March 1, 2019

Veterans: Are You Applying For Needs Based VA Programs?

Department of Veterans Affairs:  Eligibility for Needs Based Programs

Are you a United States Veteran who is considering applying for a needs based program through the Department of Veterans Affairs?  If so, you should be aware of recent changes to the VA's procedures for determining eligibility requirements.

Effective October 18, 2018, the VA enacted new regulations on eligibility requirements for need based programs, including the Veterans Aid and Attendance Program.  These new regulations are specifically designed to prohibit transfer of financial assets to decrease an applicant's net worth prior to applying for the programs.

3 Year Lookback
And Beware of Insurance Agents Who Try To Sell You An Annuity

The new regulations  impose a three-year look-back period when considering the applicant's finances and net worth.   If the applicant placed money into an Annuity Contract during this three-year look-back period, and the applicant’s net worth would have exceeded the
permitted net worth amount without the Annuity Contract purchase, a penalty period of up to five years may be imposed.

Ouch!  Don't become a victim of an unsuitable Annuity Contract sale.

Annuity Concerns?
About Mary Rae Fouts, EA

Mary Rae Fouts, EA provides tax, insurance consulting (including consulting for annuity contract matters), and expert witness services to clients throughout the United States.  For more information visit

Mary Rae Fouts

No comments:

Post a Comment

Thanks for sharing your comments! Comments are moderated before posting to weed out spam.