Act Fast! New Rules for Aid & Attendance Benefits Could Affect You
New proposed laws to file for Aid and Attendance are expected to be enacted no later than September 2016. If you or your loved one needs help paying for assisted living facilities or in home care act fast before it becomes more complicated. Aid and Attendance is a tax-free benefit for our veterans and their spouses that helps pay for long term care and assisted living facilities. This includes people whose monthly medical bills are larger than their income and people who are already receiving Medicaid. The basics to qualify are that the veteran served during a certain time of conflict; they did not have to be injured during the conflict. The individual also needs to have help with daily living activities such as bathing or preparing meals. Our veterans have earned this benefit. Let us get the help that they deserve and keep a good quality of life for them. See our Aid and Attendance page to answer all of your questions or fill out the eligibility form to find out right away if you qualify. Below are the proposed new rule changes to file for Aid and Attendance starting January 2016:
A new three-year A&A look back on transfer of assets to:
• An annuity
• A Trust
• Another individual
If a VA applicant has transferred assets within the last 3 years and does apply for A&A benefits they are subject to up to a 10 year penalty before benefits could begin.
How Many Assets Can You Have to Receive Aid and Attendance?
An exact amount of allowable asset levels for A&A benefits:
• Tied to the Community Spouse Resource Amount (CSRA) which is currently $119,200
• One year’s household income amount is included in the calculation
• The cost of out-of-pocket medical care may be added to the calculation
Example: An applicant with a household income of $30,000, assisted living costs of $40,000, and assets of $120,000 would qualify for the benefit.
The VA applicant’s home value is excluded. However if the applicant sells their home the proceeds are added to the asset calculation. Therefore the applicant could lose the award.
What does this mean to you?
The public comment period has ended and the VA has discretion in it’s next step. They could implement the proposed rule change any time in the future, near or long term. Don’t delay if you’re considering applying for the benefit, so you can take advantage of the current eligibility requirements.
Contact Us Now to Help you File for TAX-FREE Aid and Attendance Veteran’s Benefits 888-775-7743