Call Now To Schedule A Complimentary 15-minute Phone Consultation (248) 800-2548
It is a challenge to keep up with US Military benefits as they are always changing, and many veterans miss out on what can be life-changing aid. Many wartime veterans receive a disability pension due to injury. But did you know that wartime veterans age 65 or more may qualify for a VA Pension without being disabled? The Veteran’s Administration qualifications for this type of VA Pension include:
2020 Family Income Limits (Effective December 1, 2019)
|If you are a…||Your yearly income must be less than…*|
|Veteran with no dependents||$13,752*|
|Veteran with a spouse or a child||$18,008**|
|Housebound veteran with no dependents||$16,805|
|Housebound veteran with one dependent||$21,063|
|Veteran who needs aid and attendance and has no dependents||$22,939|
|Veteran who needs aid and attendance (A/A) and has one dependent||$27,195|
|Two veterans married to each other||$18,008|
|Add for each additional child to any category above||$2,351|
*Some income is not counted toward the yearly limit (for example, welfare benefits, some wages earned by dependent children, and Supplemental Security Income. It is also important to note that your medical-related expenses are considered when determining your yearly family income. *To be deducted, medical expenses must exceed $687 ** To be deducted, medical expenses must exceed $900.
The financial information chart above, published by military.com, is commensurate with the numbers posted on the Veteran’s Administration website. Be aware; there is a look-back period that will determine if you have transferred assets in the three years previous to filing your claim. There would be a penalty period rate of $2,266 if you did move assets for less than fair market value during this period.
The VA will pay a qualified veteran the difference between personal countable family income and the yearly income limit category into which they fall. Payments are made in 12 equal installments per month and rounded down to the nearest dollar. As an example, a single veteran with a $5,000 annual income qualifies for an annual limit of $13,752. Subtracting that veteran’s income from the income limit yields an annual pension rate of $8,752, which translates into a VA monthly pension check of $729.33 or $729.00 rounded down to the nearest dollar value.
The VA website recognizes the following wartime periods that determine if your service was during an eligible wartime period:
In addition to VA pension, wartime Veterans may also qualify for an additional allowance called Aid and Attendance. To qualify medically for VA Aid and Attendance, one of the following must be true:
There are similar benefits available to surviving spouses of wartime Veterans. If you are a wartime veteran or the surviving spouse of a wartime Veteran, we can help you determine whether you could qualify for pension benefits.
While eligible veterans or surviving spouses can apply for benefits on their own through the www.va.gov website, it is advisable to seek the advice of counsel before applying. There may be planning options available to avoid a penalty period and speed up the qualification process. If you would like to explore whether you might qualify for VA pension benefits, please contact our Clarkston, MI office at (248) 800-2548.