Financial Tips

Test Your Knowledge of Eligibility Requirements for Veteran Needs-Based Benefits
(Updated: 01/11/2019)

The Veterans Administration Final Rule 8320-01 went into effect on October 18, 2018.  This rule established new financial eligibility qualifications for Department of Veterans Affairs needs-based benefits, including Aid and Attendance.

Which of the following eligibility qualifications are included in this rule?

A.  To be eligible for benefits in 2019, a veteran’s net worth must be equal to or less than $126,420, which is also the community spouse resource allowance for Medicaid eligibility.  Annual increases in the net-worth limit will be linked to the social security cost-of-living increase.

B.  One primary residence with up to two acres, vehicles, and personal items can be excluded from the net-worth calculation.

C.  There is a 36-month look-back period for the transfer of any asset that occurs after October 18, 2018, for less than fair market value, including transfer to a trust or an annuity.  Five years is the maximum penalty period for an asset transfer that occurs during the 36-month look-back period.

D.  Unless there is clear and convincing evidence, the Department of Veterans Affairs will presume that assets were transferred for less than fair market value to qualify for a benefit.

E.  All of the above.

Fact vs. Fiction

Viewpoint Financial Advisors understand that it can be tricky navigating the world of personal finance. Everyone seems to have an opinion, and it can be hard to know what to believe. We created this series as a way to present and debunk some of the most common financial myths.

Last Updated: 11/26/2018