Income vs Assets qualification

Discussion in 'Countable Income' started by LSGA, Oct 29, 2015.

  1. LSGA

    LSGA Newbie

    My father is career Navy and Civil Service retired, needing to move into assisted living in the coming weeks. He has both military and CS retirements and some money in the bank.
    The qualifications all talk about $80k in Assets but then give a calculation for income. It does not state what the general qualification for income would be.

    My siblings think he does not qualify because of the two pensions, but the cost of his care at assisted living will run through his assets in about 5 years.

    How do I determine if is income amount is too much. Between SSA, military, and CS, I think he has about $5k monthly take home. His assisted living will be about $6k monthly.

    Can anyone help me determine if it is worth pursuing for him?

    Thanks in advance.
  2. vetadmin

    vetadmin Administrator Staff Member


    Without specific financial data, there is no way to correctly answer this question.

    If Dad has close to 5 years to cover the shortfall for his care, he "may" be over income at this time. His age is also a factor, which is not mentioned. The VA looks at several factors to determine if the applicant "reasonably" has enough to last their anticipated lifetime.

    Given his care expenses exceed his monthly income, he will be negative at the end of the month, but it is the other money is savings that "may" be the issue. If you want to send me a private email and provide what we are actually looking at here, I can offer a better reply.
  3. LSGA

    LSGA Newbie

    Sorry for not providing more info. He is 80 years old. He also owns a house and car. We had assumed we could rent the house for him and use that extra income to help supplement, but it will likely only be a couple of hundred dollars a month once his mortgage and upkeep is paid.

    My question was more around what the potential income level is. The information I have read treats assets and income as if they are the same thing, which they are not.
    I understand the $80k threshold for assets. But there are no similar guidelines regarding income. It makes sense that the VA has some flexibility here, but I would suspect that there is a similar threshold for income as there is for assets. Is it $40k annually or $100k? It likely ranges based on location. But if my Dad chose a fancy home that charged him $20k month for an apartment and he was getting $10k monthly in income, I would assume he would not qualify purely because based on his income, even though he was paying out more than he takes in.

    I just did not want to let Dad spend all his money over the coming years if there is the chance to help him, but I also don't want to put in all the work to apply and find out he would never have qualified.

    Let me get his details together and I will PM you.
    Thanks for this great site and assistance. It really fills a great void.

  4. vetadmin

    vetadmin Administrator Staff Member


    Keep in mind that the asset, income level is different for everyone as each circumstance stands on it's own.

    Someone could have $100K, but be in a nursing home private pay at $10K a month. Simple math equation shows that in 10 months, this individual will be completely out of money. They would get the award.

    Someone who has $60K in savings who is in an ALF with only a small income shortfall of a much lesser amount, may not be awarded pension as they will have the means for several years to cover that expense.

    If you were to rent the house out, you would have to claim the entire rent amount as a source of additional monthly income for him, so I don't recommend doing so.

    Hoping that I can help sort it out once you share those details with me.

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