Using Benefits, Managing Money: Financial Planning Information for Senior Veterans
From deciding where to live to accessing healthcare, senior veterans have benefits and obstacles that many of the rest of us don’t. The trick is knowing how to navigate the good and the bad.
Senior veterans have problems and advantages that are generally unfamiliar to people who lack a military background. Unfortunately, many of those advantages may be unfamiliar to some veterans. It’s important to understand your military benefits, which may play an important role in meeting your healthcare needs and requirements of everyday living. Careful financial planning can help you make the most of your available income and savings and put those hard-earned military benefits to work for you.
Healthcare Help
The Veterans Administration (VA) is a key source of health care for senior veterans. Check your VA health coverage on a regular basis, especially if there are any substantive changes in your situation. It’s important to understand how it works, because as you grow older, you may need to make changes to your healthcare. Certain providers like Humana offer certain Medicare Advantage plans that allow you to expand your coverage. You can gain benefits such as dental or vision care, and some even offer caregiver support and fitness programs. Be sure to research these plans to find out more about their benefits.
The Geriatrics and Extended Care Services (GEC) benefit provides assistance for a number of chronic conditions, from life-limiting illnesses to disabilities associated with disease, injury or aging. The GEC, a comprehensive funding and informational resource for long-term care, provides support whether you’re aging in place at home or living in a nursing home or other residential facility. Those who qualify have access to home health aide, as well as palliative, respite and hospice care.
Where to Live: Assisted Living Options
Senior veterans may qualify for care in a senior living community, including a nursing home or assisted living facility, as well as in-home care. These resources are administered through the VA pension, Aid and Attendance program, and the Housebound benefit. The VA contracts with nursing homes nationwide to provide care for veteran residents in community nursing homes and provides for community nursing care for those who meet certain criteria (involving level of disability, income, and service-related status).
If you’re looking for a care facility with a more residential feel, VA community living centers provide nursing care to veterans of all ages, their goal being to restore well-being, prevent a decline in health, and help sustain an acceptable overall quality of life. State veterans’ homes provide nursing home and adult day care for disabled veterans who are unable to earn an income. If you need help finding veteran housing programs, including in-home care, assisted living, and retirement home care, call 1-877-222-8387 or reach out to the nearest Posted in Basic Estate Planning, Elder Law, Estate Administration, Estate Planning, Family, Food for Thought, Health Care, Legislation, Nevada, Organization, Other, Tips, Trusts, Veterans