Veteran’s Financial FAQ
1. How much does it cost to work with a Veterans Financial, Inc.? Nothing. Veterans Financial never charges Veterans, their family members, elder care professionals, or senior living communities/companies. Charging for assistance with any Veteran benefit, including the Aid and Attendance Pension application is a violation of Federal Regulations. Some firms claim that it is legal to charge for assistance prior to filing an application for benefits or for another portion of a senior’s care management plan. This claim is inaccurate.
2. How do I know if I am eligible for the Aid and Attendance benefit?
When you call our toll-free number, a live member of our experienced staff will educate you about the eligibility criteria used by the Department of Veterans Affairs (VA). If you meet the basic criteria, we will encourage you to apply for benefits and provide you with all of the necessary forms and instructions. Unfortunately, until the VA makes an official determination on the application, no one can state with absolute certainty that you are eligible.
3. Is Veterans Financial, Inc. part of the Department of Veterans Affairs (VA) or any other government agency? No. Veterans Financial, Inc. is a private financial services company. We specialize in helping Veteran families plan for the expenses associated with Assisted Living, Home Care, Nursing Homes, or Adult Day Care. This often includes the VA’s Aid and Attendance Benefit.
4. If I don’t use the care provider that referred me to Veterans Financial, Inc., can I still use your services? Yes. Veterans Financial has worked with more than 5,000 Assisted Living Communities, Nursing Homes, Home Care Agencies, and senior industry referral services. Regardless of who refers you to Veterans Financial, we will assist you at no cost.
5. How does Veterans Financial, Inc. get paid?
Veterans Financial is a private financial services company. There is no charge for the assistance we provide. Some Veterans or surviving spouses of Veterans that want to apply for the Aid and Attendance benefit are ineligible because of net worth. These families may become eligible for the benefit, but to do so they must enact appropriate financial planning. If we help these families, Veterans Financial is paid by the institutions where the Veteran or surviving spouse deposits their assets. In other cases, family members come to Veterans Financial for long term care insurance to ensure they can afford care when it becomes necessary. Veterans Financial is paid by the insurance company for establishing the policy. Everyone who calls Veterans Financial receives first-class support regardless of whether they require financial planning or not.
6. Does Veterans Financial, Inc. speak in public forums such as seminars or workshops?
Yes. Veterans Financial gives educational presentations for public and professional groups. Veterans Financial agents present more than 600 workshops in 32 states every year. The most requested topic is the Veterans Administration Aid and Attendance Pension Benefit. We often speak at Assisted Living Communities, association meetings, and events geared toward seniors, senior living, and Veterans. We do not charge for these speaking engagements or for our marketing support.
Veteran’s Benefits FAQ
Q: How much money can I have and still be eligible for VA benefits?
A: The VA’s code states “The decision as to whether a claimant’s net worth is excessive depends on the facts of each individual case.” Adjudicators will decide based on income, monthly care expenses, age, and the type of assets when determining “how much is too much.” Some online sources state that $80,000 is the limit, however Veterans Financial has years of experience that proves it is subjective.
Q: What if I can’t afford care without being awarded Aid and Attendance benefits, what can I do?
A: If you intend to start receiving care within a short period of time after submitting your application, the care provider you intend to use must provide documentation stating what your expenses will be. You should then submit your application to the VA who will either deny the claim because of excessive income or award the benefit, however, the VA will not pay out anything until medical expenses are incurred. An explanatory cover letter to the VA explaining your circumstances mailed along with your application may help your case.
Q: How long does it take to be awarded benefits?
A: Typically benefits are awarded is three to six months, however some applications are approved much faster and others take longer. Our experience shows that applications submitted from January through May are processed more slowly than applications submitted in other months, because the VA re-certifies pension recipients between January 1 and March 1 each year. Once benefits are awarded, the VA pays retroactively back to the first of the month following the VA’s receipt of the application.
Q: Am I eligible for Aid and Attendance benefits if I am already receiving Compensation or the Dependency and Indemnity Compensation (DIC) benefit?
A: Compensation recipients may apply for Pension, but you will only receive the greater of the two benefits. Typically, if a Veteran is rated between 10-80% disabled, it makes financial sense to apply for Pension with Aid and Attendance. If you are receiving more than that, you are most likely receiving all that is available, however, there is no harm in applying. If you are receiving DIC benefits, you can only receive an additional $306 per month when approved for Aid & Attendance.
Q: What if I cannot locate discharge papers?
A: In some cases, the VA requests certified copies of discharge papers (DD-214). Therefore, we encourage everyone to request a copy of their discharge through the National Archives. This is a free service and takes anywhere from two weeks to several months. You can request military records through the National Archives.
Q: What if I cannot locate marriage or death certificates?
A: These documents can typically be found at the courthouse in the county of marriage or death. Many states and counties offer these documents online. A simple internet search may provide you with a resource.
Q: What if the Veteran and Spouse divorced?
A: Although we encourage spouses where the Veteran is deceased and neither person remarried to apply, our experience is that the VA will deny benefits to the spouse of a veteran if they divorced.
Q: What if the Surviving Spouse remarries?
A1: If the Surviving Spouse is still married, then he/she can only apply if the current spouse is a Veteran.
A2: If the Surviving Spouse remarried a non-veteran, but is no longer married, we encourage you to apply, however, our experience shows the VA will most likey deny benefits.