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Veteran’s Additional Payment for a Dependent Parent - where does my net worth rank me

Veteran’s Additional Payment for a Dependent Parent-where does my net worth rank me

Veteran's Additional Payment for a
Dependent Parent
What is a Dependent Parent Benefit?
A Veteran whose parent(s) are dependent upon him or her for financial support may be
paid additional benefits. The dependent parent benefit is paid based on need. The
parental relationship must be established, and it must be verified that the parents are
financially dependent upon the Veteran in order to qualify.
What Are the Eligibility Criteria?
To qualify, one of the following must be true:
? The Veteran receives compensation with a combined evaluation of at least 30
? The Veteran receives VA educational benefits and is enrolled half time or more
Who Are Eligible Parents?
The term "parent" means one of the following:
? A biological mother or father
? An adoptive mother or father
? A person who served as a parent to a Veteran for at least one year prior to his or
her entry into active service
The term "dependent parent" means either:
? The parent's income and net worth meet certain limits, as defined by law
? A parent with substantial income or assets has correspondingly high expenses
Why Is the Dependent Parent Benefit Based on Income and Net
Since the benefit is based on need, VA cannot pay additional benefits for a
dependent parent(s) whose countable income is greater than the limit set by
law or whose net worth is enough to meet basic needs without help from VA.
To determine need, the parent(s) must report their income from all sources,
? Gross wages
? Social Security
? Retirement
? Pension
? Insurance
? Interest
? Dividends for the last 12 months
The parent must also report the current value of all assets, including:
? Annuities
? Stocks
? Bonds
? Businesses
? Bank accounts
They do not have to report personal property, such as:
? Home
? Car
? Furniture
? Clothing
Can Parents' Income Be Reduced?
Yes. A portion of medical expenses may be used to reduce the amount of income VA
considers when deciding upon eligibility. The dependent parent(s) should report the
amount of expenses paid that were not reimbursed by insurance. The following
expenses should also be reported:
? Rent
? Home repairs
? Maintenance
? Clothing
? Medical care
? Utilities
? Groceries
? Taxes
? Any other significant expenses
How Much Does VA Pay?
Please see the "VA Compensation Rate Tables" at
https://www.benefits.va.gov/compensation/rates-index.asp for current rates.
How Do Veterans Apply?
Fill out VA Form 21-509, "Statement of Dependency of Parents," located at
https://www.vba.va.gov/pubs/forms/vba-21-509-are.pdf. Submit the completed form
to your local VA regional office: https://www.benefits.va.gov/benefits/offices.asp. If
you need more information about the supporting materials VA will need to process your
claim, call 800-827-1000.
Updated August 2018 3

What should your net worth be at 40? These are savings guidelines, not rules etched in stone. By age 40, your goal is to have a net worth of two times your annual salary. So, if your salary edges up to $80,000 in your 30s, then by age 40 you should strive for a net worth of $160,000.


Title: VA Veteran's Additional Payment for a Dependent Parent Factsheet
Subject: VA Veteran's Additional Payment for a Dependent Parent Factsheet
Keywords: VA Veteran's Additional Payment for a Dependent Parent Factsheet
Author: U.S. Department of Veterans Affairs
Creator: Acrobat PDFMaker 19 for Word
Producer: Adobe PDF Library 19.10.96
CreationDate: Tue Feb 12 10:31:17 2019
ModDate: Tue Feb 12 10:43:34 2019
Tagged: yes
Form: none
Pages: 3
Encrypted: no
Page size: 612 x 792 pts (letter) (rotated 0 degrees)
File size: 561232 bytes
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PDF version: 1.6

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