Our aging seniors are having more and more difficulty affording the ever rising costs of long term care. Many are finding that they don’t have enough money to afford assisted living, once they can no longer take care of themselves. They don’t want to be a burden on their children and would rather live a life of dignity and independence. But with costs of $40,000-$50,000/year, moving to an assisted living facility is a solution out of reach for many seniors.
For veterans and their surviving spouses however, there is good news. Qualifying veterans and their surviving spouses can access a little known VA benefit called the Non-service connected disability pension, or more commonly known as Aid and Attendance.
This benefit helps qualifying veterans and their surviving spouses get partial reimbursement for out of pocket expenses related to their care. The benefit can range from $1200/month for a surviving spouse, to just over $2,000/month for married veterans.
The benefit is challenging to get so it is advised to consult with a knowledgeable party before submitting an application. Because the benefit is discretionary, having expert help greatly increases the chances of a successful award. For veterans concerned with how they are going to afford the ever rising costs associated with aging, this benefit is a wonderful option to have.
Join us as Retirement Financial expert James Webb of Retirement Solutions explains the options on The Senior Answer this Saturday morning at 11 on 100.7 KKHT! No radio? Listen on line live at www.senioranswer.org