Sunday, August 23, 2020

Benefits Every Veteran Should Know

If you or a family member are a veteran of the US armed forces, you are eligible for many things that you might not have known about. For example, since my dad was in the US Army, as his kid, I am able to get banking with a very good company that only works with people affiliated with the armed forces. Here's a list of some benefits that can save you money if you are a vet.

Within healthcare and education programs are little known benefits to improve the life of veterans. While the programs alone are substantial, numerous other programs offer more benefits to the veterans and their families. In addition to the veterans, qualifying family members benefit from the programs. Family members may include spouses, parents, and children. Children and spouses may benefit from training and education.

Transferring your education benefit is tax-exempt. Spouses and other dependents may qualify for healthcare benefits through several programs. The VA provides healthcare services such as outpatient medical, pharmacy, alcohol, and drug dependency treatment. A veteran who has a disability rating of at least 60% is deemed permanently disabled. The VA is needed to provide nursing home care for veterans with a service-related disability rating of 70% or more. You ought to find out the specific laws to find out what benefits may apply in your location. Here are some of the main benefits that veterans should consider.

Burial Benefits

Families are entitled to death benefits available to them when a veteran dies. The benefits may include payment to help cater for burial and funeral expenses. The burial benefits you may receive depends on a multitude of factors, including the veteran’s status. VA maintains eligible veterans and dependents buried in one of the national cemeteries. Burial benefits for a veteran in these cemeteries include opening and closing the grave, prolonged care of the gravesite, a Government headstone, and a burial flag at no cost to the family. Burial benefits available to the spouses and dependents include burial with the veteran, perpetual care of the gravesite in a national cemetery. The national cemetery administrations determine the veterans who are eligible for burial in the national cemeteries.

Mortgage Insurance Relief

Another feature of veterans’ benefits is that you do not pay mortgage insurance. Conventional home buyers in Arizona need to pay for mortgage insurance unless you make a down payment of 20% or more. The fee is an annual premium that is paid monthly to the borrower. This insurance helps to limit the lenders’ loss in the event the borrower defaults. The government guarantees the mortgage insurance. The federal government insures mortgage lenders if the borrower is unable to make the monthly payments.

Getting a home loan without making any down payment is compelling for many qualified veteran loan borrowers. Understanding your VA mortgage loans can be a pain in the neck, and that’s why experts at Jake Taylor Home Loans always insist that you involve a professional. Apart from utilizing the VA mortgage loan experts, you can make use of the VA mortgage app and calculators. This tool can assist your savings, cost, and payments on your mortgage. You also get the chance to compare mortgages from both brokers and bankers.

Long-Term Care

Long term care for the veterans and surviving spouses can be expensive. Many families struggle to afford a paid caregiver for the elderly or disabled people. If the person has served for a short 90 days in the armed forces with at least one day of wartime, veteran benefits may ease the burden of paying for long term care. There is a pension benefit as the aid and attendance that provides money to veterans who need to perform everyday activities. Attendance benefits help finance in-home care. Veterans or dependents are eligible if they require the assistance of another person to perform daily tasks. Some veterans need specialized help such as bathing, feeding, or dressing. Specialized help may include individuals who are impaired, bedridden, or residing in a nursing home.

Caregiver Support

Family caregivers give vital support to the health and well-being of veterans. Family caregivers provide specialized care for severely disabled veterans. Veterans eligible for the caregiver support program may have sustained psychological trauma, traumatic brain injury, or mental disorder aggravated in the line of duty. To be available for comprehensive assistance by caregivers, you must have enrolled for VA health services. A primary family caregiver receives a monetary stipend for providing personal care services. The allowance does not replace career earnings. Besides, receipt of the payments does not create an employment relationship between the caregiver and the VA.

Free Tax Preparation

Millions file their taxes every year, and there is a cost associated with filing taxes. Veterans and their dependents have access to free tax preparation services. You can take advantage of specific benefits when you file your individual income tax returns as a veteran. The internal revenue service through the volunteer income tax program has a dedication to helping all veterans. The IRS website provides several links to tax services that guide the veterans. The tax experts are very knowledgeable about tax credits and deductions and can determine a veteran’s eligibility.

Disability Compensation

Disability compensation is a tax-free monthly monetary benefit for veterans with disabilities. Veterans who have special medical conditions, injuries, or disabilities sustained during active military service qualify for disability compensation. You may receive compensation for post-service presumed to be related to circumstances of military service. Besides, the degree of disability specified compensates for the loss of working time from exacerbations. Veterans should provide service treatment records and supporting statements records when applying for disability compensation. Moreover, veterans with disabilities not caused by combat or are over 65 years of age receive disability pensions.

Life Insurance

The military provides life insurance cover for veterans as with active military duty. The VA offers low-cost life insurance options to protect your family. Veterans group life insurance provides insurance benefits for veterans as they are no longer in the service. Automatic payments to members who suffer losses from traumatic injuries are by service member group life insurance traumatic injury protection. Service-disabled veterans’ life insurance guarantees life insurance coverage for veterans with a service aggravated disability. Disabled veterans are eligible to have a premium waiver if you meet policy requirements. It is essential for veterans who receive a disability rating of over 70 qualify for more insurance coverage. Life insurance programs provide financial security, given the extraordinary risks involved in military service. 

The veteran affairs have a mandate to support the well being of the veterans and their families. Veterans play an important role in history and culture. It is vital to provide ideal benefits that honor the sacrifice and achievements of the veterans.

No comments: