3 in 4 over age 65 will need long term care? How will you pay for it?

Veterans Administration Long Term Care Benefits

Veterans Administration Aid and Attendance Program Home Care and Facility Benefits

Through the Aid and Attendance program, the Department of Veterans Affairs pays between $1,056 and $1,949 per month for home-based care or care in a facility for single vets, married veterans and their spouses, and surviving spouses. Vets who can qualify for a Veteran's Administration mortgage can potentially qualify for this long-running but little-known program.

There are income limits. To qualify, a couple's income can't be higher than $23,396 and a single vet can't make more than $19,736. The income limit for a widow or widower is $12,681. Veterans whose annual earnings exceed that amount may still qualify if their income falls to that level after deducting un-reimbursed medical expenses, including the cost of assisted living, home health care, prescription drugs or insurance premiums. In general, the veteran can't have more than $80,000 in liquid assets, not including a home or personal car.

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