2022 AFBA Financial Planning Guide

Chapter 6. Veterans Benefits Veterans Benefits In General . .....................................................................................................6–1 Educational Support ...................................................................................................................6–2 Vocational Rehabilitation & Employment Program ......................................................................6–3 Disability Compensation . ...........................................................................................................6–4 Pension Benefits ........................................................................................................................6–5 Health Care Assistance ..............................................................................................................6–6 Home Loan Guaranty Program . ..................................................................................................6–7 Life Insurance ............................................................................................................................6–8 Other Veteran Benefits ...............................................................................................................6–9 Burial Benefits . ........................................................................................................................6–10 Survivor Benefits . ....................................................................................................................6–11 Telephone Assistance . .............................................................................................................6–12

some benefits depending on a VA determination of facts surrounding the member’s discharge. A veteran’s qualification for a specific benefit is determined by the law which established the program and any subsequent amendments to the law. The VA will provide the necessary counseling regarding a veteran’s eligibility for benefits. As a general rule, veterans do not qualify for benefits unless they complete at least two years of their original service obligation. Exceptions are made for veterans who incur a service–connected disability or receive a hardship discharge. While many programs are available throughout a veteran’s lifetime, some benefits have a limited eligibility period; for these, the veteran must either apply within the specified time frame or lose the benefit.

6–1. VETERANS BENEFITS IN GENERAL. In recognition of the services provided by our nation’s veterans, the government has instituted a variety of programs designed to benefit veterans and protect their dependents. Most VA benefit programs were established for veterans who served during periods of military conflict or during the peacetime period that immediately followed the conflict. There are presently over 17 million veterans eligible to participate in these programs. The majority of the benefits are administered by the Department of Veterans Affairs — the “VA”. Normally, in order to qualify for a VA benefit program, a veteran’s military service must have been terminated under honorable conditions. Dishonorable discharges usually disqualify the veteran from benefit programs. Those with Bad Conduct and General Discharges may qualify for

CHAPTER 6: VETERANS BENEFITS

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