Every month, the IRS quietly makes a mostly-unheralded announcement of the current Applicable Federal Rate (AFR) for determining the present value of an annuity, an interest for life or a term of year, or a remainder or reversionary interest under Section 7520. Ha! If you made it through that sentence, then you already know why this announcement goes mostly un-noticed by most mainstream media! However, if you are charitably-inclined, or want to make a large, nontaxable gift to your heirs, it could be very important for you to know that the November rate is set at an all-time low of…
If you don't fit into one of those catagories,as indicated in What ar the co-payments for Veterans (Part 1), the VA will ask you to provide your household income and net worth from the previous year. If your income is below certain thresholds, you will not have to make a copayment. Click here to view the thresholds for income. In addition, you must not have more than $80,000 in property. Those whose income exceeds the threshold or who refuse to submit to the means test may have to make a copayment. Unlike Medicaid, there is no penalty for transferring assets…
There are no costs for certain veterans and low-income veterans. The following veterans are eligible to receive cost-free health care benefits automatically: A service-connected veteran receiving VA compensation benefits A veteran seeking care for a specific service-connected disability Former POWs Purple Heart Medal recipients A veteran with conditions related to exposure to herbicides during the Vietnam-era, ionizing radiation during atmospheric testing, ionizing radiation during the occupation of Hiroshima and Nagasaki A veteran who sustained a service-related condition while serving in the Gulf War, in combat in a war after the Gulf War, or during a period of hostility after November…
The standard benefits package includes: Preventative care services, outpatient diagnostic and treatment services (including mental health and substance abuse treatment), inpatient diagnostic and treatment services, prescriptions, and long-term care (including nursing home care for some veterans). Long-term care. The VA offers a number of long-term care options through its health plan. All enrolled veterans are eligible for the following services: Geriatric evaluationprovides either an inpatient or outpatient evaluation of a veteran's ability to care for him or herself. Adult day health carea therapeutic day care program that provides medical and rehabilitation services to veterans Respite careprovides either inpatient or outpatient…
To receive care, most veterans must be enrolled in the VA health system. Eligibility for the health system depends on a number of factors, including the nature of your discharge from military service, your length of service, whether you have service-connected disabilities, your income level, and available VA resources, among others. To be eligible, you must not have been dishonorably discharged from the military. Your length of service may also be important. Former enlisted persons who started active duty before September 8, 1980, and former officers who first entered active duty before October 17, 1981, do not have a length-of-service…
You can apply for both disability benefits by filling out VA Form 21-526, Veteran's Application for Compensation Or Pension. If available, you should attach copies of dependency records (marriage & children's birth certificates) and current medical evidence (doctor & hospital reports). You can apply online at http://vabenefits.vba.va.gov/vonapp. David Wingate has written a FREE HANDBOOK on Veteran’s Benefits, if you desire a copy please visit the Senior Life Care Planning’s website or email at info@seniorlcp.com, or call the Frederick Office at 301 663 9230. Additionally, for more information and articles on VA Benefits go to our Senior LCP's Veteran's Blog
The VA pays a pension to disabled veterans who are not able to work. The pension is also available for surviving spouses and children. This pension is available whether or not your disability is service-connected, but to be eligible you must meet the following requirements: You must not have been discharged under dishonorable conditions. If you enlisted before September 7, 1980, you must have served 90 days or more of active duty with at least one day during a period of war. Anyone who enlisted after September 7, 1980, however, must serve at least 24 months or the full period…
If you have an injury or disease that happened while on active duty or if active duty made an existing injury or disease worse, you may be eligible for disability compensation. The amount of compensation you get depends on how disabled you are and whether you have children or other dependents. Click here to see the current compensation rates. Additional funds may be available if you have severe disabilities, such as loss of limbs, or a seriously disabled spouse. David Wingate has written a FREE HANDBOOK on Veteran’s Benefits, if you desire a copy please visit the Senior Life Care…
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