July 1, 2019
There’s an extremely important, but poorly publicized, VA program we wanted to share with you today.
Known as the Veterans Pension Aid & Attendance Benefit (or "VA Aid & Attendance"), this program can help cover assisted-living costs for qualifying veterans and their spouses.
More specifically, these funds can help pay for:
However, recent rule changes to the VA Aid & Attendance Benefit could impact your eligibility for this program – making it harder to access available funding.
But first, let’s go over the basic qualifications for the Veterans Pension Aid & Attendance Benefit.
To qualify for this VA-sponsored program, recipients must meet the following criteria:
Finally, VA Aid & Attendance applicants must meet limited asset and net worth requirements.
And this is where that recent rule change comes in.
Prior to October 2018, the Department of Veterans Affairs only looked at each applicant’s current assets and income when determining a recipient’s financial eligibility. The previous threshold was unofficially $80,000 for a married couple, which included:
After October 2018, however, the VA implemented a "look back" period and set a ceiling on net worth (a combination of income and assets).
Under this 3-year "look back" rule, applicants are not allowed to dispose for less than market value or transfer assets in an effort to push their net worth below the $123,600 cap. However, any sales or transfers that took place prior to October 2018 aren’t affected by this recent rule change.
Assuming you qualify for the program, the potential funding is quite helpful. Below is the current schedule:
With longer life expectancies and ever-rising health care expenses, these amounts probably will not cover the full cost of assisted living. Although, this funding can help you or your loved ones spend their golden years receiving quality care with far less financial stress.
But before you send in your paperwork to the VA, there is onemore point to consider.
Even before the recent rule change, the application process for the VA Aid & Attendance program was complicated.
The approval process can easily take months. And that’s assuming that your VA Aid & Attendance application is 100% error-free the very first time around.
Fortunately, however, we’ve published a free Educational Report to help you cut through the VA’s red tape. We invite you to use this handy resource to ensure you qualify for the maximum amount to which you are entitled.
To get started, grab your free copy of our VA Aid Assistance guide today.
And if you have additional questions about covering long-term care as a veteran or surviving spouse, schedule a consultation with our Estate Planning Experts by calling 916.241.9661.