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Veterans Benefits 20081217


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Presentation on the Use of Veterans Benefits for Long Term Care Planning

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Veterans Benefits 20081217

  1. 1. LIFE CARE PLANNING AND VETERANS BENEFITS <ul><li>Oast & Hook, P.C. </li></ul><ul><li>Attorneys and Counselors at Law Serving Virginia and North Carolina </li></ul><ul><li>Tel: 757-399-7506 | Tel: 252-722-2890 </li></ul><ul><li>Fax: 757-397-1267 </li></ul>
  2. 2. What are your Concerns? <ul><li>Avoiding running out of money </li></ul><ul><li>Protecting your spouse and family </li></ul><ul><li>Obtaining and paying for long-term care </li></ul><ul><li>Avoiding the loss of independence and autonomy due to incapacity </li></ul><ul><li>Leaving a legacy to your children </li></ul><ul><li>Inflation </li></ul>
  3. 3. What are the chances of needing long-term care? <ul><li>“ For a couple turning age 65, there is a 70% chance that one of them will need long-term care.” </li></ul><ul><li>“ 60% of people over age 75 need long-term care, many stay in facilities for about 3 years.” </li></ul><ul><li>For an individual age 80, there is a 50% chance that the individual will require care in a long-term care facility. </li></ul>
  4. 4. Cost of Long-term Care <ul><li>Continuing Care Retirement Communities (CCRC) </li></ul><ul><ul><li>CCRC’s are life care communities providing various levels of care including independent living, assisted living, and nursing or skilled care if required. </li></ul></ul><ul><li>Assisted Living Facility: $35,000 - $50,000+ per year </li></ul><ul><li>Nursing Home Facility: $75,000+ per year </li></ul><ul><li>In Home Care: $19 - $32 per hour </li></ul><ul><li>Adult Day Care: $35 - $50 per day </li></ul>
  5. 5. Life Care Planning Considerations Medicaid Tax Planning VA Benefits Equity Lines Annuities Asset Protection Medicare Life Insurance Reverse Mortgage Long-term Care Insurance Family (Negative Inheritance) Private Payment
  6. 6. Importance of Comprehensive Life Care Planning <ul><li>Comprehensive planning integrates all of the available resources into a plan customized to meet the client’s individual circumstances. </li></ul><ul><li>Veteran’s Benefits are an important component of a life care plan. </li></ul><ul><li>Coordination of planning strategies is critical because program rules have significant differences (for example, transfer rules) </li></ul><ul><li>Failure to plan is planning to fail. No single component makes a plan. </li></ul>
  7. 7. <ul><li>“ America’s veterans deserve the best health care and compensation system we can provide.” (Anthony Principi, Secretary of Veterans Affairs, News Release, February 3, 2003). </li></ul><ul><li>33% of all Seniors age 65 and older could qualify for a VA pension and healthcare benefits. </li></ul>Honoring American Veterans
  8. 8. <ul><li>Administers monetary benefits programs for eligible veterans. Programs include: </li></ul><ul><li>Compensation for Service-Connected Disabilities </li></ul><ul><li>Vocational rehabilitation and employment </li></ul><ul><li>Education and training </li></ul><ul><li>Home loan guaranties </li></ul><ul><li>Disability and Indemnity Compensation for Surviving Spouses and dependents </li></ul><ul><li>Special Monthly Pension: Housebound and A&A </li></ul><ul><li>Specially adapted housing </li></ul><ul><li>Life insurance benefits </li></ul><ul><li>Burial benefits </li></ul>Veterans Benefit Administration
  9. 9. <ul><li>Purpose: To provide health care for prior service members. Programs include: </li></ul><ul><li>VA Hospitals </li></ul><ul><li>VA Nursing Homes </li></ul><ul><ul><li>Prescription benefits </li></ul></ul><ul><ul><li>Outpatient dental services </li></ul></ul><ul><ul><li>Blind/Vision impaired services </li></ul></ul><ul><ul><li>Prosthetic services </li></ul></ul><ul><ul><li>Alcohol/Drug Treatment. </li></ul></ul>Veterans Health Administration
  10. 10. <ul><li>$ Low Income Pension </li></ul><ul><li>$$ Housebound Pension </li></ul><ul><li>$$$ Aid and Attendance Pension </li></ul>Special Monthly Pensions
