Veterans of the United States military make many sacrifices for our country, but they do receive certain rewards for their service. There are a number of different benefits, and some of them are overlooked. One of the benefits that many people are not aware of is the Veterans Aid and Attendance Special Pension.
Long-Term Care Costs
Long-term care is very expensive, and Medicare will not pay for this type of care. If you need assistance with your activities of daily living, the assistance is considered to be custodial care rather than medical care or convalescent care. Medicare won’t pay for custodial care.
When we say that long-term care is very expensive, we are not exaggerating. We practice law in North Carolina and Kentucky. According to Genworth Financial, the median annual cost for a private room in a nursing home in North Carolina in 2014 is over $82,000. The median annual cost for a private room in a nursing home in Kentucky is $80,300.
It is not uncommon for people to spend multiple years in nursing homes.
If you are a veteran who is in need of long-term care, the Veterans Aid and Attendance Special Pension may be able to defray your costs. Most people are aware of the retirement pension that service members earn after 20 years of service. The special pension is something that is entirely different. It is potentially available to veterans who need help with their day-to-day needs.
The length of service requirement is quite modest. For World War II and Korean War veterans, if you served for at least 90 days with a minimum of one of these days taking place during a time of war, you meet the eligibility requirement in terms of length of service.
You do have to provide medical proof that you need assistance with your day-to-day needs, things like eating, dressing, shopping, grooming, etc. There is also an upper asset limit, though your home and your vehicle do not count. The asset limit varies dramatically depending on your age, income, and expenses.
A single veteran who is qualified for the Veterans Aid and Attendance Special Pension can receive up to $1758 per month. This is not going to cover all of your costs if you reside in a nursing home, but many people can receive living assistance in their own homes.
There are others who reside in assisted living facilities rather than nursing homes. These facilities are also costly, but assisted living communities are considerably less expensive than nursing homes.
It should be noted that the surviving spouse of a qualified veteran can also become eligible for the Veterans Aid and Attendance Special Pension.
If you would like to learn more about this special pension, download our free report on the subject. You can access the report through this link: Veterans Aid and Attendance Special Pension Report.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
- What You Need to Know about the Medicaid Look-Back Rule - January 3, 2023
- How to Pass Down Your Legacy in Your Estate Plan - October 3, 2022
- Practical Steps to Take after Receiving a Terminal Diagnosis - September 30, 2022
