Did you know that many veterans are leaving money on the table? If you’re a veteran or a spouse, you may be eligible for funding that can help you pay for college, buy a home, start a business, and more. This blog post discusses hidden money for veterans available from the veterans benefits administration.
Educational Benefits
One of the lesser-known funding benefits available is education funding. Veterans may be eligible for hundreds of thousands in education money through federal programs, state programs, and private scholarship funds. Educational financing means that you can attend school completely tuition-free!
In addition to free tuition at public schools (in-state), there are also several other benefits available to veterans, including:
– A monthly housing allowance while you are in school
– A stipend for books and supplies
– The ability to use your GI Bill education benefits at any accredited school in the country
– Tuition assistance programs through the Department of Defense and many private companies
Housing Benefits
In addition to educational funding, veterans may also be eligible for housing and business funding. For example, the Department of Veterans Affairs offers several home loan programs to help veterans buy a home with no money down.
The VA also offers benefits through the VA Foreclosure Program. The VA Foreclosure Program helps veterans that have defaulted on their mortgages. Through this program, the VA will pay off the remaining balance of your loan and give you a new loan with more favorable terms.
Veterans can also search for foreclosed homes that the VA purchased and then buy those homes from the VA for a discount.
Business Benefits
The Small Business Administration has many loan programs available specifically for veterans who want to start businesses. These programs include loans for businesses of all sizes and grants and loan guarantees.
So if you’re a veteran or the spouse of a veteran, be sure to explore all the money benefits available to you. There are several hidden funding sources out there just waiting to help you achieve your goals!
Life Insurance Benefits
The Department of Veterans Affairs offers several insurance programs and life insurance benefits to help veterans and their families. These programs are through the Servicemembers Group Life Insurance Program and Veterans Group Life Insurance Program.
There are two main types of life insurance policies available to veterans: standard term policies (similar to traditional term policies) and variable universal policies (which offer more investment options).
Term Life Insurance Benefits for Veterans
The most common life insurance benefit available to veterans is standard term policies. These policies are similar in structure and cost to traditional private policies. The main difference is that they do not require a medical exam or any other type of health-related evaluation before purchase.
Variable Universal Life Insurance Benefits for Veterans
There are also variable universal policies available through the Department of Veterans Affairs. These policies offer more investment options (such as stocks and bonds) but are generally more expensive than standard term policies.
How to Get VA Life Insurance Benefits
To get life insurance benefits for veterans, you must first apply for coverage through the Department of Veterans Affairs. Once the VA approves your application, you can choose between standard term policies and variable universal policies.
The process for getting life insurance benefits is relatively simple:
– You fill out an application with the Department of Veterans Affairs. The application includes some basic personal information (name, address, etc.) and health questions to determine if you qualify or not. If your application is approved, you will receive a list of available policies.
– You choose the policy that best suits your needs and purchase it through the VA.
– Your policy is then in effect, and you will receive monthly statements detailing your account balance and investment performance.
There is a unique life insurance program called National Service Life Insurance for veterans in active service during World War II. Visit the veterans affairs website for more information on veterans’ life insurance options.
Unclaimed funds
Many service members may have unclaimed money related to insurance or disability payments.
The Department of Veterans Affairs holds over $870 million in unclaimed money, and that number continues to grow every day.
The insurance policies with unclaimed funds include the United States Government Life K National Service life insurance program, Veterans Special Life Insurance, Veterans Reopened Insurance, and many others.
It is important to note that an unclaimed veteran benefit is not turned over to the state unclaimed property databases.
How to Claim Unclaimed Funds
If you think you may be owed money from the Department of Veterans Affairs, there are a few ways to claim those unclaimed veterans benefits and unclaimed insurance funds:
– Online: You can search for unclaimed money online through the veterans affairs website.
– Phone: You can also call the VA at (800) 433-5436 to inquire about unclaimed benefits.
– In-Person: If you prefer, you can also visit your local VA office in person to claim any outstanding benefits.
When claiming unclaimed benefits, you will need to provide proof of eligibility (such as your military ID card or DD-214 form).
Long term care benefits
The Department of Veterans Affairs also offers long-term care benefits for veterans and their families. These benefits can help pay for the cost of long-term care, which can include nursing home care, assisted living facilities, and in-home health services.
Surviving spouses may be eligible for this benefit as well.
Caregiver Support Benefits
Caregiver support benefits are available to veterans who need assistance with everyday activities. These benefits can help pay for the cost of hiring a home health aide or paying for other forms of care.
To be eligible for caregiver support benefits, the veteran must require assistance with at least two Activities of Daily Living (ADLs). These activities can include bathing, dressing, grooming, eating, using the bathroom, and transferring from bed to chair.
Death Benefits
The VA also offers veteran death benefits for veterans and their families. Death benefits can include covering funeral expenses and monthly payments to the surviving spouse or dependent children. The surviving spouse and dependents can also request the VA drape a flag over the veteran’s coffin.
Surviving spouses and dependents may be awarded armed forces leave bonds, adjusted service bonds, death awards, unclaimed pay, and much more upon the veteran’s death.
VA Pension Benefits
The veteran’s benefits administration also offers veterans and their families pension benefits. These benefits can help pay for the cost of living expenses such as food, housing, utilities, and medical bills. A veteran must have served in the military during an active war period (i.e., World War II) to qualify for these benefits.
Veteran Student Loan Forgiveness
The Veteran Student Loan Forgiveness program is a federal initiative that helps veterans with their student loan debt. This program can do so by offering them up to $50,000 in tax-free cash assistance towards repaying their loans, as well as making monthly payments more affordable through income-driven repayment plans.
For example, if you are currently making $100 per month and your income-driven repayment plan is based on 15% of discretionary income, you would only need to pay $15 each month instead of all $100. An income-driven repayment plan can make it easier for veterans to afford the cost of living while still paying back their student loans without having to worry about missing any payments or harming their credit score.
Free Tax Preparation and Filing Services
The Free Tax Preparation and Filing Service is a federal initiative that helps veterans with their taxes. This program can do so by offering them free tax preparation services and an online tool to file their taxes electronically (e-filing).
Non-College Degree Program
The Non-College Degree Programs are a federal initiative that helps veterans with education. This program can do so by offering them free courses in areas such as culinary arts or welding at local community colleges across America.
The veteran’s service record determines their eligibility for these programs and whether they served during an active
Wrap-up
So if you’re a veteran or the spouse of a veteran, be sure to explore all of the money benefits available to you. There may be funding available to help you pay for college, buy a home, start a business, and more. And remember, these are just some of the lesser-known benefits – there may be even more money available at the state level. So be sure to look up your state’s programs. Thanks for reading!
