Many veterans are unaware of a benefit called Aid and Attendance, which helps pay for in-home care or nursing home care.
If you’re a veteran, however, you probably know about land mines. This provision, unfortunately, has a bunch. And to get this benefit, you have to know how to avoid them.
The Aid & Attendance program has been boosted by financial planners in recent years, who promote certain products in conjunction with long-term care facilities. On the surface, it sounds like a good deal for veterans. But it could turn out to be a nightmare. This is what I call the “Medicaid Time Bomb.”
Many seniors are advised by financial professionals to give away assets (generally to their children) and then have them placed in annuities, in order to qualify for VA benefits. However, what these seniors may not realize is that giving away assets may disqualify you for Medicaid…and cost you your life savings if you have to pay for long-term care.
Of course, the annuities could be cashed in, and then given back to the veteran. But cashing in annuities early can result in huge penalties – so you might not get enough money back to satisfy the Medicaid penalties. It truly is a ticking Medicaid time bomb.
Elder Law attorneys work for the best interests of the client tomorrow as well as today…not only with the VA and Medicaid, but also with estate planning, trusts, wills, powers of attorney, asset protection, and long-term care. We know that annuities can often be useful in VA and Medicaid planning…but only if used wisely. And only if used at the right time.
Want more information? Just give us a call. At the Law Offices of Alice Reiter Feld & Associates, Elder Law is all we do. Over the past 33 years, we’ve worked with thousands of South Florida veterans and their families, to help them make the choices that are right for them.
VA and Medicaid issues can be among the most complex in Elder Law. But that’s what we’re here for. We’ll get you through those minefields!
Veterans Benefits And The Medicaid Time Bomb