According to the U.S. Census Bureau, there were 21.2 million military veterans in the United States in 2012, most of whom are entitled to significant benefits. Yet, according to the U.S. Department of Veteran Affairs, 50 percent of America’s veterans unfortunately have little grasp of the benefits to which they’re entitled.
Disability Compensation and Pensions
One of the most primary of all veterans’ benefits is disability compensation. This benefit is given to veterans who became disabled in the course of active service. The veteran’s military service must have been honorably concluded for disability to apply. Many veterans do not realize that this benefit is not taxable. The amount is determined by factors such as the degree of disability, number of dependents, etc.
VA Aid & Attendance Benefit
This pension benefit is available to all honorably discharged veterans and is not dependent upon the veteran having sustained injury in service. For veterans no longer able to live independently at home, the Aid and Attendance benefit may be able to provide needed funds that will help pay for an assisted living center, a nursing home or even home care.
The Veterans Administration keeps an ongoing list of properties in foreclosure previously financed by VA loans. While these properties are searchable by the general public, there are specific advantages for veterans seeking to purchase a home to do so. No down payment is required of veterans. Previous VA loans are assumable, and there are no mortgage insurance premiums. Fees and closing costs can be financed. The VA backs loans made to veterans, which makes lenders eager to make such loans.
Lesser Known Benefits Available to Veterans
Men and women who honorably served in any branch of the armed forces have access to a number of little known benefits that range from things such as exemption from property taxes to free hunting and fishing licenses in some states. Financial aid for veterans and their surviving spouses and dependents, life insurance, free income tax preparation, death benefits and mortgage payment aid are but a few of the many benefits available to veterans worth investigating.
Veterans exiting military service are now required to attend educational briefings about the benefits available to them. However, some veterans complain that the amount of information disseminated in such presentations is both confusing as well as overwhelming.
Informational Credit: Geoff McDonald & Associates, specialists of getting disability for veterans in Richmond.
This article is from Savannah Coulsen, a freelance writer. She lives in Long Beach. Savannah loves to read and write and she hopes to write a novel someday. Savannah also loves learning and is a self-proclaimed health guru.