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Elder Law Library for Attorneys
Key Dollar Figures and Interest Rates
News about the Bank Rate Monitor Index from the Public Policy Committee and the web site Committee:
- The MassHealth regulations mandate the use of the highest rate quoted in "The Bank
Rate Monitor Index" as of the hearing date. 130 CMR 520.017(C)(1). On the DMA web site a cyberlink is embedded in the quoted text from the regulations to a PDF page at the Mass EEOHHS, which shows a chart entitled the "Bank Rate National Index Average" for 5 year CDs. The interest rates on this chart are taken from the publication entitled “Bank Rate Monitor” to which the Kirstein Business Branch of the Boston Public Library subscribes. This publication is issued weekly and provides a table of the bank rate monitor index for CD rates, the table formerly published by The Boston Globe.
- There are four consolidated cases pending in Suffolk Superior Court in which the plaintiffs have challenged Medicaid’s use of the 5 year CD rate of interest as inconsistent with federal and state Medicaid law. Plaintiffs have argued that the use of the 5 year CD rate causes Medicaid to impute income that is not in fact received by the community spouse, thereby reducing the amount of actual income (and assets) the community spouse may keep for her support. The cases were argued on July 12, 2006 in a Motion for Judgment on the Pleadings, but the court has not yet issued its decision.
- For an update on the status of these cases, Massachusetts NAELA members should come to the next public policy committee meeting.
Key Numbers
| Minimum Monthly Maintenance Needs Allowance |
$1,650 (effective July 1, 2006 thru June 30, 2007) |
| Maximum Monthly Maintenance Needs Allowance |
$2,541 (was $2,488.50 in 2006) |
| Maximum Community Spouse Resource Allowance |
$101,640 (was $99,540 in 2006) |
| Minimum Community Spouse Resource Allowance |
$20,328
(was $19,908 in 2006) |
| Transfer Divisor (per day) |
$246 |
| Transfer Divisor (per 30-day month) |
$7,380 |
| Resource Allowance for Individual |
$2,000 |
| Resource Allowance for Community Married Couple |
$3,000 |
| Monthly Personal Needs Allowance |
$60 |
| Base Monthly Shelter Allowance |
$1,650 |
| Excess Shelter Allowance |
$495 |
| Base Allowance (difference between Base Monthly and Excess Shelter Allowance) |
$1,122 |
| Utility Allowance (heat included in Community
Spouse rent) |
$287 |
| Utility Allowance (Community Spouse pays for heat) |
$474 |
Medicare Part B Standard Monthly Premium
*Note: Beginning in 2007, individuals with income exceeding $80,000 and married couples with income exceeding $160,000 will pay a higher Part B premium based on their income reported on their most recently filed federal income-tax return. For more information, see Social Security's publication, Medicare Part B Premiums: New Rules For Beneficiaries With Higher Incomes 2006.
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$93.50 (2007)*
$88.50 (2006) |
Page last updated January 13, 2007
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