One of the most challenging issues confronting many senior citizens these days is that of long-term care and the high costs involved. Statistics indicate that about 40% of people who reach the age of 65 will someday spend some time in a long-term care facility, and the average length of stay in a nursing home should you eventually reside in one is 2 1/2 years. With the average cost of a year in a nursing home lying somewhere in the vicinity of $85,000, you can see how these expenses could be quite intimidating to some.
The way to handle long-term care costs is to educate yourself, plan ahead, and take advantage of all the resources that are available to you. With this in mind, many people are not aware of the fact that the United States military offers a benefit to veterans who served during wartime that will assist them in meeting long-term care costs should they be unable to take care of their own day-to-day needs.
To qualify for this benefit, which is called the Veterans Aid and Attendance Pension, you must have served in the military for at least 90 days with a minimum of one of these days taking place during a time of war. The fact that the length of service requirement is so modest is one of the reasons why many veterans assume that they would not be entitled to such a significant benefit.
How significant is it? An eligible single veteran can receive up to $1,632 per month; a married couple can receive $1,949 monthly; and the surviving spouse of a qualified veteran may receive as much as $1,055 per month via the Veterans A & A pension.
If you think you may qualify, the proper course of action would be to contact the United States Veterans Benefits Administration to obtain more detailed information. This is the link to their website: www.vba.va.gov.
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