You Have 2 Weeks to Preserve VA Benefits!

Interim HealthCare Blogs
Posted: 10/1/2018 9:15 AM by Interim HealthCare
Filed under: aid and attendance, elder law, veteran's benefits,

A looming lookback period could cost families thousands in VA benefits.

And you only have 2 weeks to avoid it.

The Veterans Aid and Attendance Benefit is a little-known and vastly underutilized program that allows veterans and qualifying dependents to receive professional assistance for daily tasks.

If you require help to eat, bathe, dress, are bedridden, face mental or physical challenges that interfere with your ability to perform basic tasks, or have limited vision, you may be entitled to assistance from this program.

On October, 18, 2018 new changes to eligibility requirements will kick and cut off eligibility for many. 

Key changes to the eligibility requirements include:

For details on specific regulation changes, please see Net Worth, Asset Transfers, and Income Exclusions for Needs-Based Benefits.   For a brief overview of the current program, please click here.
 
  • The addition of a $123,600 (2018) baseline net worth limit to establish a consistent baseline to verify that a claimant qualifies for the Benefit and decrease the time needed to process applications.
 
  • The implementation of a penalty period.  Claimants who transferred assets during the look-back period can be denied benefits for up to five years.
 
  • Liquefiable annuities will be included in the new look-back and penalty periods. Any assets moved to an annuity during the three-year look-back period can incur a penalty period.
 
  • The implementation of a look-back period. Under the new regulations, claimants cannot have transferred assets within the previous three years. An exception to this regulation does allow for transferring assets into a trust that benefits a disabled child. 

What does this all mean for you?

If you've been considering applying for Aid and Attendance Benefits – or need the assistance but weren't previously aware of the program – you have a limited amount of time to complete any necessary asset transfers before the new regulations are enacted.

So, if you are not already in the process of converting your assets to a VA approved level, you may want to contact an experience Elder Law Attorney for more information on how to begin.

In the Louisville area, call as at (502) 442-2480 and we'll let you know who you should go to.

We've had a number of clients work with local lawyers and can help you figure out who does a great job and who doesn't.

If you would like information on how Interim Healthcare can help you make the most of the benefits that you qualify for, please don't hesitate to contact us.

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