Denied because parent's assets are over $80,000.00

[PalmettoandPines]

I have been the sole caregiver of both of my disabled parents in their home for over 4 years now. I have been denied financial help everywhere I turn because my parent's assets, their home, are greater than $80,000.00.
This is my full-time job because they require around the clock care. The only asset I have left is my automobile because I have sold every other belonging in order to pay for their needs and my own medical bills.
Isn't there anyone out there who will only take in consideration the net worth of the caregiver?
We live in South Carolina and this was my last hope.

[AngelaManz]

The VA benefit is not granted or denied solely based on having $80k or more in assets.  The VA looks at the veteran's life expectancy and then calculates whether his assets are sufficient to provide for his care during his lifetime.  If you are caring for your parents 24/7 and you properly document that care, then having $80k or more in assets may not be an issue.  Their house is also not counted as long as they are living in it.  If they do have excess resources, there are ways to reallocate those resources in order to qualify. I would recommend that you speak with a qualified elder law attorney, who is certified to handle VA claims.  There may also be state benefits, such as Medicaid home care, to also assist your parents as well.  To find a good elder law attorney, try www.naela.org.

[vetadmin]

Also take into consideration, if your parents are paying you for the care you are providing.  If they are, then that expense is an allowable medical expense to deduct from what their combined monthly income is.  You need to arrive at what their "countable" income is and as noted by Angela, the house would not count as an asset since they reside there.

It would help us if we knew what their monthly income is to possibly make other suggestions.

Please see a basic forumula to help with calculating below:

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