Income is a major consideration for qualification for the VA Special Monthly Pension, as the pension is designed for low-income veterans. Instead of looking at a simple monthly income as a guideline, the VA has assigned its own unique way of determining if you meet income limitations. This formula is known as the Income for Veterans Administration Purposes, or IVAP.
To determine the IVAP, the VA looks at the gross income of the entire household, including all sources: Social Security, pensions, retirement funds, dividends and interest. All non-reimbursed health related expenses are subtracted from the gross income, including insurance premiums, nursing home expenses, home health aids, doctor copays and prescriptions.
The VA will take the IVAP and subtract it from the Special Monthly Pension the veteran is eligible to receive. If the IVAP is less than the pension, the veteran will receive some amount of payment. If the IVAP is more than the pension, the veteran will not qualify.
