Three life-changing advantages of senior living include – the promotion of good health through connecting with others, the ability to continue an independent life if assistance is needed, and the contribution to a higher quality of life by participating in meaningful activities
Although many people consider the move to senior living only when it’s a necessity due to a change in health or abilities, understanding the many advantages can help with planning your future.
While a senior living community offers several benefits, at Tenfold, we believe in creating communities that let you maintain the lifestyle you love – even as your needs change.
A great community can expand your horizons, introduce you to a new circle of friends, and even give you the opportunity to check a few things off your bucket list. At the same time, you’ll be relieved of the burden of maintaining your home and you’ll gain the security of help when you find you need it.
VA benefits for senior living
When families consider the advantages of senior living, they often begin researching available financial options. The costs may vary depending on the amenities offered, the level of services needed, and also the city and state where you live. You’ll want to speak to individual communities for specific fees and rates.
But you may be surprised to discover all the financial resources available. If the opportunity of senior living appeals to you, we want to make sure that you’ve got good information on financial planning that can make the move viable.
One option that is often overlooked is the Department of Veterans Affairs (VA) benefits for senior living – if you or a spouse is a veteran or surviving spouse. The following is a summary of the VA Aid and Attendance plan:
VA benefits for senior living: Aid and Attendance program
The VA Aid and Attendance benefits provide monthly payments in addition to the pension for qualifying veterans and survivors. According to the U.S. Department of Veterans Affairs, you may be eligible for this enhanced monthly pension if one or more of the following is true:
1. You require help to perform activities of daily living, including:
- Adjusting prosthetic devices
- Protection from environmental hazards
2. You are bedridden. Your disability requires you to stay in bed when you are not receiving treatment.
3. You are a patient in a nursing home due to mental or physical incapacity.
4. You have corrected visual acuity of 5/200 or less in both eyes.
5. You have concentric contraction of the visual field to 5 degrees or less.
VA benefits for senior living: financial requirements
To qualify, there are also financial restrictions. There is an upper limit set for net worth that cannot be exceeded, minus the individual’s automobile, personal effects and primary residence. There is also a three-year lookback period to review if assets were gifted or sold below market value to reduce the person’s net worth.
You will need to establish your eligibility for the basic VA pension to receive this senior living benefit. However, the enhanced pension eligibility is based on a higher income limit so even if you’re not eligible for the basic pension, you may still qualify for the increased pension benefits.
VA benefits for senior living: qualifying for the basic pension
A veteran must meet the following requirements to qualify:
1. Must not have been dishonorably discharged
2. Must have served on active duty before September 8, 1980 for at least 90 days, with at least one day during wartime or served on active duty after September 7, 1980 for 24 months, with at least one day during wartime.
3. Must meet one of the following criteria: be 65 or older, have a permanent disability, live in a nursing home due to mental or physical incapacity or receive Social Security Disability or Supplemental Security Income.
For more information on veterans or survivors pensions, you can also visit the following websites:
- Veterans pension: http://www.benefits.va.gov/pension/current_rates_veteran_pen.asp
- Survivors pension: http://www.benefits.va.gov/pension/current_rates_survivor_pen.asp
Please contact us at (916) 226-5300 if we can answer any of your questions, provide further information or if you would like to schedule a personalized tour.