Krause3215
New Member
- 2
On January 23, 2015, the Department of Veterans Affairs (DVA) released proposed regulations that impact the ability of wartime veterans and surviving spouses of wartime veterans to obtain a needs-based monthly pension benefit that is used to pay long term care expenses – typically home health and assisted living. The proposed regulations include a 36 month look-back period and a penalty (lasting up to 10 years) for making uncompensated transfers (gifts) during the look-back period. I agree with these measures since they fulfill the expectation that the program is only available to those in need, not those who give away assets to become eligible. However, amongst the proposals is a provision that states that the conversion on an asset into an immediate annuity is an uncompensated transfer. It is this provision that I disagree with, in that many seniors faced with long term care expenses will purchase an immediate annuity to obtain a reliable and guaranteed source of monthly income. This provision needs to be stopped.
