Senior care can be expensive, but some benefits for veterans may be available to U.S. military members and their surviving spouses to help alleviate long-term care expenses. Benefits are available to anyone who served in the US military through the VA, or the US Department of Veterans Affairs. Armed Forces, which offer financial support for long-term care, includes Aid and Attendance and Housebound benefits.
Unfortunately, a lot of veterans are simply uninformed of the advantages that are available to them, which means that some veterans are paying more than necessary for their treatment. In this guide, we will assist veterans in their pursuit of senior care and housing. Part of this support includes informing veterans and their families about benefits they have earned but may be unaware of.
How To Qualify
A veteran or their spouse must fulfill qualifications in order to be eligible for the benefit, such as:
● Service During Wartime
The veteran is required to have completed at least 90 days of active duty, including at least one day during one of the designated conflicts. He or she had to have been discharged with honors.
● Financial Need
This is defined as having assets under $80,000 (excluding a home and a car). The military veteran or spouse's monthly salary, including Social Security, pensions, and IRAs, less the expenditure of assisted living or in-home care, is taken into account by the VA as part of assets.
● Medical Needs
The veteran or their spouse must require assistance with getting dressed, eating, or bathing.
According to experts, the approval process takes six to eight months on average, however, some candidates may wait longer. Nevertheless, once the application is accepted, it is applied going back to the application date.
The Financial Requirements
Your loved one must fulfill financial eligibility standards in order to be eligible for VA benefits, whether they are a veteran or the surviving spouse of a veteran. This implies that the net worth of your relative must be less than $138,489, the ceiling imposed by Congress through November 30, 2022. This sum is subject to annual revision.
The assets and household income that make up your loved one's net worth are as follows:
● The Annual Income of your loved one's spouse and any dependents may include salaries or hourly pay, incentives, bonuses, tips, Social Security benefits, any retirement payments, and whatever income your loved one receives.
● Assets such as Personal property, real estate, investments, and furniture, are all examples of assets. The principal dwelling of your loved one, their vehicle, and essential household things like appliances that they wouldn't take with them if they moved, on the other hand, are not considered assets.
For instance, if the annual household income of the veteran is around $19,000 and their assets add up to $121,000, their total net worth is $140,000. They are therefore ineligible for VA benefits due to their financial situation.
It's crucial to understand, though, that when determining their net worth, some costs could be subtracted from their annual income and assets. Senior care costs, medical bills that aren't covered by insurance, Medicare premiums or Medicare supplementary premiums, goods or services that your doctor has recommended, and educational costs are all examples of qualifying costs.