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Elder Care Solution Center of the Southeast

Elder Care Solution Center of the Southeast. presents Elder Veterans Solution. Topics of Discussion. Who is Elder Care Solution? What is Aid and Attendance? How Much You Can Receive Qualification – 4 Requirements You Do the Math Summary of Qualifications Questions/Comments.

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Elder Care Solution Center of the Southeast

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  1. Elder Care Solution Center of the Southeast

    presents Elder Veterans Solution
  2. Topics of Discussion Who is Elder Care Solution? What is Aid and Attendance? How Much You Can Receive Qualification – 4 Requirements You Do the Math Summary of Qualifications Questions/Comments
  3. Covering the Country
  4. What is Aid and Attendance? A Non-Service related pension for Veterans and/or Surviving Spouses from the Department of Veteran Affairs. The pension was developed to offer reimbursement for medical expenses not covered by insurance or other means. It is recommended to get assistance with the application process. Contact Roger Ely for further information.
  5. How Much You Can Receive Single Veteran ----------------------$1,644 monthly Married Veteran --------------------$1,949 monthly (Veteran & Non-Veteran Spouse) *Basic Pension for Spouse----------------------- $1,291 monthly Veteran Spouses --------------------$2,582 monthly (Veteran & Veteran Spouse) Surviving Spouse -------------------$1056 monthly(of a qualified Veteran){Increase of 5.8% - December 1, 2008}
  6. Military Service Honorable Discharge Active Service for at least 90 days Three exceptions: Don’t receive benefit if:Receipt of Purple HeartDisability during serviceDeath during the service At least ONE DAY of service during a period of war not necessarily in theater
  7. At least oneday of service during the following periods… World War II ……...December 7, 1941 to December 31, 1946 Korea……………………….June 25, 1950 to January 31, 1955 Vietnam………………………..August 5, 1964 to May 7, 1975 (1961-Aug4,1964 had to on Vietnam soil to qualify) Lebanon Campaign…….....August 25, 1982 – August 2, 1990 Grenada Campaign…October 25, 1983 to December 15, 1983 Panama Campaign…..December 20, 1989 to January 31, 1990 Persian Gulf……………….August 2, 1990 – to be determined {Includes Merchant Marines during World War II}
  8. Medical Necessity A disabling medical condition that requires the Veteran or surviving spouse to need the assistance of others to live a quality life. Benefit award is based upon Veteran’s medical needs. If applicant is a surviving spouse, then it is based upon his/her health. *Separate Basic Pension available for spouse’s care.
  9. Monthly Income Cost of services (inclusive) at an assisted living community should exceed monthly income by 5% or more to receive maximum benefit. 100% of assisted living cost is considered unreimbursed medical expense.
  10. You Do the Math – Single Veteran John, a widowed WWII Veteran, is moving into an assisted living community…. Income (Monthly)……………………… $2,400. {Social Security & Pension} Medical Expenses (Monthly)…………... $3,300. {Assisted Living Costs - monthly rent, meals and care}Medical Expenses = 38% more than Income ………. -$900. Aid & Attendance Pension……………...…$1,644. Monthly Cash flow (after paying A/L costs)……$744.
  11. You Do the Math – Veteran & Spouse Charles (Korean War Veteran) & his wife Margaret live in a retirement community. Charles’ health has declined and he needs assistance with several activities of daily living… Income (Monthly)……………………… $4,225. {Military Retirement, Social Security & Teachers Pension} Medical Expenses (Monthly)…………... $4,850. {Assisted Living Costs - monthly rent, meals and care}Medical Expenses = 15% more than Income ……..…. -$625. Aid & Attendance Pension……………...…$1,949. Monthly Cash flow (after paying A/L costs)……$1,324.
  12. Liquid Assets Liquid Assets are financial instruments that can be easily converted into cash(i.e. CDs, 401k, stocks, bonds, savings, checking, etc.) Regardless of monthly income qualification, the VA will look at total liquid assets Homes and real estate ARE NOT liquid assets until they are sold.
  13. Determining Factors Number of Dependents Life Expectancy Family Income Countable Medical Expenses Type of Assets Amount of Assets Depletion Rate of Assets
  14. Summary of Qualifications Qualified Military ServiceAt least 90 days of honorable active duty military service with at least 1 day of service during a period of national conflict. Medical NecessityA medical diagnosis that demonstrates an inability to live alone or independently. Monthly Income vs. Medical Expense Insufficient monthly income to purchase the required medical care. Amount of Liquid AssetsSavings, Checking, CDs, 401K, IRA, stocks, bonds, etc.
  15. Questions/Comments CONTACT INFORMATION: Roger H. Ely Financial Protectors, Inc. (in conjunction with) Elder Care Solution Center 919-818-3294 roger@financialprotectorsinc.net
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