The Department of Veterans Affairs (VA) has finalized new rules that make it more difficult to qualify for long-term care benefits. The rules establish an asset limit, a look-back period, and asset transfer penalties for claimants applying for VA pension benefits, including the Aid and Attendance benefit, that require a showing of financial need.
Long-term care costs can add up quickly. For veterans and the surviving spouses of veterans, help may be available. The Veterans Administration (VA) has an underused pension benefit called Aid and Attendance that provides money to those who need assistance performing everyday tasks.
The median cost of a private nursing home room in the United States has increased to $97,455 a year, up 5.5% from 2016, according to Genworth's 2017 Cost of Care survey, which the insurer conducts annually. Genworth reports that the median cost of a semi-private room in a nursing home is $85,775, up 4.44% from 2016. The rise in prices is much larger than the 1.24% and 2.27% gains in 2016.
One of the biggest concerns for aging boomers is the question of how to cover the cost of nursing home care or assisted living. These are high costs that can quickly deplete the value of an estate.
Even if you have built a significant nest egg for retirement, the cost of nursing home care or assisted living can still deplete your assets extremely quickly.