Proposed Changes to VA Regulations
- Thread starter Bobk
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Agreed
I was gonna try for you but that thing is 26 pages of small print. Good luck.
I posted part of the Executive Summary, and it looks like they want to adjust VA pensions based on your "other incomes/net worth."
Long story short if you are successful after retirement, planned for retirement, won the lottery, or had good investments, have a lot of money, they will penalize you by decreasing the amount of your VA pension.
They also have a "look-back" period, where they will examine your bank accounts, IRA transactions, stocks/bonds transactions, cash gifts, house/car titles, in order to make sure that you did not recently transfer monies out to relatives.
[FONT=&]
DEPARTMENT OF VETERANS [/FONT]
[FONT=&]AFFAIRS [/FONT]
[FONT=&]38 CFR Part 3 [/FONT]
[FONT=&]RIN 2900–AO73 [/FONT]
[FONT=&]Net Worth, Asset Transfers, and [/FONT]
[FONT=&]Income Exclusions for Needs-Based [/FONT]
[FONT=&]Benefits [/FONT]
[FONT=&]SUMMARY[/FONT]
[FONT=&]: [/FONT]
[FONT=&]The Department of Veterans Affairs (VA) proposes to amend its regulations governing entitlement to VA pension to maintain the integrity of the pension program and to implement recent statutory changes. The proposed regulations would establish new requirements pertaining to the evaluation of net worth and asset transfers for pension purposes and would identify those medical expenses that may be deducted from countable income for VA’s needs-based benefit programs……….[/FONT]
[FONT=&]2. Summary of Major Provisions Proposed § 3.274 would establish a clear net worth limit. VA does not currently have a bona fide net worth limit. The proposed net worth limit is the dollar amount of the maximum community spouse resource allowance established for Medicaid purposes at the [/FONT][FONT=&]time the final rule is published. This amount is currently $119,220, which would be indexed for inflation by adjusting it at the same time and by the same percentage as cost-of-living increases provided to Social Security beneficiaries. The amount of a claimant’s net worth would be determined by adding the claimant’s annual income to his or her assets. VA would calculate the amount of a[/FONT][FONT=&]claimant’s net worth when it receives an original or new pension claim; a request to establish a new dependent; or information that net worth has increased or decreased. [/FONT]
It's posted in the Federal Register/ Vol. 80, No. 15 / Friday, January 23, 2015 / Proposed Rules
Long story short if you are successful after retirement, planned for retirement, won the lottery, or had good investments, have a lot of money, they will penalize you by decreasing the amount of your VA pension.
They also have a "look-back" period, where they will examine your bank accounts, IRA transactions, stocks/bonds transactions, cash gifts, house/car titles, in order to make sure that you did not recently transfer monies out to relatives.
[FONT=&]
DEPARTMENT OF VETERANS [/FONT]
[FONT=&]AFFAIRS [/FONT]
[FONT=&]38 CFR Part 3 [/FONT]
[FONT=&]RIN 2900–AO73 [/FONT]
[FONT=&]Net Worth, Asset Transfers, and [/FONT]
[FONT=&]Income Exclusions for Needs-Based [/FONT]
[FONT=&]Benefits [/FONT]
[FONT=&]SUMMARY[/FONT]
[FONT=&]: [/FONT]
[FONT=&]The Department of Veterans Affairs (VA) proposes to amend its regulations governing entitlement to VA pension to maintain the integrity of the pension program and to implement recent statutory changes. The proposed regulations would establish new requirements pertaining to the evaluation of net worth and asset transfers for pension purposes and would identify those medical expenses that may be deducted from countable income for VA’s needs-based benefit programs……….[/FONT]
[FONT=&]2. Summary of Major Provisions Proposed § 3.274 would establish a clear net worth limit. VA does not currently have a bona fide net worth limit. The proposed net worth limit is the dollar amount of the maximum community spouse resource allowance established for Medicaid purposes at the [/FONT][FONT=&]time the final rule is published. This amount is currently $119,220, which would be indexed for inflation by adjusting it at the same time and by the same percentage as cost-of-living increases provided to Social Security beneficiaries. The amount of a claimant’s net worth would be determined by adding the claimant’s annual income to his or her assets. VA would calculate the amount of a[/FONT][FONT=&]claimant’s net worth when it receives an original or new pension claim; a request to establish a new dependent; or information that net worth has increased or decreased. [/FONT]
It's posted in the Federal Register/ Vol. 80, No. 15 / Friday, January 23, 2015 / Proposed Rules
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How do they plan on looking in peoples' private bank accounts?
What's the difference? I thought all money paid by the VA is compensation.
Thsnkyou!
Great question as to what is defined as a VA pension. I first thought that it dealt with military retirement. I found the below when looking at what a VA pension is:
[h=3]VA Pension[/h] A VA pension may provide income to make life more secure for Veterans and their loved ones. Pension is a needs-based benefit for wartime Veterans with limited or no income who are age 65 or older or who have a permanent and total non-service-connected disability. Veterans who establish eligibility for a basic pension but are housebound or who require the aid and attendance of another person in order to perform activities of daily living, may qualify for pension at an increased rate (this is called “Special Monthly Pension”).
[h=3]VA Pension[/h] A VA pension may provide income to make life more secure for Veterans and their loved ones. Pension is a needs-based benefit for wartime Veterans with limited or no income who are age 65 or older or who have a permanent and total non-service-connected disability. Veterans who establish eligibility for a basic pension but are housebound or who require the aid and attendance of another person in order to perform activities of daily living, may qualify for pension at an increased rate (this is called “Special Monthly Pension”).
