As you plan for your twilight years you have a lot to keep in mind from a financial perspective. Nobody wants to expect the worst, but it may be a good idea to prepare for it while expecting the best. With this in mind, there are those who pass away suddenly without showing any signs of advanced illness, but the reality is that most of us are going to experience a gradual decline.
At some point in time you may find it impossible to take care of your day to day personal needs for yourself, and the costs of assisted living facilities and nursing homes are quite high and getting higher. Under certain circumstances Medicaid may be of assistance, but most people would prefer to remain totally solvent throughout their lives.
One resource that is available to many veterans that can help to defray the high costs of long term care is the Veterans Aid and Attendance Pension. This benefit should not be confused with the retirement pension that veterans receive after completing a minimum of two decades of service. Veterans A & A is something entirely different, though people who are receiving a retirement pension may be eligible to receive this benefit as well.
This benefit is intended to assist veterans who need help with their basic physical needs, like bathing, eating, getting dressed and undressed, etc. The length of service requirement is very modest. If you have served at least 90 days on active duty with a minimum of one of them being during a time of war, you meet the qualifications. A single veteran who is eligible for the Veterans A & A Pension can expect to receive up to $1,632 each month, and this can be used to help cover in-home care as well as assisted living facility or nursing home expenses.
Veterans A & A eligibility can have a significant impact on your long term planning. If you think you may qualify, it would behoove you to contact the Veterans Benefits Administration to obtain detailed filing information.
