Veterans Aid and Attendance
The federal Aid and Attendance program may be available to eligible senior veterans and their surviving spouses. Similar to the Housebound program, which provides financial assistance to veterans confined to their home due to disability, the Aid and Attendance program gives qualified individuals monetary compensation in addition to their monthly pension.
Veterans and their surviving spouses may only participate in one of the programs mentioned above at one time and must already receive a pension to qualify. Additionally, interested individuals must meet at least one of the following criteria:
- Reside in a skilled nursing facility
- Have impaired eyesight of no more than 5/200 corrected vision in each eye or 5 degrees maximum contraction of the visual field
- Require caregiver assistance for activities of daily living such as eating, bathing and dressing
Annual
income limits of $22,576 for individuals and $26,756 for married couples also apply.
To request participation in the Aid and Attendance program, seniors should send a detailed written report demonstrating their level of disability and mobility to the St. Paul VA Regional Office at PO Box 5365, Janesville, WI 53547 or visit the Oakland Regional Office at 1301 Clay St., North Tower, Oakland, CA 94612.
Elderlife Bridge Loans
Elderlife Financial bridge loans give qualified seniors a short-term line of credit to help pay for the cost of assisted living for up to 12 months. These loans are well suited to those waiting on other benefits assistance or awaiting the sale of their home. With a fast application process and the potential of receiving the loan as quickly as 24 hours after approval, bridge loans let seniors use the funds to pay for expenses such as moving costs, move-in fees and room and board at the community of their choice.
To determine an applicant’s eligibility, Elderlife looks at an individual’s financial information, including credit scores, assets and income. The company permits multiple family members to serve as co-applicants, so credit scores may be combined, making it easier for a senior with a low credit score to qualify. In addition to these financial factors, seniors should have a plan for how they will pay for assisted living themselves once the loan term ends.