Perhaps you’ve heard that the VA has proposed rules that would impose a three-year look-back period on transfers, similar to what Medicaid has, that could delay eligibility for VA pension benefits. These benefits could be used to help pay for long-term care, so, what would happen if the VA enacts those rules?
In this Elder Law Minute video, Wes Coulson, Illinois and Missouri Elder Law attorney, discusses what will happen if the VA enacts a look-back rule and transfer penalty like Medicaid has.
What if the VA enacts a Look-Back Rule and Transfer Penalty?
Hi, this is Wes Coulson and this is your Elder Law Minute. I’m going to talk today about something of particular interest to veterans and widowed spouses of veterans.
Perhaps you’ve heard that the VA has, under very active consideration, in fact they’ve proposed rules that would impose a three-year look-back period that Medicaid has on any transfers that would delay eligibility for VA pension benefits that could be used to help pay for long-term care. We thought initially those rules would take affect in July and now they’re talking about December. So, what would happen if they enact those rules? Well, first we don’t know yet, we’ll have to see what the parameters of the rules are. There’s a lot of discussion, a lot of back-and-forth, the VA had a review and comment period on the rules, and believe me they got a lot of comments, a lot of “Don’t do this” comments, especially from elder law attorneys and others who care about veterans and their families.
But, if I could give one bit of advice for now, if you are a veteran or a widowed spouse of a veteran, if you get your planning done before these rules change you’re going to be exempted from the transfer penalties. So, the word of advice for right now is that the time to act to protect your life savings against long-term care costs, if you’re somebody potentially eligible for VA benefits, is to get that done now. Thanks.
For more about Veterans Pension Benefits, visit these articles:
- Military service requirement for establishing eligibility
- How the VA determines monthly benefits
- Understanding the VA Asset Limit
For more about the Medicaid Look-Back Rule and Transfer Penalties, visit:
Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.