7 Financial Advantages Veterans Have Over Regular Civilians

Nemanja ManojlovicStarred Page By Nemanja Manojlovic, 17th Jan 2018 | Follow this author | RSS Feed | Short URL http://nut.bz/1lu2fv5z/
Posted in Wikinut>Money>Insurance

If you want to find out which of the financial advantages guaranteed by the US government are unique to veterans here is a full list.

Intro

The US Government’s program for war veterans is quite an extensive one. Through this program, the US Government made sure that war veterans get all the help they need after they get back home from war. The program includes numerous benefits ranging from transition assistance and education & training to VA construction loans and insurance.

Most of these are types of financial advantages. These financial advantages are not the same ones that regular civilians have. If you want to find out which of the financial advantages guaranteed by the US government are unique to veterans here is a full list.

VA Construction Loan

This is one of the major financial advantages veterans have. A VA construction loan puts veterans in the position to have custom made homes built for them and their families. A VA home loan program for veterans is quite an extensive one. It doesn’t only incorporate VA construction loans, but also all other actions connected with housing-related programs.

VA home loans are provided by mortgage companies and banks. These private loan lenders are required by law to offer far better loan return terms to veterans while the VA stands as a partner to each veteran by guaranteeing that the portion of the loan will be returned by them.

If you are worried about VA construction loan eligibility requirements, you should know that each loan has its specific requirements. These usually apply to the character of service, length of service, service commitment and duty status.

Death Benefits

The Department of Veterans Affairs provides help to veteran families in case a veteran dies. In this instance, the family of the deceased veteran can claim several benefits. First of all, the family can request a US flag for the casket. Additionally, these families can file a request for a Presidential Memorial Certificate.

At last, when it comes to financial aid, the Department of Veterans Affairs covers all costs associated with grave markers and headstones.

Disability Compensation

Veterans who were injured during the war and who are now with disabilities caused by those injuries can claim a tax-free monetary benefit exclusively paid to US veterans. The compensation amount is assessed by the commission, after it establishes the degree of the disability on a scale (10 - 100%).

If a new disability occurs after the service and the doctors find out that it is a consequence of serving, a veteran can also file a disability compensation claim. Time is an irrelevant factor here, as long as the circumstances of military service are the cause of the disability.

Special Monthly Compensation

Special Monthly Compensation, or SMC, is yet another tax-free benefit. This financial compensation can be payed to Veterans as well as to their spouses and parents. If a veteran has a specific disability, the SMC’s financial benefit is increased according to the severity of the disability and the external help that has to be hired so that the veteran can be nursed back to health.

The amount of SMC payed to parents and spouses is determined by whether there is a need for assistance by another person. The compensation rates are divided in groups of conditions. You can check the SMC benefits rate tables here.

Compensations in Special Circumstances

There are different VA disability compensation programs that cover special circumstances. If the veteran’s disability is connected with the service, they are able to use the benefits of the following programs: birth defects, individual unemployability, convalescence, automobile allowance, hospitalization, clothing allowance, dental and pre-stabilization.

Dependency and Indemnity Compensation

Dependency and Indemnity Compensation (DIC) is another tax-free financial benefit. This benefit is payable to the parents, child or spouse of the deceased service members. The parties are eligible to the DIC as long as the service member died from disabilities connected to service, while on active duty for training, active duty, or inactive duty training. DIC is payed to the parties that were financially dependent on the service member.

Veterans’ and Survivors’ Pensions

The Department of Veteran Affairs has two unique pension programs for service members and their families. The veteran pension is a monetary benefit free of tax. It is payable only to low-income wartime veterans.

On the other hand, the survivor pension is a monetary benefit payable to a low-income unmarried child/children and/or unremarried surviving spouse of a deceased veteran. This financial benefit is also tax free and it is intended for families who suffered losses while the veteran was engaged in wartime service.

These 7 financial advantages are available to veterans and/or their surviving spouses, child/children, and parents. While regular civilians do have financial advantages ensured by specific US laws, the ones available through the Department of Veteran Affairs’ programs are exclusive to war veterans and their families.

Tags

Personal Finance, Us Army, Veterans

Meet the author

author avatar Nemanja Manojlovic
I am an enthusiastic researcher from Podroom Creative who likes to focus his attention on topics ranging from martial arts, weight loss, fitness and cooking, to motivation and productivity.

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Comments

author avatar M G Singh
21st Jan 2018 (#)

very interesting and informative

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