The Veterans Aid and Attendance Special Pension is a benefit that many veterans are eligible for, but unfortunately, a lot of people are not aware of this benefit. This pension is something that sits apart from the military retirement pension that veterans earn after at least 20 years of service.
Many elders require help with their activities of daily living at some point in time. In fact, the figure is 70 percent according to a government agency. Medicare does not pay for long-term care, and it is very expensive. The Veterans Aid and Attendance Special Pension can help to defray these costs if you are a qualified veteran.
There is a length of service requirement, but it is modest. 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 requirement. Of course, you do have to provide medical proof that you do in fact need help with your activities of daily living.
The special pension is intended for people who have some level of financial need, so your financial profile will be evaluated, but your home and your vehicle are not countable assets. Each case is determined on an individual basis, but as a general rule of thumb, the limit on countable assets is $80,000.
A single veteran who is qualified for the Veterans Aid and Attendance Special Pension can receive as much as $1,788 per month at the present time. A married couple can receive up to to $2,120 each month to help with long-term care expenses.
This benefit extends to the surviving spouse of a qualified veteran. A surviving spouse could receive a monthly benefit that could be as high as $1,149 per month.
Under some circumstances, this benefit could be awarded to a qualified veteran who is living independently while his or her spouse is in need of living assistance. The maximum benefit for a veteran who is in this situation would be $1,406 per month.
If you are a veteran, this benefit can certainly come in handy given the current state of long-term care costs.
Free Report on the Veterans Aid and Attendance Special Pension
We have provided a very basic overview in this brief blog post. If you would like to get all the details, download our in-depth special report. The report is being offered to our readers on a complimentary basis right now, and you can click the following link to access your copy: Special Veterans Planning Report.
Our Firm Can Help
We are very committed to the people who have served our country. If you are a veteran who would like to discuss your future with a licensed legal professional, our firm would be glad to assist you. We offer free consultations, and you can contact us through this page to set up an appointment: Indianapolis IN Veterans Planning Attorneys.
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.