When you are budgeting for the future you have to prepare for the period of time following your active post-career years. A very high percentage of senior citizens are going to need long-term care someday. Seven out of every ten people who reach the age of 65 will require either in-home care, nursing home care, or reside in an assisted living community.
This care is expensive, and the experts tell us that the costs will continue to rise into the foreseeable future. The average cost for a single day in a private room in a nursing home in the state of Kansas was $158 in 2010 or $4,740 per month. In Oklahoma the cost would run you $180 per day or $5,400 per month. A month in an Oklahoma assisted living community averaged $2,628 and in Kansas this figure reached $3,214.
You have to tap into all resources available to you when you’re planning for the future, and with this in mind we would like to draw your attention to an often overlooked military benefit that can help address these significant latter life expenses. The Veterans Aid and Attendance special pension is available to veterans who have served at least 90 days of active duty with a minimum of one of these days taking place during wartime.
This benefit is intended to assist veterans who need help with their day-to-day needs, things like bathing, dressing, and grooming themselves. Single veterans who qualify can receive as much a $1,632 every month. This may not pay for everything, but it could cover the entire cost of in-home care in some cases, and it is certainly going to help if you do incur out-of-home long-term care expenses.
The Veterans Benefit Administration can be reached easily online or over the phone. You can get all the details by contacting the VBA or by consulting with an experienced elder law attorney who has a comprehensive understanding of military benefits for seniors.
Author, President and Founding Attorney
Parman & Easterday