Did you know that veterans and their surviving spouses are entitled to certain benefits when it comes to funding senior living? As the veteran population ages and their health risks change, you will be glad to know that you can tap on veteran benefits to pay for the care you need. Read on to find out more about the sources of funding you can make use of!
VA Aid & Attendance Benefits
If you qualify for VA Aid & Attendance (A&A) benefits, you will be given an additional sum on top of your monthly pension. You must meet one or more of the below criteria in order to qualify:
- You are bedridden or resident in a nursing home.
- You require assistance with daily living tasks such as dressing, bathing, grooming, and more.
- Your eyesight does not exceed 5/200 in both eyes.
You may also qualify for Housebound benefits if you are unable to leave your house (except for necessary medical appointments and errands) due to a permanent disability.
VA Disability Compensation
As a veteran with a service-connected disability, you are entitled to a tax-free disability compensation. However, keep in mind that you will need to apply to receive these benefits – you do not automatically qualify just because you had sustained an injury during service.
During the evaluation, your disability will be given a rating between 0 to 100%. The higher the rating, the more severely your daily life is impacted by this ability. This rating will influence the amount of compensation you receive as well as how much you pay for VA healthcare services and what programs you are eligible for.
VA Long-Term Care Services
Under VA medical benefits, enrolled veterans can receive a geriatric assessment, after which they are eligible to receive care according to their needs. This includes skilled home care, respite care, or adult day healthcare. If you are looking to retire in a nursing home or residential community, there are different eligibility criteria you need to meet.
When you apply for VA services, your income and service-connected disability will be taken into account to determine if you are required to make any co-payments. To apply for VA long-term care, you need to already be enrolled in VA health benefits, which is also known as the Standard Medical Benefits Package.
Long-Term Care Insurance
You may find that VA benefits can cover some of the costs of senior living; however, this is rarely fully absorbed. To this end, you can tap on other sources of funding to pay the remainder, including your personal funds, Medicare benefits as well as long-term care insurance.
There are many different long-term care insurance plans on the market, and you will benefit from doing your due diligence and choosing wisely. Depending on the coverage, you can expect it to pay for long-term care for a pre-set number of years. It is advisable to purchase long-term care insurance early as premiums go up with age and any medical condition(s) you have at the time of purchasing the policy.