Pension is a payment that is given to the people, monthly, who are done with their services. The criterion of pensions that most of us have in our mind is that the person should have spent several years like 20 or more (depending on the nature of the job) and is now old and unable to earn on his own. But veterans can be aged as well as young people and often they do not serve for years. We all have the question of whether veterans are eligible for pension or not, so here is the answer.
Who is Eligible for Veterans Pension?
Veterans are eligible for pensions but not all veterans fall under this category. The foremost thing should be the honorable discharge of the veteran and it must be accompanied by a low annual income. The spouse’s annual income and assets will be counted as well.The veteran must have been on active duty before September 8, 1980, for at least 90 days or for 24 months after this date. In both cases, the veterans should have served in wartime – even if it’s for one day. Other veterans including the ones past the age of 65, ones with disabilities, and the ones with a long-term service-related disease are also eligible for the pension.If a veteran is confused regarding whether he served during wartime or not, he can consult the U.S. Department of Veterans Affairs which has got a
list of the wars and their time periods that decide the eligibility for veterans’ pensions.
What are the Current Pension Rates of Veterans?
There are two types of amounts that are considered before calculating the pension amount as per the current regulations. One amount is called annual income which is the money a veteran gets in a year. It includes investments and any kind of money that the veteran or the people depending on him are receiving from any source.Then there is an amount called
Maximum Annual Pension Rate (MAPR) amount which is already fixed. This amount varies depending on whether the veteran has a family member who is dependent on him or not. If he has such people in his family, then their number will be considered. Then the annual income of the veteran is subtracted from the MAPR amount which gives the annual pension of the veteran.
Other Benefits:
If a veteran has a disability or a severe medical condition whose treatment is quite expensive as compared to his annual income and pension, then the veteran is given an aid and attendance payment. Similarly, an extra amount is given to the veterans who are bedridden, need a full-time nurse or an attendant, and are unable to work and earn.
Let’s Stand With Veterans:
Veterans are the people who deserve love and appreciation more than anyone else.
FamilyLoves.com let you help these veterans and bring them close just like a family. There are amazing veteran products that you can buy yourself to stand with the veterans or can gift a veteran you know.
