Turning to the financial test in VA eligibility planning, there is much confusion in this area.
Unlike the VA Compensation program, whose eligibility tests focus on a veteran’s degree of disability and whether or not it was connected to his or her service to our country, the Pension program also focuses on the veteran’s income and assets.
Effective October 18, 2018, the VA made dramatic changes to the financial eligibility standards. Due to their complexity, they cannot be set forth in this short post. Suffice it to say, the new rules have for many made planning more difficult thus making benefits available to fewer veterans and their spouses.
Despite its twists and turns, the VA Pension benefit can be of critical assistance in helping families cope with the high costs of care for the elderly with benefits that can exceed $2,400 per month.
While many VA clients who initially contact our office do not immediately qualify for these critical benefits, working together, we undertake an effective and lawful series of steps to help them achieve eligibility. In the next part, we will focus on some of these strategies.
WARNING: This Primer series is for educational purposes only and is only a general discussion of the topics. It is not a substitute for personalized legal advice based upon one’s individual circumstances and goals. For such advice, seek the counsel of an experienced and qualified elder law attorney accredited to practice before the VA.