When you are in need of living assistance as a senior citizen you could probably use all the financial help you can get given the high cost of a stay in a nursing home or assisted living community. Veterans who have served during a time of war may be eligible to receive a benefit that will indeed help them pay for these expenses.
The veterans benefit that we are referring to is the Veterans Aid & Attendance special pension. If you engage in effective veterans benefits planning you may be able to receive as much as $1704 each month as a single veteran if you need help with your day-to-day needs at some point in time.
Because this benefit is intended for veterans who have some degree of financial need there is an upper resource limit that you must stay within in order to become eligible. This figure is $80,000 as of this writing, but your home and your vehicle do not count toward it.
As things stand right now you could divest yourself of assets in an effort to qualify. However, two senators have proposed a three-year look back period for veterans who are applying for the program. This would prevent people from giving away assets within three years of applying to get around the upper asset limit.
At present this is just a proposal and not a fact of life, but it is something to keep an eye on if you are a veteran who may want to apply for this benefit at some point in the future.
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