Benefits for Senior Veterans: Do You Qualify?

Are you among the more than 12 million U.S. veterans over the age of 65? If so, you may be eligible for benefits designed to help veterans of the U.S. Armed Forces address the challenges of aging.

While there are a range of benefits for senior veterans, they’re not available to everyone who served. This guide will help you determine which veterans benefits are available to you and your family.

VA Housing Benefits

VA Home Loans

Downsizing is a great way to make life more manageable while growing older, and eligible U.S. veterans don’t need to save for a down payment or worry about mortgage insurance when buying a new home. With PennyMac VA loans, veterans have access to affordable mortgage lending.

The VA Home Loan program can also be used to refinance a home, including cash-out refinancing which can be used to make home improvements like increasing energy efficiency or retrofitting for accessibility.

Who’s eligible?

Veterans who served active duty for 181 days in peacetime or 90 days in wartime.
Veterans who served in the Reserves or National Guard for at least six years.
Surviving spouses of qualified veterans.

HISA Grants

Before using a loan to pay for age-related home modifications, seniors should apply for a Home Improvements and Structural Alterations grant. This grant can be used to make medically necessary home improvements like installing wheelchair ramps and accessible kitchen counters. In order to receive a HISA grant, applicants must have a prescription from their physician.

Who’s eligible?

Veterans with service-related and non-service-related disabilities.

Veterans Benefits for Senior Care

Aid and Attendance

With costs exceeding $48,000 a year for assisted living, long-term care is out of reach for many seniors. Aid and Attendance helps senior veterans afford the care they need to age at home or in an assisted living facility. Aid and Attendance provides up to $1,911 a month ($2,266 for married veterans) to assist with costs including personal care, meal preparation, and light housekeeping.

Who’s eligible?

Veterans who served active duty for 90 days during the Persian Gulf War, Vietnam Era, Korean Conflict, or World War II and who meet income and need requirements.
Surviving spouses of qualified veterans.

End-of-Life Benefits

Gravesites, Headstones, and Markers

All veterans may receive a gravesite in national veterans cemeteries free of charge. Veterans also receive a no-cost headstone or marker whether they’re buried in a veteran’s cemetery or private cemetery.

Who’s eligible?

All veterans not dishonorably discharged.
Spouses and dependents (burial in national cemeteries only).

Funeral and Burial Allowance

Families of eligible veterans can receive help paying for a funeral and burial. Allowances up to $2,000 are paid to families of veterans who died from a service-related disability, while up to $600 is paid for non-service related deaths. While this defrays costs, it won’t cover all funeral and burial expenses, which can exceed $9,000. As such, veterans should consider burial insurance to pay for funeral arrangements. The amount of burial insurance a senior needs depends on the final arrangements they choose as well as other outstanding bills and debts.

Who’s eligible?

Veterans who die from a service-related disability.
Veterans receiving VA pension at time of death.
Veterans who die in VA medical facilities or VA medical transport.

Getting older can put a strain on a senior’s finances. From retrofitting a home to paying for long-term care, there are a lot of new expenses to account for as you age. With these programs designed to help veterans age well, U.S. veterans can enjoy greater health and financial security through their senior years.

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Thursday, January 2, 2020