Update from the Department of Veterans' Affairs
Are you looking into Veteran's Benefits to help cover assisted living or memory care costs? You may not be aware of recent changes made to VA Pension rules by the Department of Veterans' Affairs. Therefore, we’ve compiled a list of the main differences you need to consider in applying for VA Pension below.
Asset Cap
First of all, there is a "Bright Line" asset cap (Excluding primary home) of $123,000. It used to be up to the VA's discretion, to consider the Veteran's age and health, to determine if they had enough funds to cover their expenses.
Supervision Requirements
This next change affects veterans who need continuous supervision due to dementia or physical
disability, but can perform all their ADL's. These veteran's can now deduct assisted living or memory care expenses from monthly net income. Consequently, they would only qualify for the VA Standard Pension, not the higher Aid and Attendance rate.
Deceptive Asset Transfers
Lastly, the Department of Veterans' Affairs will now conduct a 36-month "look-back" of the applicant's finances. In addition, any assets given away or sold for less than fair market value and that result in an applicant's assets dropping beneath the $123,000 threshold are assumed to have been given away or sold to reduce net worth to qualify and will result in an ineligibility penalty period. Transactions that occurred before October 18, 2018, will grandfather in and are not subject to penalty.
To learn more about the changes and requirements for Veterans Pensions, we encourage you to visit Paying for Senior Care’s website. If you’re looking for assisted living or memory care as a veteran, did you know that Renaissance Village offers veteran discounts? Call today or come in for a tour to learn more about what is available to you.
