The U.S. Department of Veterans Affairs (VA) announced on Tuesday of its recently amended regulations governing entitlements to VA pension and Parents’ Dependency and Indemnity Compensation, which are need-based programs.
“The amended regulations bring consistency to the pension process and ensure benefits are available for Veterans and survivors with financial need,” said VA Secretary Robert Wilkie. “They will help maintain the integrity of and provide clarity to our needs-based pension program.”
VA’s pension program provides monthly benefit payments to eligible wartime Veterans and their survivors with financial need.
The pension regulations, which were updated Oct. 18, cover the following:
- Establish a clear net-worth limit for income and assets for Veterans to qualify for pension,
- Establish a 36-month look-back period to review asset transfers at less than fair market value that reduce net worth and create pension entitlement,
- Establish up to a five-year penalty period to be calculated based on the portion of the covered assets that would have made net worth excessive, and
- Updates medical expense definitions for consistency with VA internal guidelines.
The changes are intended to ensure VA only pays benefits to those Veterans with a genuine need.
For more information on VA’s pension program, visit www.benefits.va.gov/PENSION/.