VA Disability Benefits in 2024 What Veterans Need to Know. Veterans across the United States are growing increasingly concerned about the fate of their benefits due to potential budget cuts facing the United States Department of Veterans Affairs (VA). These budget uncertainties have cast a shadow of doubt over the future of disability benefits, which many veterans rely on.
Will VA Disability Pay Increase in 2024?
For veterans dependent on disability payments, the annual Cost-of-Living Adjustment (COLA) has become a significant aspect of their financial planning. The pressing question on their minds is whether there will be a COLA increase in VA disability pay for the year 2024.
COLA Increase Pay Rate Depending on Disability Percentage
In 2023, veterans experienced an exceptional 8.7 percent boost in their disability pay, an increase unlikely to repeat in 2024. The United States Senate has already approved a COLA adjustment for the upcoming year, but it is expected to be more modest, estimated at around two to three percent.
The final COLA rates for 2024 will be determined in October 2023, with projections suggesting an approximate 2.9 percent increase in disability pay rates. If all goes as planned, this anticipated raise in disability compensation will take effect in December 2023.
How Much Will COLA Increase for a Married Veteran with Children?
It’s important to understand that disability compensation depends on the veteran’s disability rating assigned by the U.S. Department of Veterans Affairs medical services. The amount can also vary based on the veteran’s marital status and the number of dependents they have.
Veterans eligible for VA disability benefits must apply for a disability rating, which can be done conveniently through online channels, by mail, or by visiting a VA regional office.
For instance, a married veteran with a child can expect disability compensation rates ranging from $170.73 to $4,086.96, depending on their disability rating.