As a veteran of the United States Armed Forces you earn certain benefits. Most people are aware of the fact that individuals who put in at least 20 years are eligible to receive a retirement pension for the rest of their lives.
However, there is another type of pension that is available to many veterans, and it often goes overlooked by those who are in fact eligible. The benefit that we are referring to is the Veterans Aid & Attendance special pension.
This pension does not require such a long period of service. Anyone who has served for at least 90 days with even one of them taking place while the country was at war meets the length of service eligibility requirement.
If you meet the above requirement you must prove that you need the help of another person with your day-to-day needs, and you also must stay within upper financial asset limits. The basic rule of thumb is that you cannot have more than $80,000 in assets, but your vehicle and your place of residence do not count when the Veterans Benefits Administration is determining your eligibility.
Paying for long-term care can be challenging, and this type of monthly assistance can be life changing for veterans who need a little help to get by physically. It should be noted that a veteran may qualify if his or her spouse needs assistance even if the veteran is still independent under certain circumstances.
To learn everything there is to know about the Veterans Aid & Attendance special pension contact the Veterans Benefits Administration.
- The Questions of Estate Planning, Part 4: Where - December 27, 2019
- The Questions of Estate Planning, Part 3: When - December 20, 2019
- The Questions of Estate Planning, Part 2 - December 13, 2019
