VetREST
  • Home
  • About Us
    • What We Do >
      • Organic Farming
      • Mentoring
      • Supportive Environment
      • Our Nation's Veterans
      • Veteran Music Videos
      • Post Traumatic Stress
      • Perks (Affiliated Sites)
    • Media Events
    • Why and How Videos
    • Board of Advisors
    • Corporate Team >
      • Corporate Volunteer
    • Veterans Forum
    • Our Sponsors
  • Our Work
  • Chapters
    • West Region >
      • Portland, OR (2016)
    • Central Region >
      • Colorado Springs 2017
    • Southeast Region >
      • Atlanta, GA (2016)
      • Tampa & Zolfo Springs,FL (2017)
      • St Louis, MO, Chapter
    • Northeast Region >
      • Cleveland Oh & Eyrie, PA (2017)
      • New York, NY (2018)
      • D.C/Arlington, VA (2016)
  • Blog
  • Donate
  • Contact Us
    • Vet Registration
    • Volunteer
  • Garden Party

5 Important Benefits Senior Veterans Shouldn’t Overlook

8/25/2019

2 Comments

 
By Brian Boyd
Picture




Between increased healthcare costs, help around the house, and long-term care, there’s a lot to pay for as a senior that you didn’t have to worry about when you were younger. Unfortunately, these new expenses come at the same time as you’re switching to a fixed income in retirement.
 
Financial planning is important for everyone approaching their senior years, but especially for veterans. There are a lot of valuable benefits available to U.S. veterans, but not every veteran qualifies for every benefit. If you don’t take advantage of the benefits available to you, or plan to receive a benefit only to discover you’re ineligible, you could face undue financial stress during the retirement years.
 
These are five veteran’s benefits you might not know about along with information on eligibility so you understand the resources at your disposal as a senior veteran.

VA Healthcare and TRICAREThe Veterans Health Administration provides low-cost healthcare at VA medical centers and clinics. Most veterans are eligible for VA health benefits, however, due to limited resources, veterans are subject to a priority groupsystem that affects their access to benefits. Veterans in the highest priority group receive priority for care and the lowest cost-sharing requirements, while low priority groups may face longer waits and higher costs for care. Veterans in the lowest priority groups may not be enrolled in the VA healthcare.
 
Veterans should know their priority group and what it means for their access to VA care. If you’re in a low priority group, most of your healthcare is likely to come from the private sector, not the VA. TRICARE offers some coverage for community-based care through its premium-free TRICARE for Life program, but only as a secondary insurer to Medicare. That means veterans receiving non-VA care need adequate Medicare coverage to reduce out-of-pocket costs. TRICARE for Life also lacks coverage for vision and dental. Veterans who want insurance coverage for these services should opt for a Medicare Advantage plan through a company such as Humana, which provides many additional benefits.

Aid and Attendance Pension Aid and Attendance is a monthly supplement to a veteran’s pension to help pay for long-term care services. Only veterans who receive a pension and require assistance with the activities of daily living or are visually impaired can receive Aid and Attendance.

Housebound PensionLike Aid and Attendance, housebound pension is a supplemental monthly pension provided to veterans with disabilities. Veterans who are confined to their residence due to disability may receive Housebound benefits. A veteran can’t receive both Aid and Attendance and Housebound payments.

Home Accessibility GrantsVeterans with disabilities have another great resource to help them live safely: housing grants. The Department of Veterans Affairs offers three grant programs to help veterans adapt an existing home or buy or build an accessible home.
 
Specially Adapted Housing grants and Special Housing Adaptation grants are available to veterans with service-connected disabilities, while the Home Improvements and Structural Alterations grant is open to veterans with service-connected and non-service-connected disabilities. Eligible veterans may receive both a HISA grant and an SHA or SAH grant.

Burial Benefits and AllowancesThese benefits help seniors cope with financial challenges during retirement, but what about end-of-life? Veterans benefits offer assistance here too, with burial allowances that defray the cost of funeral arrangements. Eligible veterans who choose a burial in a state or national veterans cemetery also receive a gravesite, headstone, grave opening and closing, and burial flag at no cost. Veterans buried in a private cemetery may also receive a free headstone and burial flag.
 
Veterans burial benefits don’t cover the cost of a funeralor memorial service, a casket, cremation, or other end-of-life services, so veterans should plan for these arrangements separately. Final expense insurance is a low-cost way to make up the difference and, depending on the size of the policy, can also be used to cover other outstanding debts. Veterans should plan what type of final arrangement they prefer in order to budget accordingly and purchase the right size insurance policy.
 
These benefits don’t cover every expense a veteran will face during the senior years. However, they do help aging veterans overcome the greatest financial challenges during retirement: affordable healthcare, accessible housing, long-term care, and an honorable exit from the world.
 
Image via Pixabay
​

2 Comments

    VR Team

    We post information that is relevant to PTS and will help encourage us all to make a difference!

    Archives

    October 2020
    September 2020
    August 2020
    June 2020
    April 2020
    January 2020
    November 2019
    October 2019
    August 2019
    July 2019
    March 2019
    February 2017
    January 2017
    December 2016
    November 2016
    August 2016

    Articles

    All

    RSS Feed

​VetREST Mailing Address
10940 SW Barnes Road, #133
Portland, OR  97225​

VetREST is a Non-Profit 501(c)(3) 
Copyright 2016-2021, VetREST.  All Rights Reserved
Website by Infront Webworks