|
vetadmin
|
 |
« Reply #1 on: January 28, 2011, 10:10:58 AM » |
|
Bob,
Without know all the specifics of his situation, if his service time qualfies with an honorable discharge and meeting financial guidelines, you should explore making applicaiton. What you need to determine is the "countable" income for VA puposes.
The VA suggests that its adjudicators use a certain amount of personal judgment on this issue. But the bottom line is: does it realistically appear that the veteran or surviving spouse may outlive their assets? If so, they are likely eligible.
Do NOT count their residence or vehicle when estimating net worth.
Do NOT count a life insurance policy (because the policy holder must be deceased in order to benefit from it).
DO count CDs, annuities, stocks, bonds, savings, checking, IRAs, Keogh, etc.
DO count any assets owned by the spouse as well.
As a rule of thumb, assets should not exceed $80,000. That amount drops depending on the age of claimant.
List below the estimated ANNUAL income of the veteran or surviving spouse:
Estimate total income (If married include spousal income): ______
All income must be included. This includes social security, pension, interest income, dividends, income from rental property, etc.
If the veteran is married, then any spousal income must also be included.
List all unreimbursed, recurring health care expenses:
This includes:
Assisted Living costs (per month): _________________
Nursing Home costs (per month):________________
Home Care service (per month):_______________
Health Insurance premium (per month):_______________
Medicare premium (per month):_________________
Regular (unreimbursed) prescriptions (per month & verifiable through a pharmacy print-out): _____________
TOTAL Expenses per month: __________ (multiply x 12 to get total annual expenses)
Subtract your total annual health care expenses from your total annual income and write the amount here: _____________. This is your "countable" income
|