Long Term Care Planning for Veterans
Finding ways to pay for long term care expenses is a critical part of Estate Planning. Many habitancy over 65 years of age have not purchased long term care insurance. For veterans and the surviving spouses of veterans who are living in an assisted living factory or nursing home or who need in-home care, financial help may be available.
Veterans Benefits Assisted Living
The Veterans management has an underused pension benefit ordinarily called Aid and Attendance. The Aid and Attendance program provides tax-free money to veterans who need assistance performing activities of daily living. Even veterans whose household wage is above the legal limit for a Va pension may qualify for the Aid and Attendance benefit, if they have a enough amount unreimbursed healing expenses, based on their household income.
The Veteran's Pension benefit may be ready to veterans age 65 or 100% disabled. definite criteria must be met, such as serving at least 90 days in active service, and at least one of those days was when the U.S. Was at war or in an lawful conflict. The veteran does not have to have assistance connected disabilities to qualify. Surviving spouses or dependents may also be eligible.
The Va permits accredited agents and accredited attorneys to counsel veterans who may be claimants for Va Pension benefits. All Pension claimants must meet an asset test and an wage test.
Asset test: The veteran, age 65, must have less than ,000 in countable household assets. As with the Medicaid rules, the primary residence, vehicle, burial plans, and term assurance are excluded.
Income test: The veteran's household wage is reduced by the unreimbursed healing expenses. The household income, less the unreimbursed healing expenses, must be less than the Maximum annual Pension Rate (Mapr).
The Mapr is ,396 annually for a veteran with a dependent, ,736 for a singular veteran; and ordinarily ,672 for a singular surviving spouse, with some exceptions. As a simplified example for illustration only: John, a veteran age 81, and Mary, his spouse age 80, have the following:
1) John and Mary have a combined group security wage of ,200 annually;
2) John has pension wage of ,000 annually;
3) Mary has an wage stream from an annuity ,600 annually;
4) Total household wage equals: ,800.
5) John pays ,800 a year for home condition care;
6) John and Mary pay ,304 a year for Medicare;
7) John and Mary pay ,200 for incontinence supplies; and
8) John and Mary pay $ 2,880 a year for supplemental insurance.
9) Total household unreimbursed healing expenses are ,184.00.
Total annual Household Income: $ 40,800.00
Less Total Household Unreimbursed healing Expense: 35,184.00
Subtotal 5,616.00
Mapr ,396.00
Less subtotal 5,616.00
Approximate Veteran Pension ,780.00
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