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Article Title: VA Claims, Your Best Bet
Author: Greg Gregson
Category: Finance RSS
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VA Claims, Your Best Bet <br> Article By: Greg Gregson <br><br> <p>A study commissioned by VA in 2001 estimated, over the next 14 years, only about 30 percent of eligible veterans would apply for pension.</p><p>The importance of using a knowledgeable consultant is invaluable when it comes to submitting a claim with the Veterans Administration. Getting the aid and attendance benefit is a slow process even for those applicants who know what they are doing.</p><p>On the other hand, for those who blindly submit a claim without the proper support documents, it can take 8 to 12 months for a decision from VA. A poorly documented claim may also result in a denial. A knowledgeable consultant can shorten the award decision to possibly 3 to 4 months. In addition, a consultant will make sure that all deductible expenses are applied in order to maximize the award.</p><p>Finally, and most importantly, the consultant will provide guidance to prevent denial of the claim. Pension is an under used benefit. There are different income categories for pension, but the highest could pay as much as $1,801 a month in disability income to a qualifying veteran household. A study commissioned by VA in 2001 estimated, over the next 14 years, only about 30 percent of eligible veterans would apply for pension.</p><p>The conclusion was most veterans simply don't know about it. In fact, according to the National Care Planning Council, about a third of all seniors in this country, over the age of 65, could become eligible for Pension under the right circumstances. When it comes to dealing with assets that may disqualify the applicant, there is an asset test to qualify for pension. Any asset or investment that could be easily converted into income might disqualify the claimant.</p><p>An asset ceiling of $80,000 is often cited in the media as being the test. The $80,000 has to do with VA internal filing requirements and is not the actual test. In reality, there is no dollar amount for the test and any level of assets could block the award. The asset test ultimately becomes a subjective decision made by the veterans service representative processing the application.</p><p>A home used as a residence and a vehicle are excluded from the asset test. VA will allow assets to be transferred or converted to income in order to meet the asset test. There are specific rules governing transfers of assets and what constitutes income from assets and it must be done correctly.</p><p>A qualified consultant can provide the necessary advice for a successful award. The application form provides no information on the existence of special treatment for annualized medical expenses.</p><p>If the initial application, involving annualized cost, is not done correctly, delays in record gathering could force the award decision to take up to a year. Or the eventual award could be substantially reduced or even denied. The applicant must wait another full year to reapply or go through a time consuming appeals process to correct any unfavorable decisions.</p><p>The secret for receiving a successful award for aid and attendance is not in filling out the form but in knowing what documents and evidence must be submitted with the application.</p><p>Knowing the secrets for a successful award is 95 percent of the battle. Filling out and filing a claim is a formality. A knowledgeable consultant can provide information to shorten VA's decision window of six to 12 months to as little as three or four months. The consultant also understands how to maximize the benefit or avoid a denial.</p><p>The consultant can also provide guidance for meeting the asset test. Finally, the consultant can provide the actual strategies for transferring assets and he or she can arrange for trusts or income conversions to allow for the best possible transfer of assets to beneficiaries thus avoiding taxes, family disputes and Medicaid penalties</p> <br><br> Original Article URL: <a href='http://www.myfreearticlecentral.com/Article_2176_VA-Claims-Your-Best-Bet.aspx'>VA Claims, Your Best Bet</a> <br><br> <p>Greg Gregson<br> The IRA Professor<br> Simply Seniors News<br> <a target="_new" href="http://www.SimplySeniorsNews.com">http://www.SimplySeniorsNews.com</a></p> <br><br>



Plain Text Version:
VA Claims, Your Best Bet Article By: Greg Gregson A study commissioned by VA in 2001 estimated, over the next 14 years, only about 30 percent of eligible veterans would apply for pension.The importance of using a knowledgeable consultant is invaluable when it comes to submitting a claim with the Veterans Administration. Getting the aid and attendance benefit is a slow process even for those applicants who know what they are doing.On the other hand, for those who blindly submit a claim without the proper support documents, it can take 8 to 12 months for a decision from VA. A poorly documented claim may also result in a denial. A knowledgeable consultant can shorten the award decision to possibly 3 to 4 months. In addition, a consultant will make sure that all deductible expenses are applied in order to maximize the award.Finally, and most importantly, the consultant will provide guidance to prevent denial of the claim. Pension is an under used benefit. There are different income categories for pension, but the highest could pay as much as $1,801 a month in disability income to a qualifying veteran household. A study commissioned by VA in 2001 estimated, over the next 14 years, only about 30 percent of eligible veterans would apply for pension.The conclusion was most veterans simply don't know about it. In fact, according to the National Care Planning Council, about a third of all seniors in this country, over the age of 65, could become eligible for Pension under the right circumstances. When it comes to dealing with assets that may disqualify the applicant, there is an asset test to qualify for pension. Any asset or investment that could be easily converted into income might disqualify the claimant.An asset ceiling of $80,000 is often cited in the media as being the test. The $80,000 has to do with VA internal filing requirements and is not the actual test. In reality, there is no dollar amount for the test and any level of assets could block the award. The asset test ultimately becomes a subjective decision made by the veterans service representative processing the application.A home used as a residence and a vehicle are excluded from the asset test. VA will allow assets to be transferred or converted to income in order to meet the asset test. There are specific rules governing transfers of assets and what constitutes income from assets and it must be done correctly.A qualified consultant can provide the necessary advice for a successful award. The application form provides no information on the existence of special treatment for annualized medical expenses.If the initial application, involving annualized cost, is not done correctly, delays in record gathering could force the award decision to take up to a year. Or the eventual award could be substantially reduced or even denied. The applicant must wait another full year to reapply or go through a time consuming appeals process to correct any unfavorable decisions.The secret for receiving a successful award for aid and attendance is not in filling out the form but in knowing what documents and evidence must be submitted with the application.Knowing the secrets for a successful award is 95 percent of the battle. Filling out and filing a claim is a formality. A knowledgeable consultant can provide information to shorten VA's decision window of six to 12 months to as little as three or four months. The consultant also understands how to maximize the benefit or avoid a denial.The consultant can also provide guidance for meeting the asset test. Finally, the consultant can provide the actual strategies for transferring assets and he or she can arrange for trusts or income conversions to allow for the best possible transfer of assets to beneficiaries thus avoiding taxes, family disputes and Medicaid penalties Original Article URL: http://www.myfreearticlecentral.com/Article_2176_VA-Claims-Your-Best-Bet.aspx Greg Gregson The IRA Professor Simply Seniors News [http://www.SimplySeniorsNews.com]

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