There are over 18 million veterans in the United States. Almost 1 out of every 10 Americans has served in the military. These people represent critical moments in our history—from World War II to the Global War on Terrorism. Even the most recent conflict has veterans who have aged out of military service or have reached retirement.
Because of their service, there are numerous benefits available to them. This includes everything from the former Montgomery GI Bill and Post-9/11 GI Bill for educational assistance through federally-backed home loans through Veterans Affairs that don’t include PMI.
As valuable and advantageous as they are, it is essential to remember that there are additional benefits available to you as you age.
Additional Retirement Money
Though the nature of a military retirement and how it gets paid has begun to change, that is still relatively new. In other words, the significant majority of veterans who retired through the military receive pensions.
For the veterans receiving them, there are ways in which your monthly pension could increase. Veterans who meet one or more of the following criteria may be eligible to receive additional money from a program called Aid & Attendance (A&A):
- Confined to a bed due to an illness
- Veterans who need assistance to live and function
- Veterans who live in a nursing home because of being disabled
- Possessing corrected 5/200 (or less) in both eyes
The other way in which a veteran can receive additional money after retirement is through Housebound benefits. Because many of the people who apply or receive A&A may be confined to a home or a nursing home, it is easy to get it confused with the Housebound program.
To be eligible for Housebound benefits, you will be confined to your home because of a permanent disability. Because of how close they are, you cannot apply for both. Receiving one makes you ineligible for the other.
What You Can Receive
Both of these programs are “add-ons” in the sense that money gets added to your pension. Due to Cost of Living Adjustments (COLAs), the amount you receive is not set. It may increase because of inflation.
However, there are maximum benefits allotted to veterans. Veterans fall into one of three categories:
- Single/no dependents
- Married
- Or you are a surviving spouse
Additional dependents will add to your total. The maximum benefit allotted for people within the Aid & Attendance programs is higher than those receiving Housebound benefits.
Kevin Tharpe, P.C.
If you have additional questions about veterans benefits, choose the firm that is experienced with estate planning and elder law. Your service was important to our country, and it is important to us as well. Contact J. Kevin Tharpe, P.C., to schedule your consultation.
Kevin Tharpe
Latest posts by Kevin Tharpe (see all)
- Key (Future) Changes To Estate Taxes - April 15, 2024
