Many older war-era veterans and surviving spouses over the age of 65 across America are missing out on a major element in securing their retirements: the Aid and Attendance benefit for long-term care.
The Aid and Attendance benefit is available to veterans and their spouses to help offset recurring medical costs and some of the costs for home care and assisted living care. This is a benefit for senior veterans who served during wartime—World War II, the Korean War, Vietnam and the Gulf War—for at least 90 days of active duty and who are 65 or older, as well as their surviving spouses. It doesn't matter if the veteran served stateside or internationally, saw combat or didn't, was wounded or wasn't. If the veteran's doctor—not a VA doctor—affirms the veteran or spouse needs assistance, then he or she may be eligible for Aid and Attendance, regardless of Social Security, Medicare, pensions or other benefits.
These benefits can be quite substantial, even if they are a variable number. Under Aid and Attendance, a veteran living alone can receive as much as $21,456 annually, or $1,788 a month. A married veteran can receive as much as $26,550 annually, or $2,210 a month. A surviving spouse is eligible for as much as $13,788 annually, or $1,149 a month. These benefits are paid directly to the veteran or surviving spouse and are tax-free. Payments are retroactive to the date of application.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Many veterans and surviving spouses are not aware of the Aid and Attendance benefits they have earned, or they are confused about them. Too many veterans are told they can't have a certain level of income or assets to apply for Aid and Attendance. That's simply incorrect. As long as the veterans and surviving spouses meet the criteria, they are eligible for those benefits for the rest of their lives.
Some of this confusion and lack of knowledge is perfectly understandable, since the application process can be complex. The U.S. Department of Veterans Affairs (VA) cannot give veterans legal or financial advice on how to get qualified for the Aid and Attendance benefits. Even worse, if a veteran asks about the benefits, the VA will simply tell them to apply. The VA will not tell veterans the requirements or how a veteran can qualify based on the rules. Only around 20% of veterans who apply on their own for Aid and Attendance benefits ever receive them.
However, if a veteran follows the rules, they are able to receive the benefits. My firm has been working with veterans and surviving spouses on Aid & Attendance benefits for more than five years. During that time, we have helped more than 300 veterans and surviving spouses obtain the benefits they have earned through their service defending this nation. Unfortunately, around 80% of the veterans who we have met with over the years are not aware of or misunderstand these benefits.
That's why it's important to get the facts about Aid and Attendance benefits from credible, unbiased sources with the ability to provide the correct information. The VA cannot and will not do that.
There are billions of dollars already set aside in Aid and Attendance benefits that veterans and surviving spouses have earned. Veterans and their families should not feel guilty about having earned these benefits through their noble efforts and service. Working with a trusted and experienced financial adviser will ensure our heroes are able to receive the Aid and Attendance benefits that they have earned through their sacrifices and hard work in defending this country.
Kevin Richards, a Registered Financial Consultant, is with KNR Consulting and Wealth Management, Inc. based out of Laguna Niguel, California. Kevin is an Investment Adviser Representative and licensed insurance professional in the state of California (license #0F20506).
Investment advisory services offered through KNR Consulting & Wealth Management, Inc., a Registered Investment Advisor in the state of California. Insurance products and services are offered through KRWM Insurance Services, CA License #0L03034., KNR Consulting & Wealth Management, Inc. and KRWM Insurance Services are affiliated companies.
KNR Consulting & Wealth Management, Inc. and KNR Consulting Group, Inc. are not affiliated with or endorsed by The U.S. Department of Veterans Affairs or any government agency.
Kevin Derby contributed to this article.
-
10 Best High-Yield Savings Accounts to Grow Your Tax RefundIf you're getting a tax refund this year and want to grow it, here are the best high-yield savings accounts to make it happen.
-
TurboTax: Features, Pricing and Filing OptionsIs TurboTax worth it in 2025? Explore the pros, cons, pricing tiers and standout features of this popular tax software to see if it fits your filing needs.
-
Are You a High Earner But Still Broke? Five Fixes for ThatIf you're a HENRY (a higher earner, not rich yet) but feel like you still live paycheck to paycheck, there are steps you can take to get control of your financial future.
-
Five Things That Are Spiking Your Insurance PremiumIt's a drag, but just as your expenses keep rising, so does the cost of doing business as an insurance company. That means higher premiums.
-
How Savvy Is Your Financial Adviser? Three Ways to Find OutDon't be afraid to ask your adviser if they're keeping up with industry developments and their own training. How else can you know they're giving good advice?
-
Beware of TV/Billboard Personal Injury Law Firms: Here's WhyIf you or someone you know is tempted to hire a so-called settlement mill to handle a personal injury case, here are some reasons to reconsider.
-
Facing a Layoff? Ask Your Employer These Questions NowIf you're being laid off or forced into early retirement, don't make any decisions without proper guidance — and that starts by asking some key questions.
-
These Four Books Explore How to Leverage Our Outrage PositivelyThe authors offer some powerful tools to help us find solutions to discord rather than remaining silent or blowing up in anger.
-
Financial Pitfalls to Avoid in Your 30s, 40s and 50sAs you pass through each decade of working life and build wealth for retirement, watch out for the financial traps that can hinder your progress.
-
Four Action Items for Federal Employees With $2M+ SavedIf you can't stand the chaos, maybe you can walk off into the sunset of retirement. Here are some thoughts on how to figure out if that would work for you.
