VIRGINIA BEACH, Va. — Big changes are in the works for the nation's 20 million military veterans.
In recent days, the Department of Veterans Affairs has published new rules that enhance a vet's capability to qualify for long-term care benefits. However, elder law experts said the changes make things more difficult
The "V.A. Pension Program" provides monthly payments to certain wartime Veterans with financial need and their survivors. To qualify, generally, a veteran must have at least 90 days of active-duty service, with at least one day during a wartime period.
What is possibly at risk is a tax-free $2,170 per month "Aid and Attendance" benefit that assists vets that have a disability that is not service-connected. The benefit can help defray care costs so veterans can get the care they need at home or in assisted living.
"It's a significant re-write," said elder law attorney Andrew Hook. "Continuing to do the planning out would've recommended even 30 days ago would cause significant hardship and problems for them."
The new regulations go into effect October 18 and set a net worth limit of $123,600. That number will include both the applicant's assets and income.
Additionally, under the new rules, any gifts made in the past 36 months, either to a family member or to an irrevocable trust, would be penalized.
Hook Law Center will host a free seminar this Wednesday to explain what these new pension law changes mean to veterans, spouses and their families, to help them plan ahead and avoid impacts to their estate and long-term care plans.
"We owe a duty to our veterans to try and get the word out," said Hook.
The Veterans Benefits seminar is free and open to the public. It's scheduled for Wednesday, October 10, at 10 a.m., at TowneBank, 984 First Colonial Road, Virginia Beach.
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