People who serve their country in the armed forces are entitled to certain benefits and some of them are rather commonly understood. For one, veterans who have put in at least two decades of service become eligible for a retirement pension.
A lot of people think long-term and join the military knowing that they will retire after 20 years and then embark on a career as a civilian. This can be a fruitful path that can set you up for a comfortable retirement when you become eligible for Social Security and Medicare benefits.
There is however a special pension that many veterans qualify for that comes in under the radar called the Veterans Aid and Attendance special pension. This benefit is available to qualified veterans who need assistance with their day-to-day needs, so it can be used for in-home care or to defray the cost of a nursing home or assisted living community stay.
Unlike the full retirement pension, the length of service requirement to become eligible for Veterans A & A is quite modest. You have to have served for a minimum of 90 days, and at least one of these days has to have taken place during a time of war. From a financial perspective you cannot have assets exceeding $80,000, but there are significant possessions that do not count toward this number including your home and motor vehicle.
Single veterans who qualify for this special pension may receive as much as $1632 each month. Qualified couples may be eligible to receive a maximum of $1949 per month, and a surviving spouse that is eligible may qualify for up to $1055 monthly.
These benefits can go a long way toward softening the financial blow should you need long-term care at some point in time. To get all the facts, simply contact the United States Veterans Benefits Administration through their website, over the phone, or in person.
- Staying Current is Especially Important in the Pandemic - November 17, 2020
- Staying Current is Especially Important in the Pandemic - October 1, 2020
- How Will You Age in Place and Be Able to Die at Home? - August 16, 2020