|Posted on September 19, 2018 at 5:20 PM|
What are VA Pension Benefits?
The VA pension benefit is a monthly cash benefit paid to eligible wartime Veterans or their surviving spouses. This benefit can help pay for care costs, but the recipient must meet financial and medical requirements to qualify.
Who is Eligible?
To receive VA benefits, specifically the non-service connected pension, otherwise known as aid and attendance, an applicant must be a Veteran as defined by federal statute. That is “a person who served in the active military, naval, or air service and who was discharged or released therefrom under conditions other than dishonorable.” They also must also be disabled or over age 65.
What’s New in the Law?
On September 18, the Department of Veterans Affairs (VA) published new rules that make it more difficult to qualify for this important benefit. The major changes include:
- A new 36-month look back period. This means if any asset was transferred for less than fair market value during the 36 months before an application is submitted, there will be a penalty period up to five years.
- The VA has also provided a rule regarding the Veteran’s assets. The amount is currently set at $123,600.00.
These new rules take effect October 18, 2018.
What Can I Do?
Even with these new rules there are planning strategies we can take advantage of. If you have questions about these new rules and what they mean for you or a family member, please give us a call at (734)237-8507.