Are you a veteran? Or the surviving spouse of a veteran? The Aid & Attendance (A&A) increased monthly pension can be a significant benefit if you meet the service and financial eligibility criteria and if he or she meets one of the following conditions as outlined by the Veteran’s Administration:
- You require the aid of another person in order to perform personal functions required in everyday living, such as bathing, feeding, dressing, attending to the wants of nature, adjusting prosthetic devices, or protecting yourself from the hazards of your daily environment
- You are bedridden, in that your disability or disabilities requires that you remain in bed apart from any prescribed course of convalescence or treatment
- You are a patient in a nursing home due to mental or physical incapacity
- Your eyesight is limited to a corrected 5/200 visual acuity or less in both eyes; or concentric contraction of the visual field to 5 degrees or less
However, those who are considering applying for Aid & Attendance should act quickly as new rules and regulations will soon be requiring stricter income and asset limits. The new rules will also impose a look-back period and transfer penalties. It has not yet been reported IF and WHEN the new rules will come into effect, but there will be a number of changes that will make the process of applying for Aid & Attendance much more difficult. The proposed regulations set forth the following:
- Asset limit of $119,220, including both applicant’s assets and income.
- Applicant’s house will not count as an asset, but there will be a two-acre limit that can be excluded.
- There will be a three-year look-back period.
- There will be a penalty period of up to ten years for assets transferred within three years of applying.
The new proposal can be read in detail at the following, https://www.federalregister.gov/articles/2015/01/23/2015-00297/net-worth-asset-transfers-and-income-exclusions-for-needs-based-benefits.
In order to bypass the new rules and regulations, those considering applying for benefits should act immediately. An elder law attorney can assist you in navigating the process. November is Military Month at Tully Law, P.C. and we are offering a 17.75 % Discount for Active-Duty and Retired Veterans on all Planning and Medicaid Fees.