VA Policy Change for Older Veterans Seeking Long-term Care

VA Policy Change for Older Veterans Seeking Long-term Care

he Veteran’s Administration has announced a policy change that will soon affect all older Veterans and their spouses. This policy change goes into effect on October 18, 2018, and it will make it more difficult to qualify for benefits.

Many people aren’t aware that an annual tax-free benefit of up to $26,036 exists for senior Veterans and their spouses. This benefit helps pay for long-term care.

The Veteran or spouse must meet certain criteria:

  • Aged 65 or older
  • Served during a period of war
  • Have difficulty performing daily living tasks (such as bathing, dressing, toileting)
  • Meet certain financial requirements

Starting on October 18th, the VA will be imposing a three year look-back period on asset transfers and gifts, making it more difficult for many seniors to qualify for these benefits. Any transfers after October 18th will be subject to a penalty period lasting up to five years, during which you would be ineligible for benefits. Assets transfers before October 18th will not be subject to this penalty period.

If you or your family currently needs or will need long-term care within the next five years, it is critical that you act now, before the new rules take effect on October 18th. Proper planning with our office will allow you or your loved one to meet the VA’s income and asset limits without being forced to spend down all of your hard-earned savings.

We specialize in educating and helping you protect what you have for the people you love the most.

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