Veterans Day is coming up on Monday, November 11, which is dedicated to honoring military veterans. There are a wide range of benefits that are available to support Veterans upon their return to civilian life, but it can be challenging to figure out what is available and navigate the systems that provide access to these benefits.
At Self-Help, we believe in economic opportunity for all, which means supporting Veterans in getting access to and maximizing the benefits that can give you a greater opportunity to achieve your financial goals.
In this blog post, we will be discussing the financial challenges Veterans face, benefits that are available to Veterans, and some tips for maximizing benefits.
Financial Challenges for Veterans
There are many challenges that Veterans have to navigate upon returning to civilian life. According to Pew Research Center, about half of post-9/11 Veterans say it was very or somewhat difficult for them to readjust to civilian life after their military service. These challenges to readjusting can be emotional, professional,
and financial. More than a third of Veterans say they had trouble paying their bills in their first few years after leaving the military, and this number is significantly higher for those who suffer from PTSD.
For veterans who have suffered disabilities due to combat and/or mental health issues, there are additional challenges that can affect the ability to assimilate, the addition of potential bills, and the capacity to find work. The Department of Veterans
Affairs, which provides veterans with benefits has also received mixed reviews, with many feeling that they are not providing as much help as they should.
In order for Veterans to get the support they need, it is important to be aware of benefits and understand how to maximize them, so you can get the most out of the opportunities that you have earned during your service.
Available Benefits for Veterans
The first step to maximizing benefits that are available to Veterans is to know what is available. Below, we will discuss some important programs and benefits that you should know about as a Veteran.
Disability Compensation
Disabilities that are the result of disease or injury incurred or aggravated during active military service
Post-service disabilities that are considered related or secondary to disabilities occurring in service
Post-service disabilities presumed to be related to circumstances of military service
Additionally, Special Monthly Compensation (also commonly referred to as aid and attendance)
is an added benefit that can be paid to Veterans, their spouses, surviving spouses and parents. It is a higher rate of compensation paid due to special circumstances such as the need of aid and attendance by another person or a specific disability,
such as loss of use of a hand or leg.
Special benefit allowances are also available to support the purchase of automobiles
and clothing for people whose disabilities require special accommodation.
Healthcare
There are a number of healthcare programs that are available specifically to Veterans. Here are some options for coverage:
VA health care – You may be eligible for VA health care benefits if you served in the active military, naval,
or air service and didn’t receive dishonorable discharge. There are a handful of scenarios and circumstances that determine eligibility. Check out the full list on the VA’s website.
TRICARE is a health program for:
a. Active duty or retired service members and their families
b. National Guard/Reserve members and their families
c. Survivors
d. Former spouses
e. Medal of Honor recipients and their families
f. Others registered in the Defense Enrollment Eligibility Reporting System
CHAMPVA (Civilian Health and Medical Program of the Department of Veterans
Affairs) is a comprehensive healthcare program in which the Department of Veterans Affairs shares the cost of covered health care services and supplies with eligible beneficiaries – This program is available for those who are not
eligible for TRICARE and in one of the following categories:
a. The spouse or child of a Veteran who has been rates permanently and totally disabled for a service-connected disability by a VA regional office
b. The surviving spouse or child of a Veteran who died from a VA-rated service-connected disability
c. The surviving spouse or child of a Veteran who was at the time of death rated permanently and totally disabled from a service-connected disability
d. The surviving spouse or child of a military member who died in the line of duty, not due to misconduct (usually eligible for TRICARE instead)
Spina Bifida Health Care Benefits Program (SBHCBP) provides monetary allowances, vocation
training, and rehabilitation and health care benefits to certain Korea and Vietnam Veterans’ birth children who have been diagnosed with spina bifida.
Education and Career Development Programs
The GI Bill is the most prominent educational benefit for Veterans. GI Bill benefits will help you pay for school
and cover expenses while you’re training for a job. There are a handful of different GI Bill programs, including the Post-9/11 GI Bill, Montgomery GI Bill Active Duty, and Montgomery GI Bill Selected Reserve. Which program you qualify for
will depend on when you served, how long you served, etc.
