Veteran's Benefits

Since they aren’t advertised, most Veterans aren’t aware of their entitlements or the benefits available to them. On today’s blog we wish to introduce you to some of them.

First off there’s a monthly Veteran’s pension benefit. This benefit may help single and married Veterans as well as surviving spouses in the event that they are deceased. As for the eligibility, it’s based off the following three factors:

•          Service: the veterans has served 90 consecutive days in the service with at least one day during a war time period;
•          Discharge: the veteran received a discharge other than dishonorable; and
•          Health: the veteran is disabled and unable to work OR 65+ and in need of daily assistance.

Unfortunately, with Veteran’s Benefits planning becoming more widely known, so have scams to take advantage of unsuspecting seniors. If you meet with an adviser that recommends you transfer your life savings to your children and then recommends that the children invest the money into illiquid insurance products, be wary. This type of plan is rarely beneficial in the long run.

Second, let us go over some common myths about the Veteran’s Pension Benefit to dispel some doubts and answer some questions.

•          “I retired from the military and am receiving military retirement from the Department of Defense. I won’t qualify for Veterans pension benefits.” There is no offset between pension and military retirement, it’s treated as any other income.
•          “I have more than $80,000 in assets, I won’t qualify for Veterans pension benefits.” Certain assets aren’t included in eligibility determinations. Regardless of the assets you have, you aren’t immediately, disqualified.
•          “I’m not in a VA-certified nursing home. I won’t qualify for Veterans pension benefits.” Qualifying medical expenses may include home health care, assisted living, and non-VA certified nursing homes. 
•          “I didn’t retire form the military, I won’t qualify for Veterans pension benefits.” Eligibility isn’t based on whether you retired from the military or not.
•          “I didn’t receive an honorable discharge. I won’t qualify for Veterans pension benefits.” As long as the discharge wasn’t dishonorable, you aren’t immediately disqualified.

In addition to the Veterans Pension Benefit, there are many other benefits and entitlements designed to assist veterans in their everyday lives. Such as:

•          Free hearing aids, hearing aid batteries, and eyeglasses
•         Agent Orange claims for living Vietnam Veterans who served in country Vietnam
•     Spousal aid and attendance under disability and compensation, up to $146 extra income a month
•          And much more!

Because our veterans have stood for us, we feel that as a firm we must stand by our Veterans by letting them know of their entitlements. At Federal National Funding we have helped countless Veterans over the years with great success. 

For more information about veteran’s benefits, veteran’s entitlements, or us click here.  If you would like personalized attention please don’t hesitate to call our office at 201-342-3300. One of our representatives will be happy to speak to you.