There are an estimated 23.5 Million Veterans in the United Statesapproximately 8% of the population (www.Veterans-Express.com).
In particular, there are 9 Million Veterans age 65 or older, many of them battling chronic illnesses that can be an enormous financial drain on retirement funds. The availability of retirement funds for families to live on has greatly diminished over the past year. This is mainly due to increasing healthcare costs and the recent market decline affecting many investment and retirement accounts. Not to mention that some seniors are now outliving their retirement accounts due to retirement planning that did not account for the longer expected lifespan. How is a Veteran to afford home or facility care in their time of need?
The U.S. Department of Veterans Affairs (VA) offers an Aid and Attendance Pension Benefit for qualified Veterans that can provide up to $1,949 per month for a Veteran and his/her spouse to help pay for home or facility care. Qualified surviving spouses of veterans that were still married at the time of the Veterans passing may qualify for up to $1,056 per month for home or facility care. A single qualified Veteran may receive up to $1,644 per month for home or facility care. An application process is required before benefits can be granted as well as meeting various qualifying factors. For example, a home or facility type of care must be through a licensed agency not by an individual.