  11. 11. <ul><li>Veteran or Widow(er) of Veteran who: </li></ul><ul><ul><ul><li>--Served at least ONE DAY during War Time Period </li></ul></ul></ul><ul><ul><ul><li>--Served 90 consecutive days on Active Duty </li></ul></ul></ul><ul><ul><ul><li>--Received a discharge other than dishonorable </li></ul></ul></ul><ul><ul><ul><li>--Limited Income and Assets </li></ul></ul></ul><ul><ul><ul><li>--Permanent and Total Disability </li></ul></ul></ul><ul><ul><ul><li>--Disability caused without willful misconduct </li></ul></ul></ul><ul><ul><ul><li>--Submits a Signed Application </li></ul></ul></ul><ul><ul><ul><li>--Non-service connected benefit </li></ul></ul></ul>Basic Eligibility Criteria
  12. 12. <ul><li>The VA’s Version of SSI </li></ul><ul><li>Monthly Income Payment </li></ul><ul><ul><li>--Veteran without a spouse $985/month </li></ul></ul><ul><ul><li>--Veteran with a spouse $1,291/month </li></ul></ul><ul><ul><li>--Widow(er) $661 </li></ul></ul>Low Income Pension 2009
  13. 13. <ul><li>RATES: </li></ul><ul><ul><li>Veteran with no dependents $1,204/month </li></ul></ul><ul><ul><li>Veteran with a dependent $1,510/month </li></ul></ul><ul><ul><li>Widow(er) $808/month </li></ul></ul>Housebound Pension 2009
  14. 14. <ul><li>RATES: </li></ul><ul><ul><li>Veteran with no dependents $1,644/month </li></ul></ul><ul><ul><li>Veteran with a dependent $1,949/month </li></ul></ul><ul><ul><li>Widow(er) $1,056/month </li></ul></ul>Aid & Attendance Pension 2009
  15. 15. <ul><li>Claimant meets one of the following: </li></ul><ul><ul><li>--Blind </li></ul></ul><ul><ul><li>--Lives in a nursing home </li></ul></ul><ul><ul><li>--Unable to: </li></ul></ul><ul><ul><ul><ul><li>-- dress/undress or keep self clean and presentable </li></ul></ul></ul></ul><ul><ul><ul><ul><li>-- attend the wants of nature without assistance </li></ul></ul></ul></ul><ul><ul><ul><ul><li>-- has a physical or mental incapacity that requires assistance on a regular basis to protect Claimant from daily environmental hazards </li></ul></ul></ul></ul>Aid & Attendance Pension 2009
  16. 16. <ul><li>Disabled & essentially confined to the home </li></ul><ul><ul><li>-- Single permanent disability rated as 100% </li></ul></ul><ul><ul><li>OR </li></ul></ul><ul><ul><li>-- 65 years old or older – no rating required </li></ul></ul>Pension 2009
  17. 17. <ul><li>Gross Income cannot exceed maximum family income limits (outlined above) </li></ul><ul><li>Permissible Deductions from Income </li></ul><ul><ul><li>--Medical Expenses </li></ul></ul><ul><ul><li>--Health Care and Insurance Premiums/Deductibles </li></ul></ul><ul><ul><li>--Prescriptions, hearing aids, transportation, etc. </li></ul></ul><ul><ul><li>--Home Health Care </li></ul></ul><ul><ul><li>--Assisted Living Facilities Cost </li></ul></ul><ul><ul><li>--Nursing Home Care </li></ul></ul>Income Limits
  18. 18. <ul><li>Standard: Sufficient Means to Self-Pay </li></ul><ul><li>Sufficient Means: Oast & Hook can assist with helping individuals fall within acceptable levels; asset requirements vary; however there are a wide range of strategies </li></ul><ul><li>Age Analysis: Age vs. Asset test </li></ul>Asset Requirements
  19. 19. Additional Benefits of VA Pension Eligibility <ul><li>Free inpatient care </li></ul><ul><li>Free outpatient care </li></ul><ul><li>Eligible for Burial Benefits </li></ul><ul><li>Maximum $960 a year for prescriptions </li></ul><ul><ul><li>Medicare $3,850 </li></ul></ul><ul><li>VA Hospital and Pharmacy in Hampton </li></ul><ul><ul><li>Prescriptions may be ordered by non VA physician </li></ul></ul><ul><ul><li>Prescriptions can be filled by mail </li></ul></ul>
  20. 21. Conclusion <ul><li>The failure to plan, is planning to fail. </li></ul><ul><li>Our experienced staff will help you develop, implement, and maintain a comprehensive estate, asset protection, and financial plan. </li></ul><ul><li>Fixed fees for most engagements. </li></ul><ul><li>Three convenient locations. </li></ul>
  21. 22. Oast & Hook, P.C. Attorneys and Counselors at Law Offices in Elizabeth City, Portsmouth, and Virginia Beach Tel: 757-399-7506 | Tel: 252-722-2890 | Fax: 757-397-1267 Please visit our web site at <ul><li>Estate Planning </li></ul><ul><li>Asset Protection Planning </li></ul><ul><li>Long-term Care Planning </li></ul><ul><li>Veterans Benefits </li></ul><ul><li>Financial Planning and Advice regarding Investments, Insurance, Annuities, Reverse Mortgages, and Equity Lines </li></ul><ul><li>Tax Planning </li></ul><ul><li>Guardianships and Conservatorships </li></ul><ul><li>Estate and Trust Administration </li></ul><ul><li>Special Needs Trusts </li></ul><ul><li>Care Management Services </li></ul><ul><li>Business Planning and Succession Planning </li></ul>