In this episode, I wanted to highlight the many benefits available to veterans with VA disability ratings, as I was surprised by how extensive they are during my own claims process. I go over key benefits, especially those that are lesser known, particularly for 100% disabled veterans. These include commissary and exchange privileges, waived VA loan funding fees, tax-free compensation (which can be substantial), healthcare benefits that expand significantly at 50% and 100% ratings, student loan forgiveness for 100% total and permanent disability, property tax exemptions in some states, Chapter 35 education benefits for dependents, and even free in-state tuition in certain states. When combined, these benefits can add up to millions of dollars in value over time. I emphasize the importance of knowing your benefits, ensuring your rating is accurate, and filing for increases if warranted. If you haven't filed a VA claim but believe you're eligible, it's worth pursuing, as these are benefits you're legally entitled to. Hopefully, this episode helps veterans or their loved ones understand what’s available to them. Let me know if you have any questions, and thanks for listening!
Key Takeaways:
• Disabled veterans can access commissary and exchange privileges, hiring preferences, and burial benefits.
• Veterans with at least a 10% disability rating can have their VA loan funding fee waived, potentially saving thousands.
• Some states offer full property tax exemptions for 100% disabled veterans, while others provide partial exemptions.
• Spouses and children of 100% disabled veterans may qualify for additional education benefits similar to the GI Bill.
• Even at lower ratings, benefits can add up to tens of thousands of dollars, while a 100% rating can be worth millions over a lifetime.
• Veterans should not feel guilty about filing; these benefits are legally granted based on service-connected conditions.
Key Timestamps:
(00:00) – VA Disability Benefits
(01:36) – VA Loan Funding Fee Waiver
(02:19) – Compensation Details
(04:10) – Healthcare Benefits
(05:18) – Student Loan Forgiveness
(06:58) – Property Tax Exemptions and Vehicle Registration
(07:53) – Chapter 35 Benefits
(09:21) – In-State Tuition for Children of Disabled Veterans
Key Topics Discussed:
BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show
Mentions:
Current Veterans disability compensation rates: https://www.va.gov/disability/compensation-rates/veteran-rates/
More of Baskin Financial Planning:
Download the Ultimate Military Finance Checklist, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.
Think you might need some financial help? Book an intro call with me to see if we would be a mutual fit.
Questions or comments, drop me a note at: erik@baskinfp.com
www.baskinfp.com/post/63