“Act Fast!
Veterans benefit proposed look back is here!
New Rules for Aid & Attendance Benefits Could Affect You”
New rules affecting eligibility for Aid and Attendance are here. Effective, October 18, 2018, If you or your loved one needs help paying for assisted living facilities or “in home” care act fast before it becomes more complicated and restrictive.
Aid and Attendance (technically called Pension with Aid and Attendance) is a tax-free benefit for our veterans and their surviving spouses that helps pay for long term care and assisted living facilities. This includes people whose monthly medical bills are larger than their income and people who are already receiving Medicaid Diversion. The basics to qualify are that the veteran served during a certain time of conflict; they did not have to be injured during the conflict. The individual also needs to have help with daily living activities such as bathing or preparing meals.
What’s changed? Plenty! In an effort to have VA benefits look more like Medicaid there will now be:
A new three-year (36 month) look back on transfer of assets.
A penalty period (disqualification period) of up to 5 years for transfers (this part is particularly punitive)
Assets to be retained is identical to the Medicaid Community Spouse Income Allowance – $123,600. HOWEVER THE ASSETS INCLUDE INCOME SO IF YOU THINK YOU FOLLOW THE MEDICAID RULES, THINK AGAIN!
There is still a medical expense deduction of income but what does and does not constitute a medicaid deduction is very specific,There’s more, of course. And if you’re not a lawyer, be glad you don’t have to read it!
What does this mean to you? Our veterans have earned this benefit. Let us get the help that they deserve and keep a good quality of life for them. See our Aid and Attendance page on our website to answer all of your questions and come in before it’s too late to do your planning!
