Can your net worth disqualify you from VA Benefits?
YES. Net worth means your and your dependents net household asset value . It includes such assets as bank accounts, stocks, bonds, mutual funds and any property other than the veteran’s residence.
There is no official set cap, unlike Medicaid, on how much net worth a veteran and his dependents can have, but net worth cannot be excessive. The decision as to whether a claimant’s net worth is excessive depends on the facts of each case i.e life expectancy – 96 year old has $50k, rather than 70 year old with $50k.
There are some exclusions to income that allow certain income to be “non-countable” income. Supplemental Security Income is not considered income. Also, a portion of unreimbursed medical expenses paid by you, may be deducted. Also, other expenses, such as a veteran’s education expenses, educational expenses of a child over 18 may be deductible.
To increase your monthly income, please contact us about a FREE VA benefits HANDBOOK, written by David Wingate, an accredited VA Attorney, of Senior Life Care Planning, LLC, or if you require additional information about VA Benefits, visit our Maryland Veterans Benefits website.
Tags: disqualification, excessive net worth, household assets, no set cap, non-countable income, SSI, UME, VA benefits, veteran