Cash For Elderly Veterans Secret Benefits From the VA

By Terry Douglas, Maryland Elder Law Attorney

Douglas Law Office

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Cash For Elderly Veterans Secret Benefits From the VA

Do you know a veteran or a surviving spouse of a veteran who could use up to $1,000 to $2,000 per month tax free to help pay for long term care expenses?

During these tough economic times, every dollar makes a difference. Would you agree? I know one widow of a veteran who had to choose whether or not to purchase food or skip a few days of her medication so that her prescription would last longer. Others, mistakenly believe that they have to spend everything before they can ask for help.

The Veterans Administration (VA) provides many benefits, such as, Health Care and prescription drugs, life insurance, and burial and memorial benefits. While these benefits are no secret, very few people know about them. Specifically, the Pension Benefits, which are based on net worth.

Basic Eligibility

1. Must have served at least 90 days on active duty, with at least 1 day during a wartime period

2. Must have received “good” papers when separated or discharged (Form DD 214)

3. The veteran must be age 65 or older

The wartime periods include

WWII – December 7, 1941 thru December 31, 1946

Korean War – June 27, 1950 thru January 31, 1955

Vietnam Era – August 5, 1964 thru May 7, 1975 (Feb 28, 1961-May 7, 1975 if in Vietnam)

The money is paid directly to the veteran, is tax-free, and can be used to pay for long term care expenses at home, an assisted living facility, or a nursing home. The payment amount depends on the level of care, veteran or spouse, and marital status.

1. Basic Service Pension $12,652/yr. or $1,054/mo. for veterans, over 65 and healthy with low income.

2. Housebound $15,461/yr. or $1,288/ mo. for veterans who rarely leaves the home due to a medical condition, except limited trips such as medical appointments.

3. Aid & Attendance* $21,107/yr. or $1,759/mo. for veterans who require the aid of another to assist them with two or more activities of daily living, such as bathing/showering, dressing, eating, getting in/out of bed or chair, using the toilet, or

A resident in a nursing home,

Receiving Social security disability benefits,

Unemployable due to a disability,

Bedridden, or

Has a severe visual impairment.

All levels are based on financial need. You can keep your home

(exempt). If your assets and income are over the limit, there are legal planning strategies that can be used to meet eligibility requirements. I invite you to attend one of my upcoming free workshops.

*Married Veteran – $25,022/yr. or $2,085/mo., Single Veteran – $21,107/yr. or $1,759/mo. and Surviving Spouse – $13,562/yr. or $1,130/mo.