VA Aid & Attendance Benefits

     Multiple times each month our office will receive a phone call requesting information on any possible Veteran's Benefit that might be available to assist a Veteran or his or her spouse in paying for Long-Term Care Needs.  The two most common types of Veteran's Benefits that are known to the public are service-connected disability compensation and military retirement, for those who have served in the Armed Forces for twenty years or longer.

     In addition to these two benefits, there is a lesser known program called the Aid & Attendance pension.  The pension is available to a veteran who received a better than dishonorable discharges, and spent at least ninety-days on active duty during "war-time."  The Veteran does not have to be a combat veteran or even an overseas veteran.  The veteran must qualify both physically (be over 65 or disabled) and financially.  The pension acts as a government-funded Long Term Care Insurance Policy for veterans and their spouses or widows and is available once the applicant is in need of paying for long term care.

     While it likely will not pay for all of an applicant's long term care expenses, it can help significantly and, combined with other income, might allow the applicant for pay for the long term care costs out of pocket without having to dip into savings or investments.  In addition, the pension is TAX FREE INCOME to the applicant.  The 2014 rates are as follows:

Surviving Spouse: Up to $1,130 per month

Single Veteran: Up to $1,759 per month

Veteran and Spouse: Up to $2,085 per month

     If you or someone you know may qualify for this pension, contact us for a free consultation to discuss their situation in detail.

Rippy Law Firm

815 Hogan Lane, Suite 8

Conway, AR 72034

(501) 428-9139

Info@Rippylawfirm.com

THE IMPORTANCE OF LONG TERM CARE INSURANCE

     Most people understand that they need to address their Long Term Care needs, and 63% of Americans say they need Long Term Care Insurance, yet only 13% own a Long Term Care Insurance Policy. Long Term Care planning can be an emotional subject, which makes it challenging for families to discuss. In fact, rather than planning ahead for their Long Term Care needs, more than a third of people would prefer to simply avoid thinking about getting older or losing their independence.

     In addition to Medicaid & Estate Planning, the Rippy Law Firm partners with financial advisors and insurance agents to evaluate every individual client's potential need for Long Term Care Insurance to ensure that the best rate and outcome is achieved.  November was Long Term Care Insurance Awareness Month and Mutual of Omaha has a great summary of why people need to discuss Long Term Care Insurance Options with their Elder Law Attorney and Financial Advisor.  A good summary can be found here: http://www.mutualofomaha.com/yourchoice/tips-tools-training/article-eight-things-people-should-know.php

     If you have any questions about Long Term Care Insurance needs, feel free to contact Victor Werley or Lee Sanders at MidSouth Financial Group in Conway to evaluate all potential options.  Their contact info is below, and a big thank you for them participating in this week's Blog Post.

MidSouth Financial Group

805 Monroe Street, Suite 103

Conway, AR 72032

(501) 327-6277