November 13, 2015, by Brooke Chaplan – Planning for retirement can bring a variety of concerns about financial security into the forefront of your mind. If you are a veteran, a number of benefits are available that many may not know, or have forgotten about. Here’s a look at a few that may be able to help you make your retirement a little more secure.
Financial Need Pensions for Veterans
If you are a veteran of limited means, you may be eligible to receive a veteran’s pension. In order to qualify, you must have been an active duty service member for 90 days, and must have had at least one day of the service during a period of war. You do not have to be disabled to qualify for this benefit, and the amount you get depends on whether the veteran has a spouse, and the number of dependents.
Veteran Pensions for Surviving Spouses
Benefits may also apply to surviving spouses of veterans as part of their veterans benefits. The Aid & Assistance program provides for benefits for home care or help with assisted living facility expenses if the veteran fulfills the necessary eligibility requirements. The spouse must provide required documents to the VA to prove eligibility.
Financial Help for Home Care
If you are a veteran over the age of 65 and receive pension benefits, you may be eligible for additional financial assistance for home care for grooming, dressing, bathing, feeding, and other personal needs. This assistance may also apply to nursing home care if a veteran is placed in a facility like Sunshine Retirement Living, because of mental or physical disability. This financial help is available under the Aid & Assistance Program and the Housebound Program to help veterans who may become incapacitated in their later years.
Veterans are also eligible to utilize the VA health care system, which include pharmacy discounts. Tricare for Life is a supplemental health care program that works with Medicare Parts A & B to ensure veterans can have comprehensive care throughout their retirement years. You must pay Medicare Part B premiums in order to qualify for Tricare for Life. Within the United States and its territories, TFL pays after Medicare payments. Outside this area, TFL is the first payer.
Many veterans are not even aware of the assistance they can receive as a result of their service to their country. Research some of the information online, and talk to your local veteran’s affairs office about programs that are part of your benefits.
Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most her time hiking, biking and gardening. For more information contact Brooke via Twitter @BrookeChaplan.