Each year, many of the programs that, as elder law attorneys, we deal with daily, such as VA Aid and Attendance and Medicaid, are adjusted for inflation through a cost of living adjustment.
In the past month the Social Security Administration announced that Social Security recipients will receive a 1.7% increase in benefits starting in January. Both Medicaid and the VA Aid and Attendance program adjustments are tied to the same percentage increase. Here are the changes you need to know for 2015.
The Medicaid income cap will increase by $33 to $2199 per month. This number is the limit on income per month needed to qualify for most Medicaid programs. The Community Spouse Resource Allowance will go up to $119,220. That is the maximum amount a healthy spouse may keep in countable assets (provided the married couple have at least that amount times 2 at the time the “snapshot of assets” is taken).
VA Aid and Attendance pension benefits will also increase by the same 1.7% in 2015. This means that a single veteran can receive a maximum of $1788 per month, a married veteran can receive as much as $2120 per month and the widowed spouse of a veteran tops out at $1149 per month in VA Aid and Attendance benefits.