There is a Veterans Administration benefit that many people have not heard about, and it is relevant to us as elder law attorneys. In addition to the retirement pension that veterans are entitled to after 20 years of service, there is the Veterans Pension.
This benefit can come in handy when you are an elder, and we will look at the updated 2022 Veterans Pension details in this post.
Eligibility Requirements
The length of service eligibility requirement will depend on your years of service. If your active duty stint began before September 8, 1980, you can potentially be eligible if you served for at least 90 days with one day beginning or ending during a time of war.
If your duty began after this date, you need 24 months or the completion of your agreed-upon tour of duty, with the one day during a time of war requirement.
This benefit is for senior citizens and disabled veterans, so you can qualify if you are 65 years old or permanently and totally disabled. If you are receiving Social Security Disability Insurance or Supplemental Security Income, you can be eligible for the Veterans Pension.
Financial Requirements
The Veterans Pension is earmarked for former service members that have some level of financial need. As a result, there is a net worth limit, and it stands at $138,489 in 2022. Your income is also taken into consideration when your benefit eligibility is being determined.
Some assets that you may have in your possession are not countable, and your home is one of them. One motor vehicle is exempt, and the VA does not count possessions that you would not bring along if you were to move to a different place of residence.
2022 Base Veterans Pension Rates
A single veteran that qualifies for this benefit can receive as much as $14,753 a year. A qualified veteran with one dependent can be entitled to $19,320 annually. If you are qualified and you have more than one dependent, your benefit would be increased by $2523 per dependent.
There is also a Housebound Veterans Pension designation. A single housebound veteran can qualify for $18,029 a year, and the figure rises to $22,596 for a former service member with a dependent.
Eligible people that require assistance with their day-to-day living activities can qualify for the Aid and Attendance Veterans Pension designation. The max benefit for a single person is $24,610 a year, and it goes up to $29,175 for veterans with one dependent.
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