Indianapolis veterans who served during wartime paid a heavy price to help preserve our freedom as Americans. Military service is demanding, and it involves a great deal of sacrifice, but there are some benefits that go along with it.
Some of these benefits are overlooked, and in this blog post, we will look at a benefit that can help veterans address a financial challenge that many seniors ultimately face.
Long-Term Care Costs
If you are a veteran who has served during a time of war, you should be aware of the existence of the Veterans Aid and Attendance Special Pension. This is a pension that is completely different from the retirement pension that a veteran can qualify for after 20 years of service.
The Veterans Aid and Attendance Special Pension exists to provide financial assistance to eligible wartime veterans who need help with their activities of daily living. This can be a very valuable resource, because the majority of senior citizens will require help with their day-to-day needs eventually.
Unfortunately, Medicare does not pay for long-term care, and it is extremely expensive.
When you look at statistics that have been compiled by the Social Security Administration, you see that the life expectancy for someone who is eligible for a full Social Security benefit is at least 85. Approximately one fourth of people who are 85 years of age and older are residing in nursing homes.
The government website longtermcare.gov tells us that seven out of 10 senior citizens will need some form of assistance before all is said and done.
Nationally, the average annual expense for a private room in a nursing home exceeds $90,000, and people often require multiple years of care.
Other forms of long-term care are also quite expensive. The median annual charge for a one-bedroom unit in an Indianapolis area assisted living community was over $47,000 in 2015, and in-home caregivers charge a similar amount.
When you consider the potential impact of these costs, you can see why a veterans benefit that will help ease the burden can really come in handy.
Qualifying for the Veterans Aid and Attendance Special Pension
To qualify for the Veterans Aid and Attendance Special Pension, you must be able to provide sufficient medical proof that you do in fact need help with your day-to-day needs. There is also a length of service requirement, but it is surprisingly easy to meet this requirement.
You have to have served for at least 90 days in total, with a minimum of one of the days taking place during wartime to meet the length of service requirement for the Veterans Aid and Attendance Special Pension.
There are also limits with regard to income and assets, because the program is intended for veterans who have some level of financial need. The general limit on assets that count is $80,000, but applications are treated on a case-by-case basis.
We should point out the fact that your home is not counted when your eligibility status is being determined. One vehicle is not considered to be a countable asset either, and your household belongings and personal effects are not counted.
If you are a single veteran who is eligible for the Veterans Aid and Attendance Special Pension, you could receive a monthly benefit that is as high as $1,788. A married couple could receive up to $2,120 per month at the present time. The surviving spouse of a veteran who is eligible could receive a benefit of up to $1,149 per month.
Plus, a qualified veteran who is capable of independent living who has a spouse who requires living assistance could receive a monthly benefit of $1406 per month.
Obtain More Detailed Information
We have provided a basic overview in this brief blog post, but our firm has devoted resources toward the creation of a very valuable special report that will provide you with in-depth information about the Veterans Aid and Attendance Special Pension.
The report is being offered on a complimentary basis to our readers right now, so you can take advantage of this opportunity without getting out your credit card. To obtain your copy of the report, visit this page and follow the simple instructions: Free Report on the Veterans Aid and Attendance Special Pension.
Schedule a Consultation
If you would like to take things a step further, we would be glad to discuss the optimal utilization of your government benefits with you in person. Our firm offers no obligation consultations to Indianapolis veterans, and you can send us a message through our contact page or call us at (317) 684-1100 to set up an appointment.
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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