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Pension Benefits For Veterans

Learn How To Qualify For Full Benefits While Protecting Your Home & Assets From A Forced Spend Down. Pension Benefits For Veterans. 3 Types of Benefits. Improved Pension Housebound Aid & Attendance. Improved Pension. What is it?

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Pension Benefits For Veterans

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  1. Learn How To Qualify For Full Benefits While Protecting Your Home & Assets From A Forced Spend Down Pension Benefits For Veterans

  2. 3 Types of Benefits • Improved Pension • Housebound • Aid & Attendance

  3. Improved Pension What is it? • It is a pension paid to a claimant who is permanently and totally disabled

  4. Improved Pension Who Is Eligible? • Must be at least 65 years of age • Reside in a Nursing Home or • Determined to be disabled by the Social Security Administration • Served at least 90 days of active duty with at least 1 day during war time • Any discharge other than Dishonorable • Must meet income requirements • Must meet asset requirements

  5. Improved Pension How Much Is The Benefit? • The Maximum Annual Pension Rate ("MAPR") for a single veteran is $11,830.00 per year ($985.00 per month) • For a surviving spouse $7,933.00 per year ($661.00 per month)

  6. Housebound Pension What is it? • The Housebound monthly pension applies to a claimant who is substantially confined to a home or institution or immediate premises due to a disability which is reasonably certain will remain throughout his or her lifetime 

  7. Housebound Pension Who Is Eligible? • Served at least 90 days of active duty with at least 1 day during war time • Must meet income requirements • Must meet asset requirements • Claimant must violate at least 1 activity of daily living ("ADL“)

  8. Housebound Pension List of ADLs: • Inability to dress or undress • Inability to keep oneself clean and presentable • Frequent need of prosthetic adjustment • Inability to feed oneself • Inability to toilet • Incapacity (physical or mental) which requires care or assistance on a regular basis, or being bedridden A perfect example of a housebound claimant would be an individual able to dress, feed, and bathe himself or herself (perform the ADLs), but unable to drive or leave the home without assistance

  9. Housebound Pension How Much Is The Benefit? • The Maximum Annual Pension Rate (“MAPR”) for a single veteran is $14,457.00 per year ($1,204.00 per month) • For a surviving spouse $9,696.00 per year ($808.00 per month).

  10. Aid & Attendance Pension What is it? • The A&A pension applies to a claimant who is so helpless that he or she requires the aid and attendance of another person in order to perform two or more ADLs.  A person in a nursing home, or who is blind, generally meets the A&A criterion

  11. Aid & Attendance Pension Who Is Eligible? • Served at least 90 days of active duty with at least 1 day during war time • Must meet income requirements • Must meet asset requirements • Must be deemed totally and permanently disabled

  12. Aid & Attendance Pension How Much Is The Benefit? • The Maximum Annual Pension rate (“MAPR”) for a single veteran is $19,736.00 per year ($1,644.00 per month) • For a surviving spouse $12,681.00 per year ($1,056.00 per month)

  13. Aid & Attendance Case Study: Single Surviving Spouse • Mrs. Smith: age 81 • Total Countable Resources: $185,000 • Monthly Income: $1,436.00 • Currently resides in Assisted Living Facility

  14. Aid & Attendance Case Study: Single Surviving Spouse Problem: • Assets too high to qualify for Aid & Attendance Pension • Unreimbursed medical expenses of $3,552.00 • $3,552 minus monthly income of $1,436 leaves a shortfall of $2,116.00

  15. Aid & Attendance Case Study: Single Surviving Spouse Solution: • Reduce Mrs. Smith’s assets from $185,000 to $30,000 • Leaves a spend down amount of $155,000 • Reduce spend down amount further by rearranging $40,000 from the $155,000 into an income annuity making it an uncountable resource • Set up a gifting Trust for the remaining $115,000 to protect from a forced spend down

  16. Aid & Attendance Case Study: Single Surviving Spouse The Results: • Mrs. Smith now meets all of her Assisted Living expenses for 36 months • She now qualifies to receive an Aid & Attendance benefit of $48,576 • Her monthly income increased from $1,436 to $2,492 • In just 5 years, her trust fund grew from $115,000 to $136,584(assuming a 3.5% rate of return)

  17. Aid & Attendance Case Study: Veteran & Spouse • Mr. and Mrs. Smith: age 81 and 80 • Total Countable Resources: $160,000 • Monthly Income: $3,618.00 • Mr. Smith currently resides in Assisted Living Facility • Assisted Living Cost: $2,875.00 • Health Insurance: $435.00

  18. Aid & Attendance Case Study: Single Surviving Spouse Problem: • Poor cash flow: $308/month • Unreimbursed medical expenses of $3,310.00

  19. Aid & Attendance Case Study: Single Surviving Spouse Solution: • Reduce assets from $160,000 to $30,000 • Leaves a spend down amount of $130,000 • Reduce spend down amount further by rearranging $40,000 from the $130,000 into an income annuity making it an uncountable resource • Set up a gifting Trust for the remaining $90,000 to protect from a forced spend down

  20. Aid & Attendance Case Study: Single Surviving Spouse The Results: • Mr. Smith meets all of his Assisted Living expenses for 36 months • Mrs. Smith now qualifies to receive an Aid & Attendance benefit of $1,641.00/month • In just 5 years, the gifting trust fund grew from $90,000 to $106,892 (assuming a 3.5% rate of return)

  21. Next Steps • Fill out Aid & Attendance Qualification Worksheet • Schedule a 30 minute consultation to review eligibility • Apply for benefits!

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