Long-term care is one of the most pressing elder law issues of our day. The majority of senior citizens are going to need help with their day-to-day needs eventually, and Medicare will not pay for long-term care.
It is not easy to pay for a nursing home or assisted living community out-of-pocket. In the state of Oklahoma, a typical stay in a nursing home can result in a six-figure expense.
If you require long-term care as a United States military veteran, you may be entitled to a very valuable benefit that can be of great assistance. This often overlooked benefit is called the Veterans Aid and Attendance Special Pension.
We have all heard of the military pension that veterans earn after 20 years of service. The Veterans Aid and Attendance Special Pension is something that is entirely different. You do not have to accumulate 20 years of service to meet the eligibility requirement.
If you have served for at least 90 days, with a minimum of one day taking place during a time of war, you are eligible from a length of service perspective.
To become eligible for the Veterans Aid and Attendance Special Pension, you must be able to provide medical proof that you do in fact need help with your activities of daily living. Activities of daily living would be things like bathing, grooming, eating, cooking, etc.
There is also a standard that must be met with regard to financial need. However, the value of your home is not counted when your financial status is being determined, and your vehicle would not be counted. You can also have a certain store of financial resources saved.
At the time of this writing in 2014, a single veteran who is eligible for the Veterans Aid and Attendance Special Pension can receive as much as $1,758 per month. A married couple could draw a monthly benefit of $2,085, and surviving spouse could qualify for an $1,130 monthly special pension benefit.
Download Our Free Special Report
The Veterans Aid and Attendance Special Pension can be of great assistance if you are a qualified veteran. To obtain more detailed information, download our special report. This report takes an in-depth look at this benefit, and it is being offered on a complimentary basis.
To obtain access to your copy of the report, click this link and follow the simple instructions: Veterans Aid and Attendance Special Report.
Free Estate Planning Consultation
If you are a veteran of the Armed Forces, we would be glad to assist you. We offer free consultations to former service members who are concerned about the future, and you can request an appointment through this website.
Click the following link to send us a message: Oklahoma City Estate Planning Attorney.
Parman & Easterday
- Understanding IRA Inheritance Planning: Key Considerations - September 14, 2023
- Irrevocable Trust Decanting Provides Flexibility - September 12, 2023
- Inheritance Planning Solution for a Spendthrift Heir - September 7, 2023