The most pressing elder law issue is the matter of long-term care and the costs that go along with it. Just over 50 percent of seniors will need some type of paid care according to the United States Department of Health and Human Services, and Medicare does not pay for custodial care.
According to Genworth Financial, the median annual cost for an in-home health aide in the Westport, CT area is over $84,000. The median charge for a year in a private room in a nursing home is $222,375.
Just under 20 percent of people who need paid care require the assistance for between one and two years, and 21 percent are in the two-to-five year range. Thirteen percent receive the care for more than five years, so the numbers can be rather large.
If you need long-term care, a financial boost would certainly help preserve your legacy, and there is a veterans benefit that can provide a bit of relief.
Veterans Aid and Attendance Pension
Service members become eligible for “retired pay” if they are in the military for 20 years or more. In addition to this retirement pension, there is a Veterans Aid and Attendance Pension for wartime veterans who need help with their activities of daily living.
For veterans who entered active duty before September 7, 1980, the length of service requirement is 90 days with one of the days taking place during a time of war. The requirement is 24 months for wartime vets who joined after this date.
We should point out the fact that there is also a Veterans Pension for senior wartime veterans without the Aid and Attendance designation, but we are focusing on those that need living assistance here.
Financial Requirements
This benefit is intended for veterans that have financial need. In October of 2018, a legislative measure was passed that installed a hard net worth limit. The figure is adjusted annually to account for inflation, but it stands at $155,356 in 2024.
If you are thinking that it would be impossible to qualify if you are a homeowner, you will be pleased to hear that a home is not considered to be a countable asset. One motor vehicle is not counted, and items that would stay in your home if you moved are not countable assets.
In addition to your cash, investment accounts, valuables, and real estate aside from your primary place of residence, you would add your annual income to determine your net worth.
Three-Year Look-Back Period
Another change that was implemented when the aforementioned piece of legislation was passed instituted a three-year look-back period. In the past, people used to be able to give away assets to qualify for this benefit without any type of waiting period or penalty.
Now, you have to complete all divestitures at least three years before you apply for the Aid and Attendance Pension.
2024 VA Aid and Attendance Pension Rates
A single veteran who is eligible for this pension can receive as much as $27,609 a year. For a veteran with a spouse or another dependent, the maximum benefit is $32,729.
If two veterans who are married to one another both qualify for the Veterans Aid and Attendance Pension, they could receive a max benefit of $43,791 per year.
We Are Here to Help!
This benefit can increase your comfort level if you are a veteran, and Medicaid is a government health insurance program that will cover long-term care costs for all Americans.
We can help you understand these programs as you develop a plan for aging that will provide you with peace of mind. If you are ready to get started, you can schedule a consultation at our Westport or Glastonbury, CT elder law offices if you call us at 860-548-1000.
There is also a contact form on this site you can use to send us a message, and if you reach out electronically, you can expect to receive a prompt response.
