Veterans Assisted Living
A program for veterans assisted living is relatively unknown. It is called the VA Aid and Attendance Program, available since 1951. The problem is most people have never heard of it--and are not taking advantage of these amazing benefits for our veterans. (Also see New Supportive Government Website for Veterans, information below)
Here are the basic requirements to qualify for the VA Aid and Attendance Program:
If you meet these requirements, you may be eligible for $1949.66 month for veteran with spouse or $1644. per month for a single veteran. There are also surviving spouse benefits. A surviving spouse can receive $1056.75 per month if they qualify. These rules for spouse qualifying have some specific requirements so please ask your adviser or the VA about the requirements for surviving spouses. Surviving spouses must have their marriage certificate. Additionally, if you qualify above, you must prove the veteran needs help with living. Living in an assisted living facility or nursing home, in need of home care, is in need of attendance by another person and/or is permanently housebound can be ways to prove their need. Examples of assistance are help with medication management, bathing or dressing. The VA will look at your assets, income and medical expenses in determining qualification. There is a formula. It is best to consult with a financial adviser who knows about the VA Aid and Attendance program for veterans and who can advise you on how best to apply and if you will qualify. You may need some planning before applying and this is where the financial adviser can be of help. Ask about the Special Needs Trust to protect your assets. This is designed to save your money for any eventual need you may have for long term care. If you do have long term care insurance, you can still get the benefit if you qualify. Money from Long term care insurance is considered income. What are the top concerns of seniors today:
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