In 2024, the United States will witness significant adjustments in cost-of-living allowances (COLA) impacting various federal programs and benefits. These adjustments aimed to address the rising expenses faced by individuals and families across the nation. Here’s a breakdown of the key changes:
Medicaid
| Income Cap [2] | $2,829 |
| Maximum Community Spouse Resource Allowance (CSRA) [3] | $154,140 |
| Minimum CSRA [4] | $30,328 |
| Maximum Minimum Monthly Maintenance Needs Allowance (MMMNA) [5] | $3,853.50 |
| MMMNA (July 1, 2023 until June 30, 2024) [6] | $2,465 |
| Excess Shelter Allowance (July 1, 2023 until June 30, 2024) [7] | $739.50 |
| Maximum Resource Limit (Individual) [8] | $2,000 |
| Minimum and Maximum Cap on Equity in the Home [9] | $713,000 – $1,071,000 |
Social Security
| Maximum Social Security benefit for a single individual retiring at full retirement age [11] | $3,822 |
| Supplemental Security Income (SSI) – Single [12] | $943 |
| Supplemental Security Income (SSI) – Couple [13] | $1,451 |
| Supplemental Security Income (SSI) – Essential Person [14] | $472 |
| Maximum Annual SSI benefit – Single [15] | $11,316 |
| Maximum Annual SSI benefit – Couple [16] | $16,980 |
| Substantial Gainful Activity (SGA) – Disabled [17] | $1,550 |
| SGA – Blind [18] | $2,590 |
| Tax Rate Employer and Employee calculated separately [19] (includes OASDI and Medicare) Add an additional .09% for individuals earning more than $200,000 or married couples earning more than $250,000 | 7.65% |
| Tax Rate Self Employed [20] | 5.30% |
| Trial Work Period [21] | $1,110 |
| Maximum Social Security Contribution and Benefit Base [22] | $168,600 |
| Quarter of Coverage [23] | $1,730 |
Medicare
| Part A | |
| · Medicare Co-Payment – Skilled Nursing Facility (SNF) [24] | $204 |
| · Hospital Deductible [25] | $1,632 |
| · Per day Co-Insurance – Day 61 -90 [26] | $408 |
| · Per day Co-Insurance – Day 91-150 [27] | $816 |
| Part A Premium | |
| · With 30-39 quarters of Social Security coverage [28] | $278 |
| · With 29 or fewer quarters of Social Security coverage [29] | $505 |
| Part B | |
| · Medicare Part B Deductible [30] | $240 |
| · Standard Part B Premium [31] | $174.70 |
Medicare Part B – Single or Married and Filing Joint Return
| Beneficiaries who file an individual tax return with income: | Beneficiaries who file a joint tax return with income: | Income-related monthly adjustment amount | Total monthly premium amount |
| Less than or equal to $103,000 | Less than or equal to 206,000 | $0.00 | $174.70 |
| Greater than $103,000 and less than or equal to $129,000 | Greater than $206,000 and less than or equal to $258,000 | $69.90 | $244.60 |
| Greater than $129,000 and less than or equal to $161,000 | Greater than $258,000 and less than or equal to $322,000 | $174.70 | $349.40 |
| Greater than $161,000 and less than or equal to $193,000 | Greater than $322,000 and less than or equal to $386,000 | $279.50 | $454.20 |
| Greater than $193,000 and less than or equal to $500,000 | Greater than $386,000 and less than or equal to $750,000 | $384.30 | $559.00 |
| Greater than or equal to $500,000 | Greater than or equal to $750,000 | $419.30 | $594.00 |
In addition, the monthly premium rates to be paid by beneficiaries who are married, but file a separate return from their spouse and lived with their spouse at some time during the taxable year are:
| Beneficiaries who are married and lived with their spouses at any time during the calendar year, but who file separate tax returns from their spouses: | Income-related monthly adjustment amount | Total monthly premium amount |
| Less than or equal to $103,000 | $0.00 | $174.70 |
| Greater than $103,000 and less than $397,000 | $384.30 | $559.00 |
| Greater than or equal to $397,000 | $419.30 | $594.00 |
Standard Part D Cost-Sharing for 2024 [33]
| Annual Deductible Maximum (After the Deductible is met, Beneficiary pays 25% of Covered costs up to total prescription costs meeting the initial Coverage Limit) | $545 |
| Initial Coverage Limit | $5,030 |
| Out-of-Pocket Threshold (Brand name drugs: 70% Discount + 5% plan “subsidy,” Generic drugs: Plan pays 75%) | $8,000 |
| Total Covered Part D Drug Out-of-Pocket – Spending including Coverage Gap (Catastrophic Coverage starts after this point.) | $11,477.39 |
Tax
| · Annual Gift Tax Exclusion [34] | $18,000 |
| · Gifts to Non-Citizen Spouse [35] | $185,000 |
| · Income Level/Maximum Tax Estates and Trust [36] | $15,200 |
| · Income Level/Maximum Single Individual Income Tax [37] | $609,350 |
| · Federal Estate and Gift Tax Exemption [38] | $13,610,000 |
| · FICA Wage Threshold [39] Domestic Workers | $2,700 |
| · FUTA Wage Base [40] | $7,000 |
| · Maximum IRA Contribution [41] | $7,000 |
| · “Catchup” IRA Contribution [42] | $1,000 |
| · Applicable Allowable AGI Limit Roth IRA Single Taxpayer [43] | $146,000 – $161,000 |
| · Jointly [44] | $230,000 – $240,000 |
| · Medicare Tax on Earned Incomes over $200,000 – Single, over $250,000 – Married [45] | 0.90% |
| · Medicare Tax on Unearned Incomes over $200,000 – Single, over $250,000 – Married [46] | 3.80% |
| · Maximum Earned Income Contribution to ABLE Account by Disabled | $14,580 |
| · Beneficiary [47] (compensation up to the federal poverty level (FPL) | $14,580 |
| · for a one-person household, as defined the previous calendar year, | $14,580 |
| · or up to the amount of their earned income, whichever is less) | $14,580 |
Veterans Aid & Attendance and Household Benefits [48]
| Aid and Attendance | |
| · Veteran with no dependents | $27,609 annually |
| · Veteran with one dependent | $32,729 annually |
| · Spouse of deceased Veteran with no dependent | $17,743 annually |
| Housebound Benefits | |
| · Housebound Veteran, no dependents | $20,226 annually |
| · Housebound Veteran, one dependent | $25,348 annually |
| Net Worth | |
| The net worth limit for a Veteran seeking Aid and Attendance is $155,356 for 2024. |