Long-term care expenses are something to budget for when you are making preparations for the latter portion of your life. Some people are under the impression that Medicare will cover all their health care needs once they reach the age of eligibility. In fact, Medicare doesn’t pay for long-term care expenses and statistics tell us that most people who reach the age of 65 will someday need living assistance.
With the above in mind it is useful to note that people who have served in the United States military during wartime may be eligible for a very valuable benefit that is often overlooked called the Veterans Aid and Attendance special pension.
This benefit is intended for veterans who have some modicum of financial need. As a result, there is an upper resource limit of $80,000. However, valuable possessions such as your home, your vehicle, and some of the things that you own do not count toward this figure so you may in fact be able to qualify even if you are not completely without resources.
To meet the length of service requirement you must have served at least one day during a time of war out of a total of a minimum of 90 days of service.
As of this writing single veterans who qualify for the Veterans Aid and Attendance special pension may receive as much a $1,632 every month and this would certainly be a welcome boost to many veterans who need living assistance.
To learn more about long-term planning for military veterans, simply take a moment to arrange for a consultation with a good Indianapolis elder law attorney.
Paul A. Kraft, Estate Planning Attorney
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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