401K Rollovers

Little Known Military Benefits

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Other Financial Advisors in Toledo laughed at me when I told them I was going to focus on helping local Military Families with Government Benefits and Ohio military tax information, and then they saw how much I could help with the VA's Aid and Attendance Benefit. I spent most of my military career in Michigan State military at Selfridge ANG base. I must admit, as a Veteran of The United States Marine Corps, I knew that at times dealing with Government Agencies could be a challenge, but as Northwest Ohio's Retirement Specialist, I love helping other Military Families and actually really enjoy the challenge.

So what I've done is created this section to help both Active Duty Families and also Retired Veterans.

Did you know that Veterans and their Spouses may qualify for Pension Benefits they are Unaware of?

This almost seems like a secret since so many Vets are not aware of this valuable benefit at the time they need it most. I stumbled upon this benefit for my Grandfather, who has Parkinson’s and was in need of some aid and assistance for his daily activities. This huge potential source of income for his long-term care needs would be perfect, allowing him to get care either at home or in a facility.

So who is eligible?

Here are the basics to be eligible:

1. You have received a military discharge (any type but dishonorable) or are a surviving spouse AND

2. You served at least 90 days or more of active duty time with at least 1 day of active duty during any period of war time. Wartime veterans with active duty on or after September 8, 1980, (October 16, 1981, for officers) must have at least 24 continuous months of military service or the period for which they were ordered to active duty. AND

3. You require help from another person with your Activities of Daily Living AND

4. Your income is below a limit that is set by the Government (depends upon single or married, widowed, and number of dependents) AND

5. You meet certain net worth requirements. (You may wonder would a military pension be counted as an asset? Keep in mind what we do is help you understand what assets are countable and which assets aren't countable.)

How much does the VA pay?

Here is the Military Pay Retirement Package for the Aid and Assistance program:

Veteran without a dependent is $1,412 a month.

Veteran with 1 dependent is $1,674 a month.

Two Veterans aid $2,182 a month

Surviving Spouse aid is $907 a month.

Other Important Notes:

Medical Expenses can be used to reduce and zero out other income sources. So when you add Social Security Benefits and Military Retirement then subtract the medical expenses a Veteran may be eligible for full benefits.

Keep in mind this program is different than Ohio Medicaid.

We have an Elder Law Attorney in our office and can help you find out if you qualify for this benefit. Keep in mind that you could be needlessly turned down if you do not understand what is required and how the program works.

To get more information simply, Ask The Retirement Guys by contacting us.

Watch the 3 minute video from Dateline NBC:

Neither NEXT Financial Group, Inc. nor its representatives are qualified to give tax or legal advice. Please consult your tax or legal professional regarding your particular situation.