Updated Veterans Pension Rates for 2022

veterans pension

Veterans make sacrifices that other people do not, but they also qualify for some benefits that are only available to former servicemembers. One of them is the Veterans Pension, and in this post, we will share information about the new 2022 rates for the different classifications.

Length of Service Requirements

The Veterans Pension is not to be confused with the retirement pension that servicemembers become eligible for after 20 years of duty. This pension is available to some veterans that are 65 years of age or older, and younger permanently and totally disabled veterans can qualify as well.

If you are a veteran and your active duty started prior to September 8, 1980, the length of service requirement is 90 days of active duty with at least a day served during a time of war.

The requirement is 24 months or the completion of the tour for those that joined after this date, and there is the one-day wartime service stipulation.

Need-Based Benefit

The VA Veterans Pension is designed for people that have some level of financial need, so there are asset and income limits. If your income exceeds the limit, you are not necessarily precluded from eligibility. You may still be eligible for a reduced benefit depending on your income level.

There is also a net worth limit, but it does not include the value of your home and one motor vehicle. In 2022, this limit is $138,489. If you are married, this figure includes your spouse’s assets, and their income is also counted.

Prior to October of 2018, there was no specified limit; determinations were made on a case-by-case basis. At that time, a three-year look back period was established as well.

The VA will look at your financial history going back three years looking for divestitures at less than fair market value. If you violated the look back, your eligibility will be delayed.

Before the look back period was implemented, someone could give gifts to their loved ones today and qualify for the Veterans Pension right away, so this was a significant change.

2022 Veterans Pension Rates

There are three different designations that fall under the umbrella of the Veterans Pension. The standard variety is for veterans that are not disabled. There is a Housebound designation that is self-explanatory. The Aid and Attendance version is for veterans that need help with their day-to-day needs.

A single veteran that is eligible for the standard Veterans Pension can receive up to $14,753 if they have no dependents. If there is one dependent, the figure rises to $19,300. It goes up by $2523 for each additional dependent.

For single veterans that are eligible for the Housebound Benefit, the top annual benefit is $18,029. An eligible former servicemember with one dependent can receive as much as $22,596, and the same $2523 is added for each additional dependent.

The max Aid and Attendance benefit for a single vet is $24,610 in 2022. It goes up to $29,175 when there is one dependent, and the there is no difference in the amount that is tacked on for each dependent.

Attend an Upcoming Seminar!

Would you like to obtain more information about estate planning directly delivered by a licensed attorney in a very comfortable, upscale environment? We are offering complimentary seminars to members of our community, and this is a great way to make an initial connection.

You should definitely take advantage of one of these opportunities, and you can see the dates and obtain more information if you visit our seminar schedule page.

Ready to Take Action?

Learning is great, but at some point, it is time to work with an attorney to put a plan in place. If that time is now, you can schedule a consultation at our estate planning offices in Glastonbury or Westport, Connecticut if you call us at 860-548-1000.

There is also a contact form on this site you can fill out to send us a message, and if you reach out electronically, you will receive a prompt response.

Latest posts by Barry D. Horowitz, Estate Planning Attorney (see all)

Source link