More Benefits for War Veterans
Details for Vets
The Financial Advisor brings to light a little known benefit for veterans of World War II, Korea, Vietnam and the Gulf War and their surviving spouses that could be a financial lifesaver for many of our veterans.
The Veterans Aid and Attendance Benefit was created in 1951 and enhanced in 2001. Funded by Congress, it is a pension for non-service related disability that can help pay for in-home care, nursing homes, assisted living facilities and independent living communities.
The pension can provide up to:
To be eligible for this pension, a veteran must have served at least 90 days of active duty, received a discharge other than dishonorable and be over the age of 65.
- $2,540 per month for two married veterans
- $1,949 per month for a veteran with a dependent or spouse
- $1,644 per month to a veteran
- $1,056 per month to a surviving spouse
According to the latest data, only one percent of the approximately 15 million eligible veterans have applied for this pension. To date, Congress has allocated over $3 billion to the program.
Application must be made through the U.S. Department of Veterans Affairs (www.va.gov), and can take anywhere from four to eight months to be processed. If approved, the benefits are retro-dated back to the application date.