While many veterans are aware of health benefits provided to them via the Veteran’s Administration (VA) as well as the GI Bill which helps those who served our country paying for the cost of college tuition. However, many vets might not be aware of the benefits available to them when they hit retirement age.
Sure, if you served for more than 20-years you are eligible for a generous pension for your service, but most vets don’t fall into this category. However, this doesn’t mean the government doesn’t provide additional benefits to all veterans. With this in mind, here is a rundown of the importance of benefits for retired veterans.
Getting the Care You Need
When most people think of health benefits for veterans, they think of VA hospitals. However, did you know veterans can also rely on long-term care benefits through the Aid and Attendance program? This program allows eligible veterans to get the funds they need to pay for assisted living programs, nursing homes, and any other costs associated with their long-term care and well-being.
As you can see this differs from the services offered by VA hospitals especially as it covers the costs associated with couples as well as individuals. So, if you are an eligible veteran are you are currently in long-term care, then you should check out this program.
Help at Home
Another benefit offered to veterans is caregiver support. However, it should be noted that the program does not offer money to pay for home caregivers. Instead, the program offers a support line and a coordinator to provide the guidance needed to get the help veterans and their family’s need.
Home Buying Help
Besides helping with caregivers, the Department of Veterans Affairs offers several home mortgage options. These include help with buying a new home as well as reverse mortgages for veterans. Both options can help retired veterans get financing for their retirement homes.
Besides the financing options for veterans, the VA also helps for veterans who are having problems paying for their mortgage. This includes loan modification programs, repayment plans, loan forbearance options, and even programs to help homeless veterans.
While many people don’t like to discuss their funerals, the reality is that they have become extremely expensive as the cost of funeral services, coffins, burial plots, and headstones can cost $30,000 or more.
Given the costs, veterans and their families should take advantage of what is available to them. This includes requesting a ceremonial U.S. flag with will be draped on the casket and then presented to the family, as well as a Presidential Memorial Certificate and even a free grave marker or headstone.
As mentioned, this could help to reduce the cost of a funeral, which has become extremely expensive these days.
Not Just for College
While most people think the GI Bill is for covering college tuition, it can also be used to cover up to $2,000 of the cost of certificate programs. Even if you are retired you can take advantage of this program as a way to learn a new skill – even if you don’t expect to use it in the job market.
Get Your Taxes Done
Nobody likes to do their taxes but veterans can use the Volunteer Income Tax Assistance program to get their taxes done for free. This is a great way to save money on getting your taxes done while saving on how much you owe the government.
If you haven’t already done so, you should check out the life insurance options available through the Servicemembers’ and Veterans’ Group Life Insurance program. This program provides up to $400,000 in life insurance at rates that are highly competitive. While vets will need to pay for this insurance it is a great way to get the additional coverage your spouse can use when you are no longer around.
As you can see there are several benefits available to retired veterans. These programs can not only help cover the cost of long-term care and housing but can also be used to cover life’s necessities, such as funeral expenses, home mortgages (and reverse mortgages), as well as financial help with a certificate and vocational education programs.
These programs can really help retired veterans and if you are not taking advantage of what is on offer for you, then you should check these options out. Not only are they a great way to say thank you for your service but they will be able to help you during retirement.