FINANCIAL Requirements

[ryanbicy]

I am new at this and have spoken to three different people.  One person said my mom (a verteran of WW2) could not have more thatn $12,000 to qualify.  Another said she could have up to $40,000 to qualify.  This website says she can have $80,000.  I hope to have her apply in the next 30 days, but don't want to do this if she has too much money to qualify.

What are the real requirements?

[vetadmin]

Ryan,

It is a general rule of thumb for $80K in assets, but what you have to determine is the "countable income" after deducting out all re-occurring medical costs. Primary residence and one vehicle do not count.  If your mom is in an ALF, you can deduct that cost from her monthly income.  If she is at home and you have caregivers coming in, you can deduct those costs.

[jpez]

80 is the limit.
there are  variables.
1. does vet have a deficet each month. ex: 2000 income, 5k alf = 3k deficet. so this vet NEEDS 36k extra to live. The 80k might last 2 yrs. so they will probably approve.
another ex: 2000 income 1800 Care Costs = 200 net positive income. With 80k vet probably will not get approved. With a lower amount 15-30k the vet would get approved

2. AGE.  in the above example a 90 yr old MIGHT not get approved. vet is past life expectancy table of 86 and has 2 yrs of money. AN 80 yr old vet would get approved bercause he will run uot of money.

THe 80k number is old. The VA is tightening down. I would correct the asset side before applying w/ 80k....unless the applicant is under 83 (aprox) and is already running a deficet.

It is really a shame. With Medicaid or Medicare QMB or Part D EXTRA HELP (all Federal Programs), the income and asset numbers are exact. All you have to do (uotside of doing the MATH right!!) is be ON THE NUMBER. It's not a moving target.
More than 1/2 the dollars allocated for PENSION (Homebound & Aid and Attendance) are not spent each year.  And the budget is refective of the aprox number of vets still alive that could qualify. Not just the total number of living vets.

[vetadmin]

Jpez, thanks for the post.  To that I want to add a basic formula that will hopefully help folks to understand what can be deducted and how to arrive at "Countable" Income.  

Net worth is a bit of a hazy issue. 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