This month we’re thinking of our veterans. We agree that the values of freedom and democracy are worth fighting for, and we’re thankful for their service.
Navigating Life After Service: Addressing Healthcare Needs
Life after service often involves medical needs and expenses; our veterans are not immune to the frustrations and complications of finding and paying for care. For many, these challenges can feel overwhelming, especially as they age and face unique health concerns.
Today, I want to make you aware of one specific benefit available through the VA for older veterans and their widowed spouses. This benefit is one that many families are unaware of, and shockingly, only about 5% of eligible veterans are currently taking advantage of it. It’s a crucial resource that could make a big difference for those who have given so much in service to our country.
Introducing Aid & Attendance: A Little-Known VA Benefit
It works like a pension and may provide over $30,000 year in tax-free income to wartime veterans or their spouses who are struggling to keep up with their own self-care, medication management, or food preparation. Aid & Attendance can be a tremendous help in paying for home health care services or long-term nursing home care.
This benefit is not tied to disability.
(…unless you consider being over 65 a “disability,” which we do not, but for the purpose of claiming this benefit we’ll go along with for now.)
Aid & Attendance Eligibility Requirements
To be eligible for Aid & Attendance, the veteran must have:
- Performed 90 days of actual duty
- With 1 day during a period of war
- Been discharged in some way other than dishonorable
- Medical expenses, confirmed by a physician’s statement, incurred by the veteran, their spouse, or their surviving spouse
Like other benefits, the monthly amount will vary depending on needs, circumstances, and some not-so-simple math.
Calculating Your Benefit: Navigating the Details
Basically, the benefit covers out-of-pocket medical expenses that exceed gross household income after a 5% benefit deductible amount.
This is where the math gets complicated: what counts as household income, how to calculate Income for Veteran Administration Purposes, different tiers of need, the look-back period for gifts and trusts, and a series of other questions that will determine the value of this benefit and how it combines with other available benefits and compensation.
What I mostly want you to know today is that this lesser-known benefit exists. It is not contingent on disability acquired through active duty; and you may know a veteran who qualifies.
We can certainly help you work through eligibility requirements and the math part. Book a call with us and we’ll explain:
- How to apply for tax-free income to pay for a veteran’s or spouse’s care
- Ways to use your VA pension benefits to pay a family member to provide in-home care
- Planning strategies to secure the VA benefits you are entitled to, even if you have “too much income” or “too many assets” to qualify
- How your IRA and other retirement accounts can affect eligibility for VA benefits, and what to do about it
- How to apply for VA benefits without putting future Medicaid benefits at risk
Veterans have earned respect and gratitude through their service. They have also earned valuable benefits like the Aid and Attendance benefit. Clarifying the full range of options available to our seniors and veterans is what our estate planning process is all about.
Learn More About Aid & Attendance
For a little more information about Aid & Attendance benefits, download this one-pager. For a lot more information about Aid & Attendance benefits please book a call with us.
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