There are also opportunities for added benefits to use along with the GI Bill, such as:
If you entered service between 1977-1985 and have put money into a Veterans’ Educational Assistance Program (VEAP), you may be able to continue your education using part of your military pay to cover the cost of school through VEAP with a $2-to-$1 government match program.
Veteran Readiness and Employment (Chapter 31 or VR&E) is a program for Veterans with a service-connected
disability that limits your ability to work or prevents you from working. This program helps you explore employment options and address education or training needs. Family members may also qualify for benefits.
Personalized Career Planning and Guidance (Chapter 36 or PCPG) offers free educational and career
guidance, planning, and resources to Veterans and their dependents who are eligible for a VA education benefit to help you:
Decide which civilian or military jobs you want
Find a training program or field of study
Address issues or barriers that get in the way of your success
Create a resume and establish goals
In addition to government-funded education assistance, many colleges and universities offer grants and programs specifically for Veterans. Make sure you’re doing research to find out what programs might be the best fit for you.
Housing Benefits
VA Home Loans help Veterans, Servicemembers, and eligible surviving spouses become homeowners by providing:
If you are a Veteran or Servicemember with a severe service-connected disability, the Specially Adapted Housing program offers grants to assist with building, remodeling, or purchasing an adapted home.
For additional information on down payment assistance programs that you may qualify for in your state, Self-Help's Home Mortgage Team is happy to help.
Retirement Benefits
In retirement, if you have limited income and assets, you may
be eligible for a VA pension, which provides financial assistance to eligible wartime veterans and surviving spouses or dependents, which can provide a safety net and supplement other retirement income.
Tips for Maximizing Benefits
Now that you know many of the benefits that are available to you, here are some tips to make sure you aren’t missing out on any of them:
Gather important documents – Before applying for your benefits, make sure you have everything you might need, including:
a. Discharge papers (DD-214)
b. Medical records
c. Proof of dependents
Seek comprehensive medical evidence – If you’re looking to acquire disability benefits, make sure you:
a. Obtain thorough medical evaluations
b. Include documentation from both VA and private healthcare providers
c. Seek consistent treatment for any service-connected disabilities
Submit claims for increased disability ratings, if applicable – If your service-connected disability is worsening or if you develop an additional service-related disability, make sure to find ways to increase your rating by submitting
a claim. To support your claim, make sure to:
a. Get a medical opinion from a private physician or specialist supporting your claim for a higher rating
b. Provide evidence of service connection for new or previously denied conditions
c. Look into presumptive conditions related to exposure to Agent Orange or other toxic substances
Apply for reevaluation and appeals – Don't be afraid to request reevaluations or file appeals if you disagree with the VA’s decision. You can also:
a. File a Notice of Disagreement (NOD) if you disagree with the decision
b. Appeal to the Board of Veterans Appeals (BVA) if you disagree with the Regional Office decision (and then to the U.S. Court of Appeals for Veterans Claims if you disagree with the BVA)
c. Hire an attorney or claims representative to support you
Apply for all eligible benefits – Even if you aren’t sure how much you might get from a benefit or whether you qualify, you want to make sure you’re not missing out:
a. Don’t overlook lesser-known programs
b. Consider secondary service-connected conditions
Find out if family members are covered – As you may have noticed in the benefits review, many benefits can also apply to spouses and dependents. Make sure you are looking into opportunities for not just you, but your family members to
take advantage of benefits.
Stay informed about changes – Make sure you are checking regularly for evolving eligibility criteria and new programs that you may benefit from.
If You Need Additional Support...
Self-Help offers financial coaching free to members,
who can assess your financial situation and are available to help you achieve your financial goals.
We are grateful for you this Veterans Day and are honored to support you in overcoming post-service barriers to achieve ownership and economic opportunity.