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Dutchess OfficeThe VA Basic Pension Benefit
The Veterans Administration’s Improved Pension Program (IPP) includes a basic benefit that is open to many low-income United States veterans or their surviving spouses. Many veterans are simply unaware of this benefit, or think that they do not qualify because the benefits of this program are dramatically different from other VA programs. This is because most pension benefits usually come only after years of service. In order to be eligible for the VA’s “Basic Pension” benefit, a veteran must meet the income and net worth requirements and must have served a minimum of 90 days in the military during one of the following wars:
World War II: December 7, 1941 through December 31, 1946
Korean War: June 27, 1950 through January 31, 1955
Vietnam War: August 5, 1964 (February 28, 1961, for veterans who served “in country” before August 5, 1964), through May 7, 1975
Gulf War: August 2, 1990, through a date to be set by law of Presidential Proclamation.
In order to meet the financial requirements of this benefit, the VA must determine that a veteran’s or surviving spouse’s net worth is not enough to provide adequate support for a lifetime. One’s primary residence and vehicles are not used to determine net worth. Also, a veteran’s countable income must be less than the available pension amount. Countable income is determined by deducting a veteran’s or surviving spouse’s income after deducting all unreimbursed, recurring health care expenses. These expenses can include assisted living costs, ongoing pharmacy costs, insurance premiums, and more.
Importantly, to receive this benefit and the others associated with the IPP, a veteran does not need to have a service-related injury, does not need to have retired from the military, and does not need to have been involved in combat.
Although the Basic Pension benefit offers the lowest amount of benefits in the IPP plan, all benefits provided under this program are tax-free. Eligible applicants should contact an attorney who is experienced in elder law and estate planning.
One Response to “The VA Basic Pension Benefit”
February 18th, 2010 at 5:21 am
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