2. Compensation & Pension Compensation is designed to award the veteran a certain amount of monthly income to compensate for potential loss of income in the private sector due to a disability or injury or illness incurred in the service. Pension is available to all active-duty veterans who served at least 90 days during a period of war. This benefit provides supplemental income to disabled or older veterans who are disabled for reasons other than service-connected injuries or illnesses and who have a low income. Some veterans could be eligible for both benefits but cannot receive both at the same time. The veteran can choose either benefit. 2
3. Pension Definitions: Aid and Attendance Benefit: Pension Benefit. Rating: VA will grant an additional income allowance, called a rating, if the applicant is in need of the regular aid and attendance of a caregiver or if the applicant is considered housebound. Note: VA will not allow a maximum Pension award for the ongoing costs of home care, assisted living, or nursing home care. A rating is crucial to the application process. 3
4. At least 90 days of active duty One day during period of war (next slide) All veterans Must have an other than dishonorable discharge Need not have served in combat 4 Status of Veteran for Eligibility
6. Two Types of Pension Benefits First Type Living veteran - single or married Younger than 65 - totally disabled 65 and older – need not be disabled Second Type Death Pension for single surviving veteran spouse Must be single Married at least one year or have a child from marriage The deceased veteran would have met eligibility for service No requirement for veteran to have been 65 or spouse to be 65 before application. No need for total disability if veteran death before age 65 This benefit can be about 65% of the living veteran benefit 6
7. 7 Income & Asset Tests ASSET TEST -- Household cash assets or assets that can be readily converted to cash cannot exceed $80,000. There is no specific test below $80,000. A Veteran’s Service Representative will decide on a case-by-case basis what the allowable level of assets should be. Personal residence, vehicles and personal property are exempt from the asset test INCOME TEST -- The veteran household countable income must be less than the Maximum Allowable Pension Rate. (MAPR) Single Veteran -- $1,644 per month tax free. Veteran couple -- $1,949 per month tax free. Single surviving spouse of a veteran -- $1,056 per month tax free.
8. 8 You Don’t Meet the Income or Asset Test?You Need Our Help! Strategies for Meeting the Asset Test Assets can be gifted or converted to income to meet the asset test. Currently there is not a penalty for gifting assets. This must be done correctly in order to comply with VA rules and in anticipation of needing Medicaid. An expert is necessary to do this. A Certified Veterans Benefits Counselor is a MUST. Special Provision for the Income Test A special provision in VA regulations allows adjusting countable income downward for certain types of expenses. This requires a rating and special documentation. VA does not disclose this special provision to the public. Household incomes of $2,000 a month to $5,000 a month can still qualify using this special provision.
9. How does US Veteran Resources help with the Benefits? We streamline the process to assist Veterans and Spouses attain the benefits that are available to them. The process works like this: Provide the Veteran with the US Veteran Resources Worksheet. US Veteran Resources analyzes the data on the Worksheet and creates a targeted recommendation to maximize the VA Benefits available. We provide a ROADMAP designed to obtain the VA Benefits and meet the Veteran and family objectives. US Veteran Resources then coordinates the Certified Veterans Benefits Counselor, Attorney, and Veteran (and family) to develop the claim for the maximum benefit with the least time for processing the claim. 9
10. 10 US Veteran Resources Worksheet Age , marital status, service dates Medical need for a rating Current or anticipated recurring medical costs Financial information for income and asset test Contact information to provide to Certified Veterans Benefits Counselor This is a free service* *If a commission or fee is paid by a product provider the compensation will be retained by USVR.
11. 11 Using Aid and Attendance …to Pay for Professional Home Care Services …to Pay for Assisted Living …to Pay for a Nursing Home …to Pay for Adult Day Care
12. Thank You US Veteran Resources U S Veteran Resources, Inc. provides information about the aid and attendance benefit including what it is, who can qualify and what information and documentation are necessary in order to file a claim. U S Veteran Resources , Inc. does not participate in any way in the application process. All prospects are referred to a certified veterans benefit counselor or an Attorney who is a certified veterans benefits counselor representing his or her client in proceedings before VA. Consultants who are accredited veterans service organization representatives can also assist claimants with the filing of a claim. For all other consultants, veteran households seeking help with filing a claim are directed to an appropriate veterans service organization or to a state or county veteran service representative or, where appropriate, they are encouraged to file a claim on their own. The individual(s) making this presentation are private practitioners or in some cases representatives of veterans service organizations and are not connected with the Department of Veterans Affairs or any branch of the United States Government. A veterans benefits consultant is an individual who helps veterans understand long term care benefits available through VA. This can include information on veterans health care, state veterans homes and veterans disability income benefits. U S Veteran Resources, Inc. places particular emphasis on Pension and Death Pension because these benefits are typically more useful for the elderly needing long term care. Pension is also known as "the aid and attendance benefit." Consultants may also help potential claimants realign their assets and refer potential claimants to their Attorney or an Elder Law Attorney to complete important estate planning documents prior to making application. The individual(s) on this site are private practitioners or in some cases representatives of veterans service organizations and are not connected with the Department of Veterans Affairs or any branch of the United States Government. U S Veteran Resources, Inc. does not offer securities, managed money, indexed annuities or any other securities products. Representatives of U S Veteran Resources, Inc. are licensed to sell fixed insurance products in states prior to offering products in that state. 12
Editor's Notes
Must require the need of an aid or attendantThe veteran or spouse must require an aid or attendant to assist them with at least one activity of daily living. These activities include mobility, bathing, eating, dressing, or toileting. In addition, diminished mental capacity would qualify as a criterion. The aid or attendant can provide assistance with any of the above plus can serve in other capacities such as socialization, meal preparation, housecleaning, maintenance, etc. as long as the primary reason for the need is to help with one of the ADLs. The aid or attendant can be a professional, family member, or friend and the services can be provided in a residence, assisted living facility, or nursing home. A resident of an assisted living facility or nursing home is deemed to be in need of such services. Also, the blind are deemed to be in need.If over the age of 65, the cause of disability does not have to be service related. Alzheimers, stroke, Parkinson’s, etc. are all reasons for the need of an attendant. If under the age of 65, the reason for disability must be service related if there is a partial disability. For those veterans under the age of 65 with a full disability, the benefit may be available.
Why is the worksheet so critical? The worksheet will often uncover assets and medical expenses that must be counted in order to attain the rating. Examples are:Savings Bonds that may not be considered.Medical expense will also include premiums.
