For quick reference, please find below the figures for 2023 that are frequently used in elder law practice that are of interest to our clients.
Medicaid Spousal Impoverishment Figures for 2023
- The new minimum community spouse resource allowance (CSRA) is $29,724.
- The maximum CSRA is $148,620.
- The minimum monthly maintenance needs allowance (MMNA) until July 1, 2023, is $2,288.75 for the lower 48 states. For Alaska, the minimum MMNA is $2,861.25; for Hawaii, it is $2,632.50.
- The maximum MMNA is $3,715.50.
Medicaid Home Equity Limits
- Minimum = $688,000
- Maximum = $1,033,000
Access CMS’s complete chart of the 2023 SSI and Spousal Impoverishment Standards.
The income cap (in applicable states) is $2,742 a month.
Gift and Estate Tax Exclusions for 2023
The annual gift tax and estate tax exclusions for 2023 are as follows:
- Federal estate tax exemption
- $12,920,000 for individuals
- $25,840,000 for married couples
- The lifetime tax exclusion for gifts = $12,920,000
- Generation-skipping transfer tax exemption = $12,920,000
- Annual gift tax exclusion = $17,000
Find details about these and other inflation adjustments via the IRS website.
Long-Term Care Premium Deductibility Limits for 2023
Below are the 2023 limitations on the deductibility of long-term care insurance premiums from income.
Any premium amounts above the limits outlined in the following table are not considered medical expenses.
|Attained age before the close of the taxable year||Maximum deduction|
|Age 40 or under||$480 (up from $450)|
|Age 41 to 50||$890 (up from $850)|
|Age 51 to 60||$1,790 (up from $1,690)|
|Age 61 to 70||$4,770 (up from $4,510)|
|Age 71 and over||$5,960 (up from $5,640)|
Benefits from per diem or indemnity policies, which pay a predetermined amount each day, are not included in income except for amounts that exceed the beneficiary’s total qualified long-term care expenses or $420 per day (for 2023), whichever is greater.
Access the complete PDF from the IRS website for further details on these and other inflation adjustments.
Asset Limit = $150,538 (effective 12/1/2022)
Penalty Period Rate = $2,642
|Maximum Annual Pension Rate (MAPR) Income Limits|
|Veteran with no dependents||$16,037 (up from $14,753)|
|Veteran with a spouse or a child||$21,001 (up from $19,320)|
|Housebound veteran with no dependents||$19,598 (up from $18,029)|
|Housebound veteran with one dependent||$24,562 (up from $22,596)|
|Additional children||$2,743 for each dependent (up from $2,523)|
Aid and Attendance MAPR
- A veteran who needs aid and attendance and has no dependents = $26,752 (up from $24,610)
- A veteran who needs aid and attendance and has one dependent = $31,714 (up from $29,175)
|Aid and Attendance Monthly Rates|
|Single veteran||$2,229 (up from $2,050)|
|Married veteran||$2,642 (up from $2,431)|
|Surviving spouse||$1,432 (up from $1,318)|
|Vet married to vet (both with A&A)||$3,536 (up from $3,253)|
Visit VA.gov to access further details on 2023 VA pension rates.
Medicare Premiums, Deductibles, and Copayments for 2023
- Part B basic monthly premium: $164.90 (down from $170.90)
- Part B annual deductible: $226 (down from $233)
- Part A deductible: $1,600 (up from $1,556)
- Co-payment for hospital stay, days 61 to 90: $400/day (up from $389)
- Co-payment for a hospital stay, days 91 and beyond, $800/day (up from $778)
- Co-payment for skilled nursing facility, days 21 to 100: $200/day (up from $194.50)
Below are the Part B monthly premiums for higher-income beneficiaries.
For Individuals With Annual Incomes …
- Above $97,000 and up to $123,000 = $230.80
- Above $123,000 and up to $153,000 = $329.70
- Above $153,000 and up to $183,000 = $428.60
- Above $183,000 and less than $500,000 = $527.50
- Above $500,000 = $560.50
For Married Couples Filing Jointly With Annual Incomes …
- Above $194,000 and up to $246,000 = $230.80
- Above $246,000 and up to $306,000 = $329.70
- Above $306,000 and up to $366,000 = $428.60
- Above $366,000 and less than $750,000 = $527.50
- Above $750,000 = $560.50
For Married Couples Filing Separately With Annual Incomes …
- Above $97,000 and less than $403,000 = $527.50
- $403,000 or above = $560.50
Social Security Benefits for 2023
- The new monthly federal Supplemental Security Income (SSI) payment standard = $914 for an individual and $1,371 for a couple.
- Estimated average monthly Social Security retirement payment for individuals = $1,827 a month
- The maximum amount of earnings subject to Social Security taxation = $160,200 (up from $147,000)
Access a comprehensive list of all 2023 Social Security changes in PDF format.