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VA Pension - The Other Monetary Benefit. Extra Money for Veterans

0 Views· 03/07/23
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2023 VA pension for Veterans https://www.va.gov/pension/veterans-pension-rates/
Review current VA pension rates for Veterans, including VA Aid and Attendance rates. If you qualify for these benefits, we’ll base your payment amount on the difference between your countable income and a limit that Congress sets (called the Maximum Annual Pension Rate, or MAPR).

Your countable income is how much you earn, including your Social Security benefits, investment and retirement payments, and any income your dependents receive. Some expenses, like non-reimbursable medical expenses (medical expenses not covered by your insurance provider), may reduce your countable income.

Your MAPR amount is the maximum amount of pension payable. Your MAPR is based on how many dependents you have, if you’re married to another Veteran who qualifies for a pension, and if your disabilities qualify you for Housebound or Aid and Attendance benefits. MAPRs are adjusted each year for cost-of-living increases. You can find your current MAPR amount using the tables below.

Example: You’re a qualified Veteran with a dependent, non-Veteran spouse and no children. You also qualify for Aid and Attendance benefits based on your disabilities. You and your spouse have a combined yearly income of $10,000.
Your MAPR amount = $31,714
Your yearly income = $10,000
Your VA pension = $21,714 for the year (or $1,809 paid each month)

What’s the net worth limit to be eligible for Veterans Pension benefits?
From December 1, 2022, to November 30, 2023, the net worth limit to be eligible for Veterans Pension benefits is $150,538.

On October 18, 2018, we changed the way we assess net worth to make the pension entitlement rules clearer. Net worth includes your and your spouse’s assets and annual income. When you apply for Veterans Pension benefits, you’ll need to report all of these assets and income.

Note: If your child's net worth is more than the net worth limit, we don't consider them to be a dependent when we determine your pension.

Read our definitions below:

Assets include the fair market value of all your real and personal property, minus the amount of any mortgages you may have. “Real property” means any land and buildings you may own. Your personal property assets include any of these items:

Investments (like stocks and bonds)
Assets don’t include:

Your primary residence (the home where you live most or all of the time)
Your car
Basic home items like appliances that you wouldn’t take with you if you moved to a new house
Read more about how we define “assets”

Annual income
Annual income is the money earned in a year from a job or from retirement or annuity payments. It includes any of these:

Salary or hourly pay
We’ll subtract certain expenses from your annual income when we assess net worth. We call these applicable deductible expenses. They include:

Educational expenses
Medical expenses you’re not reimbursed for
Read more about how we define “annual income”

An example of net worth and eligibility
If you had $121,000 in assets and $14,000 in annual income, then your net worth would be $135,000. This is less than the net worth limit of $150,538. So you would be eligible for Veterans Pension benefits.

What’s the 3-year look-back period for asset transfers?
When we receive a pension claim, we review the terms and conditions of any assets the Veteran may have transferred in the 3 years before filing the claim.

If you transfer assets for less than fair market value during the look-back period, and those assets would have pushed your net worth above the limit for a VA pension, you may be subject to a penalty period of up to 5 years. You won’t be eligible for pension benefits during this time.

Note: This new policy took effect on October 18, 2018. If you filed your claim before this date, the look-back period doesn’t apply. (A look-back period never includes a date before October 18, 2018.)

Find your Maximum Annual Pension Rate (MAPR) amount
Date of cost-of-living increase: December 1, 2022
Increase factor: 8.7%
Standard Medicare deduction: Actual amount will be determined by SSA based on individual income.

For Veterans with no dependents:
If you have no dependents and… Your MAPR amount is (in U.S. $)
You don’t qualify for Housebound or Aid and Attendance benefits
You qualify for Housebound benefits
You qualify for Aid and Attendance benefits

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