2024 VA Disability Pay Rates and Cost of Living Adjustment
Veterans suffering from service-connected disabilities may be receiving VA benefits for their medical conditions. if so, they may wonder what impact the 2024 cost-of-living adjustment (COLA) will have on their monthly compensation. In 2024, the cost-of-living adjustment (COLA) will be 3.2 percent, according to the Social Security Administration (SSA). Therefore, this will lead to a significant increase in 2023 VA disability rates and monthly compensation for veterans. This is because, by law, the percentage of the COLA adjustment must be equal to that of SSA’s.
For more information on how this change in the COLA will affect veteran’s benefits, keep reading.
What Does the (COLA) Cost-of-Living Adjustment Mean?
Each year, the Social Security Administration (SSA) sets an updated cost-of-living adjustment, or COLA, based on the percentage increase in the Consumer Price Index for Urban Wage Earnings and Clerical Workers (CPI-W). The CPI-W measures the change in prices of goods and services over time. It is important to note that COLA will not increase if there is not a CPI-W increase as well. Therefore, COLA is intrinsically tied to the annual CPI-W increase.
Once the Bureau of Labor Statistics (BLS) calculates the monthly CPI-W, the SSA will pull data from the third quarter (July, August, and September) of the previous fiscal year to the third quarter of the current year to determine the COLA for the upcoming year.
After this, the Senate will pass new legislation to allow a cost-of-living increase for veterans’ benefits. The Department of Veterans Affairs (VA) will then adjust veterans’ monthly compensation to reflect the updated cost of living. This typically leads to an increase in veterans’ benefits each year.
COLA and VA Disability Rates Over Time
The 2022 5.9 percent COLA increase led to a substantial boost in benefits beginning on December 1, 2021.
The 2023 COLA increase was significantly high at 8.7 percent. This was the biggest increase since 1981.
2024 Cost-of-Living Adjustment (COLA)
Following the release of the CPI-W for the second quarter (i.e., April, May, and June) of 2023, the SSA determined the official 2024 COLA is 3.2 percent.
In August 2023, BLS calculated a Consumer Price Index for All Urban Consumers (CPI-U) up 3.7 percent for the year ending in August 2023.
The CPI-U is the measure of the change in retail prices affecting all urban consumers, a more general index than the CPI-W. This offered a small glimpse into how quickly the prices of consumer goods and services have been rising over the past year.
Will Disabled Veterans Get a Raise in 2024?
Yes, if you are a disabled veteran, then you will get a significant raise in your monthly disability benefits in 2024. When VA applies the 2024 COLA to disability benefits, veterans will see the 3.2 percent increase reflected in their monthly compensation come December. Although the 2023 adjustment of 8.7 percent was already substantial, the 2024 adjustment is still substantial.
The 2024 COLA increase will increase the amount of monthly compensation veterans receive for a disability rating. Veterans with a 100 percent disability rating and no dependents will see an extra $116.14 added to their disability compensation, yielding $3,738.85 per month. In comparison, the 2023 monthly rate for a 100 percent disabled veteran with no dependents is $3,621.95.
Additionally, to increase their VA rating, veterans can file a new disability claim for a separate condition or through an increased rating claim or TDIU.
2024 VA Disability Pay Rates
The 2023 compensation rates can be used as a baseline to calculate estimates for VA disability payments in 2024. Take the 2024 COLA of 3.2 percent, multiply it by the 2023 compensation rate, and then add that number to the rate. This adjusted figure is your 2024 VA monthly payment.
The pay rates in this chart reflect the changes in compensation over the years based on a single veteran with no dependents.
|Combined VA Rating||2024 VA Disability Pay Rates (3.2% increase)||2023 VA Compensation Rates||2022 VA Compensation Rates|
Additional Compensation for Qualifying Dependents
Veterans with a combined disability rating of 30 percent or higher and one or more qualifying dependents are eligible for additional compensation. Qualifying dependents include:
- A spouse;
- Dependent parents;
- A child under the age of 18 or a child between 18 and 23 who is still in school;
- An additional child under the age of 18;
- An additional child between the age of 18 and 23 who are in school.
2024 VA Disability Pay Chart
Veterans receive different pay rates depending on the type and number of dependents. To determine your 2024 rates, see the 2024 VA disability pay chart based on dependency status below.
The figures below are adjusted from 2023 VA disability pay chart using the 3.2 percent COLA. The amounts displayed in each box represent a veteran’s monthly compensation based on their combined VA disability rating and dependency status.
It is important to note that veterans rated under 30 percent do not receive additional compensation for dependents.
When Will Veterans Receive Updated VA Pay Rates?
After VA adjusts disability rates accordingly, veterans should begin receiving their updated benefits on December 1, 2023. These changes will be reflected in veterans’ monthly payments at the end of the month (i.e., December 30, 2023).
Veterans can see which dates they will be paid using CCK’s VA Disability Payment Schedule for 2024.
Do You Need Help Appealing Your VA Claim?
If you have a service-related condition but VA denied you disability compensation, then Chisholm & Kilpatrick LTD may be able to help. The VA claims process can be difficult but the experienced and knowledgeable veterans’ advocates at CCK have decades of demonstrated success in representing veterans before VA and the Court of Appeals for Veterans Claims (CAVC). For a free case evaluation, reach out to CCK today.
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