Senior living is important to let you achieve a much more enriching retirement. From receiving specialized care for your medical needs and getting ongoing support for daily living activities to having the opportunity to participate in a wide array of community events, retiring in a senior living community lets you lead a content and worry-free lifestyle. Find out more about the different veteran benefits that can help you to finance your senior care program.
Financing Senior Living
Paying for senior living is often perceived as a challenging feat to take on by many older adults. However, are you aware that there can be more financial aid options available than you realize? If you are a veteran and are seeking an ideal financial option to fund senior living, you may qualify for thousands of dollars in government aid without even being aware of it. In the United States, there are millions of veterans but only a few of them are aware that they may qualify for the government-funded pension benefit. This benefit is designed to aid veterans along with their spouses supplement their senior living costs. It can be used to cover services like assisted living, in-home care, skilled nursing, and more.
The VA pension is one of the more widely known benefit programs. It offers supplemental income to veterans in the United States along with their families. The income is facilitated through the Survivors Pension benefit and Veterans Pension programs. There are certain requirements that need to be fulfilled in order to qualify for the VA Pension. A veteran typically needs to have served a minimum of 90 days of active duty, with at least a single day during a period of wartime. If you had served after September 7th of 1980, you must have at least served for a period of 24 months with at least one day during a period of wartime.
On top of these requirements, you must be:
- At least 65 years of age OR
- Fully or permanently disabled OR
- A nursing home patient or receiving skilled nursing care OR
- Getting social security insurance OR
- Getting supplemental security income
Lastly, your annual family income cannot be more than the amount set by Congress.
Aid and Attendance and Housebound
If you do not qualify for VA Pension, you might still be eligible for a monthly payout under the Aid and Assistance or Housebound benefit schemes. They were designed to assist veterans to cover costs that are associated with healthcare which is facilitated in a nursing home or an assisted living community.
Aid and Attendance:
You can qualify for the Aid and Attendance allowance if you fulfill one of the conditions below:
- You need assistance with daily living activities such as feeding, grooming, dressing, cooking, toileting, and mobility.
- You are bedridden as a result of disabilities.
- You are a nursing home patient due to a physical or mental incapacity.
- Your eyesight is limited to a corrected 5/200 visual acuity or lower in both eyes, or 5 degrees of concentric contraction of the visual field.