000
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