Veterans Benefit Can Defray Long-Term Care Costs
There are some statistics that you run across that are kind of hard to believe if you have not already done some research into the subject in question.
When it comes to elder law concerns, the rising cost of long-term care is at or near the top of the list and the numbers are rather shocking.
According to the Met life Mature Market Institute, it cost an average of $242 to spend a day in a private room in a nursing home in the state of Florida in 2010. If you multiply that by 365 you're looking at an annual expense of $88,330.
In the Sunshine State it cost just under $3000 per month to reside in an assisted living community on average last year. So this is an expense of $36,000 for a year.
The United States Department of Health and Human Services tells us that 70% of people who reach the age of 65 are going to need long-term care at some point in time. They go on to say that the average length of stay is between two and four years. This length of stay expectation coupled with the costs cited above paint a rather expensive picture to say the least.
When you are facing expenses of this magnitude you have to tap into whatever resources may be available to you. With this in mind, if you served in the military you may be entitled to some assistance with your long-term care expenses.
Veterans who served for even a single day during wartime out of a total of at least 90 days of service who need assistance with their day to day living needs may be entitled to a benefit called the Veterans Aid & Attendance special pension.
Single veterans can receive as much as $1632 per month as of this writing. Although this is not going to cover everything it can certainly help, and this benefit could in fact cover in-home care in full under some circumstances.
If you think you may qualify, the correct course of action would be to contact the United States Veterans Benefits Administration either in person, over the phone, or via their website.
ABOUT THE AUTHOR: Kevin Pillion
Experienced estate planning attorneys Sarasota FL of the Co-Executor PLLC offers estate planning and business planning resources to residents of Sarasota FL.
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Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.