Aware Senior Care Blog
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On September 18, the Veterans Administration (VA) published new rules that make it more difficult to qualify for this important benefit, including the addition of a 3-year look back period.For example, any gifts that you made in the past 36 months, either to a family member or to an irrevocable trust, would be penalized. Likewise, an investment in an annuity would also be penalized. This means you could be prohibited from qualifying for VA pension benefits for up to 5 years, depending on the amount of the gift.
There are other requirements to the new rules, but the above are the most impactful to your case if you still wish to pursue these benefits, which would provide a cash benefit to help defray your cost of care.
Good news there is still time…
You can still get under the old rules where there is no penalty for making gifts or transferring funds to a VA Asset Protection Trust BUT YOU MUST ACT QUICKLY! The new rules go into effect on October 18, 2018, and you must have ALL planning done and ALL transfers completed by October 17, 2018.
Who is this for?
This benefit may be applicable if you are:
- Either a veteran of World War II, Korean War, or Vietnam War, or the surviving spouse of a veteran that served during World War II, Korean War, or Vietnam War and,
- Are over the age of 65 years of age (or will turn 65 before 10/18/2021); and
- If you (or your spouse) needs long-term care or ongoing care-giving assistance or may need long-term care or care-giving assistance within the next 5 years.
We recommend you do this AS SOON AS POSSIBLE since the new 3-yr. look back goes into effect October 17, 2018.