Elder Law QuickFacts for 2020: Updated Medicaid and VA Numbers

 

At the beginning of each year, there are changes in the eligibility requirements for Medicaid and benefit amounts for VA Aid and Attendance.  This is because these numbers change with each Social Security change, and Social Security changes go into effect on January 1st of each year.

This year, we have a 1.6% increase in Social Security benefits.

Social Security recipients have a 1.6% cost-of-living adjustment (COLA) in their monthly benefits starting today. This means that the average retired Social Security beneficiary is expected to see a monthly increase of about $24 per month or $288 for the year.

Medicare premiums and co-pays have also increased.

For 2020, Medicare Part B premiums are going up by $9.10 and are now $144.60/month. Also, the co-pay for skilled nursing home days will now be $176.00/day in 2020 ($170.50 in 2019).

This means changes for Medicaid and VA Benefits, too.

The COLA changes for Social Security impact Medicaid eligibility as well as VA benefit amounts. Here are the updated numbers for 2020:

2020 Monthly VA Aid and Attendance Maximum Pension Rates

Single Veteran – $1,911

Married Veteran – $2,266

Widowed Spouse – $1,228

 

2020 Georgia Nursing Home Medicaid Eligibility Limits

Limit Type Individual Couple
Income – Maximum per month* $2,349 ———
Assets – Maximum per applicant(s) $2,000 $3,000**
Income – Maximum monthly maintenance allowance for a community spouse*** $3,216
Assets – Maximum for applicant with a community spouse $128,640
Transfer penalty divisor (2019) $6,768

 

To learn more about how VA Benefits and Medicaid can work for your family, please contact our office at (404) 843-0121 or reach out to us   online.