facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog external search brokercheck brokercheck Play Pause
4 Veterans Benefits You Might Not Know About Thumbnail

4 Veterans Benefits You Might Not Know About

Veterans Benefits

The VA provides a lot of different benefits for those who served. Some are well known, some aren't. Others may not apply to you, but they may apply to your parents. Here are some you might want to check out.

VA Pension

If you have a military pension or other government pension, you probably won't qualify for this benefit, but someone you know might. Like a retiree pension, a qualified veteran will receive a monthly pension. There are 3 requirements with "sub-requirements", but here are the basics:

  • Honorable discharge and low income
  • Generally, service during wartime (but not necessarily in combat)
  • Older than 65 or disabled

VA Aid and Attendance (A&A)

 Like the pension, this one won't likely apply to retired Senior Military Officers and NCOs, but like the pension it could apply to your parents or someone you know. A&A is paid to veterans and survivors receiving a VA pension. It is an amount added to the pension for individuals who meet at least one of the following requirements:

  • Needs another person to help perform daily activities (bathing, feeding and dressing)
  • Must stay in bed or spend a large portion of the day in bed due to illness
  • Is a patient in a nursing home due to the loss of mental or physical abilities related to a disability
  • Has limited eyesight (even with glasses or contact lenses vision is 5/200 or less in both eyes; or concentric contraction of the visual field to 5 degrees or less)

Comprehensive Assistance for Family Caregivers

Available to family caregivers of eligible Veterans of all eras. If eligible, the caregiver will receive a stipend, healthcare through CHAMPVA, education and training, mental health counseling and travel when traveling with Veteran to receive care. The requirements to receive caregiver assistance are as follows:

  • Caregiver must be at least 18 years old and be a family member (spouse, child and others) of the Veteran or must be or be willing to live with the Veteran fulltime.
  • The Veteran must have a disability rating of 70% or higher and Veteran was discharged or has a date of medical discharge, and the Veteran needs at least 6 months of continuous, in-person care services.

Chapter 35 Education Benefits

Also known as Survivor's and Dependent's Education Assistance (DEA) Program. A lot of the retired Senior Military Officers and NCOs could apply for this. Like the GI Bill, this program pays for 36 months of education and can be paid to a spouse or child. To qualify for this benefit, the following rules apply:

  • The Veteran must be Permanent and Totally Disabled (P&T); or died on active duty or due to a service-connected disability; or is MIA or POW; or was a POW; or is on active duty and hospitalized for a service-connected P&T disability and is likely to be discharged due to the disability
  • The child must be between 18 and 26 (some exceptions apply); if over 18 and receiving DIC, it must be forfeited; can't be on Active Duty.
  • For Spouses the benefit period starts when VA determines spouse qualifies or when the Veteran passes away and is 10 years; if rated P&T 3 years after discharge then benefit period is 20 years from that date; If military member dies on active duty then benefit period is 20 years; and the spouse can receive DEA and DIC.

Military Finances are Different

We're pretty sure your run of the mill Financial Planner won't know much about your VA Benefits. We're not even sure he or she will know where to look for them. That's why we think you should work with a Financial Planner/Advisor that deals every day with the issues that Active and Retired Senior Military Officers and NCOs face. If you'd like to find out how we do that, use the button below to schedule a free initial consultation.

If you found this article useful, you might like the following blog posts:

Is the VA Going to Take Away my Rating for Sleep Apena?

If You Get the VA Funding Fee Refunded, Do You Pay Taxes on It?

The Strickland Decision (and IRR 78-161) and You

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by C.L. Sheldon & Company, LLC ), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. C.L. Sheldon & Company, LLC does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to C.L. Sheldon & Company, LLC website or incorporated herein, and C.L. Sheldon & Company, LLC takes no responsibility therefore. All such information is provided solely for convenience, educational, and informational purposes only and all users thereof should be guided accordingly. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from C.L. Sheldon & Company, LLC . To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. C.L. Sheldon & Company, LLC is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the C.L. Sheldon & Company, LLC ’s current written disclosure statement discussing our advisory services and fees is available for review upon request. DISCLAIMER OF TAX ADVICE: Any discussion contained herein cannot be considered to be tax advice. Actual tax advice would require a detailed and careful analysis of the facts and applicable law, which we expect would be time consuming and costly. We have not made and have not been asked to make that type of analysis in connection with any advice given in this blog post. As a result, we are required to advise you that any Federal tax advice rendered in this blog is not intended or written to be used and cannot be used for the purpose of avoiding penalties that may be imposed by the IRS. In the event you would like us to perform the type of analysis that is necessary for us to provide an opinion, that does not require the above disclaimer, as always, please feel free to contact us.