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Home » Elder Law » VA Benefit Can Defray Assisted Living Costs

VA Benefit Can Defray Assisted Living Costs

August 10, 2020 by Pamela Potter

veterans pensionPeople who serve in the United States armed forces have access to certain benefits, including a retirement pension that becomes available after 20 years of service.

There are different guidelines depending on the era, and some veterans have multiple options. In all cases, the amount of the pension that will increase when a service member stays in uniform for more than the minimum 20 years.

Military service can definitely lead to a comfortable retirement. A veteran can combine Social Security benefits with the pension and enjoy a nice, steady stream of monthly income for life.

Some veterans will go in another direction and embark on a career in the civilian world after serving for 20 years. This can also be quite beneficial from a retirement planning perspective.

In addition to this retirement pension, there is another veterans pension that is available to some former service members.

VA Aid and Attendance or Housebound Benefits

There is a standard Improved Pension for wartime veterans that did not serve for at least 20 years. The length of service requirement is a total of 90 days with at least one day taking place during a time of for people that started serving before September 8, 1980.

For others, the minimum length of service is 24 months with the one day during wartime requirement. To qualify, you have to be at least 65 years of age unless you have a permanent disability, in which case there is no age requirement.

Veterans that meet these requirements and need help with their activities of daily living can qualify for an added benefit that is called the VA Aid and Attendance benefit. There is also a Housebound designation that is designed for qualified veterans that cannot leave their homes.

These Improved Pension benefits are only available to veterans who can demonstrate a certain level of financial need. Your home and one motor vehicle are usually not counted; but when it comes to countable assets, the limit is $129,094. This figure is increased to account for inflation on an annual basis.

New rules were adopted in 2018 to set this hard limit, and the three-year look back period was also installed. Until the rules were changed, veterans could give away assets so they could qualify for this benefit. They could potentially have given gifts one day and qualified the next.

Now, all gift giving must ordinarily be completed at least three years before the application for the pension is submitted.

The maximum annual pension for Improved Pension with Aid and Attendance is $22,939 at the present time. For Housebound eligible veterans, the figure is $16,805. The benefits increase by about $2000 per year if the veteran in question has a spouse.  A lesser pension amount may be available for a widow of a veteran.

Access Our Estate Planning Worksheet

Our firm has prepared an estate planning worksheet that you can go through to gain a more thorough understanding of the process. It is very easy to complete, and it is being offered free of charge. To get your copy, visit our worksheet page and follow the simple instructions.

We Are Here to Help!

Whether you are a veteran or not, you should definitely prepare in advance to be able to absorb assisted living costs. The vast majority of elders will need help with their day-to-day needs, and more than one third of older folks will eventually reside in nursing homes.

Medicare does not pay for the custodial care that these facilities provide, and they are extremely expensive so this is a big deal. Medicaid will absorb these costs, and if you position your assets wisely, you can gain eligibility at the right time while protecting assets.

If you would like to explore your options, you can set up a consultation appointment in Charlotte, North Carolina or Huntersville, North Carolina if you call us at 704-944-3245. The number in Ashland, Kentucky is 606-324-5516, and the number in Florence, Kentucky is 859-372-6655.  You can also use our contact form if you would like to send us a message.

  • Author
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Pamela Potter
Pamela Potter
Owner and founder of the Ashland, Kentucky based Potter Law Firm, Ms. Potter concentrates her practice in the area of estate planning, estate administration, and elder law. Mrs. Potter’s goal is to help her clients plan secure financial futures for themselves and their families. To achieve that goal, her firm offers a wide range of estate planning services, including wills, trusts, and powers of attorney in addition to probate, estate administration, elder law, and Medicaid Planning services.
Pamela Potter
Latest posts by Pamela Potter (see all)
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Filed Under: Elder Law Tagged With: Aid and Attendance, Veteran Pension

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About Pamela Potter

Owner and founder of the Ashland, Kentucky based Potter Law Firm, Ms. Potter concentrates her practice in the area of estate planning, estate administration, and elder law. Mrs. Potter’s goal is to help her clients plan secure financial futures for themselves and their families. To achieve that goal, her firm offers a wide range of estate planning services, including wills, trusts, and powers of attorney in addition to probate, estate administration, elder law, and Medicaid Planning services.

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

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