Long-term care costs can have a devastating impact on your financial situation when you are a senior citizen.
When you have always been self-sufficient, it can be hard to imagine a time when you will need help with your day-to-day needs. However, in reality, most seniors do eventually require living assistance.
Many people are unconcerned, because they expect Medicare to cover their medical expenses when they attain senior status. Medicare will pay for convalescent care for up to 100 days after surgery, but it does not pay for custodial care at all, so you have to look elsewhere for assistance.
Fortunately, some people can receive the help that they need in their own homes, at least for a while. There is an often overlooked program for United States veterans that can provide a boost when living assistance becomes necessary.
Veterans Pension
Most individuals are aware of the fact that people that have served in the military for at least 20 years on active duty will qualify for a retirement pension. The system is complicated, but suffice to say the longer you remain in the service, the higher your pension benefit payout will be.
This provides some great opportunities for a comfortable retirement. You can simply remain in the service until you are eligible to receive Social Security and put your working years behind you. Another option would be to retire when you are still young enough to pursue a second career path, earning a good income while you are saving your pension benefits.
We will look at the pathways that veterans have to a comfortable retirement in another blog post. In this piece, we will look at a different pension that does not require such a long period of service.
Veterans Aid and Attendance And Housebound
There is a veterans pension that provide supplemental income for wartime veterans. The length of service requirement is just 90 days, and a minimum of one of these days must take place while the country is actively at war.
This pension is designed for seniors or people that have very significant impediments toward earning income. To qualify, you must be 65 years of age or older or totally or permanently disabled. Patients in nursing homes can qualify along with people that are receiving Supplemental Security Income (SSI) or Social Security Disability Income (SSDI).
The Veterans Aid and Attendance Improved Pension is intended to help qualified veterans who have some modicum of financial need. As a result, you must be able to prove that you have limited financial resources. Determinations are made on a case-by-case basis, but in general, the limit on countable assets is $80,000. However, your home and your vehicle do not count.
It is possible to increase your basic veterans pension if you need assistance with their activities of daily living. This can be done if you can qualify for the veterans aid inattention special pension with or without a housebound increase. As you might imagine, the rules are complicated, so they are best navigated with the assistance of a licensed Los Angeles attorney with a thorough understanding of the veterans aid and attendance special pension program.
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