The Veterans Aid and Attendance Pension Benefit is something I came across when we had to move my father-in-law into an assisted living community. My name is Brenda Rolli, Accredited Asset Management Specialist with Provident Financial Consultants.
The Veterans Aid and Attendance Pension Benefit is a tax free source of income that played a big role in my father-in-law’s retirement plan. The funds can be used for in-home care, an assisted living community or a private-pay nursing home.
This monthly benefit provides up to:
$1,432 per month to a surviving spouse who needs care
$2,229 per month to a veteran who may need care.
$2,642 per month to a married veteran that needs care
There are certain requirements that must be met to qualify for the Veterans Aid and Attendance Pension Benefit, including the following:
Your Financial Needs: assets of under $80,000 (excluding a home and a car). The VA takes into consideration “countable income” as part of assets, the veteran’s or spouse’s monthly income — including Social Security, pensions and IRAs — minus the costs of assisted living or in-home care.
Your Wartime Service The veteran had to have served at least 90 days of active duty and at least one of the days had to be during one of the specified wars. Those wars include:
World War II
Korean Conflict
Vietnam War era
Gulf War
If you or someone you care for can benefit from this Veterans Aid and Attendance Pension Benefit, please be sure to file early. You and the attending physician will need to complete the application and, at least in our experience, it took several months to get a determination letter.
This is a brief overview of the Veterans Aid and Attendance Pension Benefit. If you have any questions, please give us a call and I will be happy to help.