The number of elderly veterans keeps on increasing annually. There are over 9.3 million armed service veterans who are of retirement age. The burden of today’s retired veterans is served in the era of Vietnam. Out of the 9.3 million, 4.8 million veterans are retired. Others will be already retired in six years. This notwithstanding, no matter the period you served, there is a high possibility that you took advantage of the training resources, education programs, and searching for a job that was suitable for all ages. In case you are a veteran that is approaching the retirement age, you should have known a host of resources that will help you when you leave your work.
Supplemental Income for Wartime Veterans
The Department of Veterans Affairs provides an extra income for wartime veterans, using the pension benefit. For you to qualify for this qualification, you must have served at least 90 days of being active in duty. In case you joined the active duty phase after September 7, 1980, this requirement extends to 24 months. Sometimes, it may require you to be active with at least a day being productive during the wartime. You should have attained 65 years or be a registered member that is receiving Social Security Disability Insurance or Supplemental Security Income. Another qualification is that you should be receiving skilled care in a nursing home or be disabled.
If you have a parent or a spouse that served during the wartime, you qualify to be in the survivor’s qualification pension. This compensation is for the unmarried children, widowers, and widows who have not remarried. If you are the deceased, you should have been a discharged veteran that served at least 90days of active service, with a day during the wartime. For children,
- You must be below 18 years.
- Under 23 when attending a VA-approved school.
- A child should be permanently incapable of self-sustenance due to childhood disability.
The pensions are based on an annual family income that should be under the required amount Congress has to determine you to qualify.
Additional Monetary Benefits for Veterans
If you are eligible for the veterans’ pension, you also qualify for extra monetary benefits. The housebound benefits boost your monthly retirement which figures out if your disability is permanent and if it limits you to the immediate premises. The Aid and Attendance pension compensates for the veterans who are residing in nursing homes, or bedridden, and need help when carrying out their daily activities.
Life Insurance Policies For Veterans
After assessing your life insurance, you should have known the coverage breadth you need and is available. The assessment will help you in choosing the insurance company that suits your needs perfectly.
Service Members’ Group Life Insurance
The Servicemembers’ Group Life Insurance (SGLI) is a cost-effective insurance term that is automatic for majority of active-duty servicemembers and for veterans that have performed for a year with the National Guard or Ready Reserve. For this coverage, you can extend it to the point that is convenient for you. If you are incredibly disabled, during separation, you can extend this coverage.
Veterans’ Group Life Insurance (VGLI)
With the Veterans’ Group Life Insurance, your SGLI can be easily converted to a civilian program of a lifetime renewable term coverage after being separated from the service.
How Do Veterans Benefits Help Families Pay for Senior Care
Depending on the veteran’s care that requires financial status, the Aid and Attendance benefit can offer you approximately $2,170 or more. The money can be directed towards settling the bill of the cost of assisted living and other types of senior care. This benefit is however limited to qualified veterans or living spouses aged 65 years. However, some eligibility factors should be considered. They include:
- An honorable discharge
- A documented medical appeal that requires daily help
- Service provided during wartime
- A monthly income and assets that are below the set limit of the VA
Assisted Living Costs
Assisted living costs are different, and they depend on the following factors.
- Size ofthe apartment whether a studio or an apartment.
- Type of residence
- The geographical location of the community
- Types of services you need
The charge rate is mostly determined by the amount that covers all the services, together with the additional fee for special services.