U.S veterans are eligible for numerous benefits, but the most well-known are education and basic health care. While these programs provide valuable assistance, there are additional ways that veterans may receive help. Veterans must manage different disabilities, and this means that they have different needs. Many programs are designed to help former service members find relief from various financial burdens. Below are some veteran benefits that you might not know.
Managing expenses as we age can become difficult and expensive, especially with a disability. The veterans who need long-term care can benefit from the Aid and Attendance Program. The program provides funds for low-income veterans to cover long-term care options like assisted living programs and nursing homes. The Department of Veterans Affairs (VA) includes Aid and Attendance funds to veterans eligible for VA pension.
As a veteran, you may encounter challenges when applying for traditional life insurance policies, especially if you are disabled. The VA offers a life insurance program, Veterans’ Group Life Insurance (VGLI), that provides coverage for eligible veterans and former service members after leaving their military program. To qualify for the program, you must have enrolled for Servicemembers’ Group Life Insurance (SGLI) program while in service and stayed within good standing of premium payments. Veterans can get $10,000 to $ 40,000 from the VGLI program.
Small business loans and grants
Veterans aspiring to start a business can take advantage of the various loans and grants available for former service members. These include the Small Business Association Veterans Advantage 79(a) Loan, StreetShares Foundation, the Department of Veterans Affairs Office of Small and Disadvantaged Business Utilization Program, the Department of Veterans Affairs Small Business Grants, and Small Business Administration Service-Disable Veteran-Owned Small Business Program.
VA provides home loan guaranty and other housing-related programs that help veterans buy, repair, retain or build a home. Banks and mortgage companies issue the loans while VA guarantees part of the loan, prompting the lender to offer more favorable terms. Veterans can enjoy other beneficial options while using the VA Home loan program, including special repayment programs, loan modification programs, and loan forbearance. Homeless veterans and those with VA loans get additional benefits while using the VA Home Loans program.
Understanding your benefits as a former service member can offer a wide range of assistance to help you care for yourself and your loved ones. These benefits can help you make the best decisions for your future, from buying a home to arranging a long-term care plan.