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Video instructions and help with filling out and completing Va means test threshold 2022
Instructions and Help about Va means test threshold 2022
All of my fellow veterans and walk into veterans of ice huh my name is Bill Kelly and today I'd like to talk to you about a little used and often misunderstood VA benefit called VA pensions VA pensions our last line of defense safety net for low-income veterans this is a means-tested program that provides a baseline minimum income for for any veteran that meets the eligibility requirements which I'll talk about in a minute but the basic program is that the VA will pran overall income of thirteen thousand five hundred thirty-five dollars for the veteran themselves or the veteran and one dependent usually the spouse will be seventeen thousand seven hundred and twenty four dollars annually so what that means is they they take a look at the veterans total income from all sources they deduct unreimbursed medical expenses so if you're an older veteran with very limited income and you're in a nursing home most of that money that you make is is shuttled off to the nursing home to cover that expense well the VA saying well we'll step in and as long as your income is below that limit we will make up the difference so if your income once everything has been calculated was say ten thousand dollars a year that's what you were putting in your pocket the VA would increase that to to match the upper limit for the year which is thirteen thousand five hundred thirty five so that means they give you three thousand five hundred thirty five bucks over twelve monthly payments so that that's that's the limit based on your calculated income and then they make up the difference to make sure that no veterans overall income goes below that amount the other part of the means test though is you you really can't have a lot in the way of ass so your overall assets which includes all of your adjusted income after medical expenses plus any other assets you have cannot be more than one hundred twenty seven thousand sixty one dollars I don't know why they have such odd amounts but so one hundred twenty seven thousand sixty one dollars annual I'm sorry overall assets that's the level that they look at if you have more assets of that even if you're not making all that much money you still wouldn't be eligible but let's face it most people who would qualify from an income standpoint probably don't have a lot of assets anyway so these are veterans who are at home by themselves maybe they're living in the in-law department with you maybe they're at a nursing home maybe there's an assisted living facility the criteria to be eligible for the program is you have to have 90 days of active duty with one day during wartime and what wartime means is just as you can think of during one of our designated conflict periods as defined by the VA so.