Changes to VA pension benefits are coming.
The Department of Veterans Affairs has been working for over two years to make changes to the eligibility standards for VA pension benefits.
Some of the proposed changes would include setting a concrete net worth for veterans applying for pension benefits and importantly, creating a 3 year look back period for asset transfers.
There is currently a 5 year look back period in place for persons applying for Medicaid benefits, such as long-term skilled nursing care. Putting a 3 year look back on applications for VA pension benefits would align with the policy of ensuring applicants don't intentionally divest their assets in order to have the government provide them with benefits.
The proposed changes to the final rule are still pending and an effective date has not been announced yet.
Thanks to Krause Financial Services for publishing on this topic. Click here for a link to their article.