The Department of Veterans Affairs has announced a 3.2% Cost of Living Adjustment (COLA) for disabled Veteran’s compensation and pension benefits in 2024. This closely matches the COLA recently declared by the Social Security Administration.
What does this mean for disabled Veterans and their families? Starting on January 1, 2024, Veterans with a VA disability rating of 10% or higher will see a 3.2% raise in their monthly payment.
For example, if you currently receive $1,000 per month in disability pay, your new payment will total $1,032 once the COLA takes effect. The increase will apply automatically to all eligible Veterans for the full 2024 calendar year. You do not need to take any action to receive the higher payment.
In our example of a Veteran with a 70% disability rating, your total monthly payment amount would be:
$1,968.28 basic rate (one spouse, one child)
+$72 (second child under 18)
+$72 (third child under 18)
+$134 (the spouse who receives Aid and Attendance)
Total $2,246.28
Please visit the VA website here to learn more about the new payment structure and percentages.
Disabled Veterans who are Eligible?
The 3.2% COLA increase applies to over 5.4 million disabled Veterans across the country, as well as nearly half a million surviving spouses and dependents receiving benefits.
If you have a combined VA disability rating of 30% or higher and have dependents (such as a spouse, child under 23, or dependent parent), you also receive additional monthly compensation. Check with your VA office to confirm your dependents are up-to-date to guarantee accurate payments.
Consider Reevaluating Your Disability Rating
This new COLA adjustment presents a good opportunity for Veterans to reexamine their disability claims. If your condition has worsened over the past year, consider filing for an increase in rating.
The process involves submitting medical evidence that shows how your disability impacts functioning and employability. However, a higher rating then entitles you to increased monthly compensation.
Additionally, if you were previously denied VA disability benefits, the new year may let you successfully appeal or submit supplemental records. Getting rated accurately for all of your service-connected disabilities ensures you receive the full disability pay you deserve.
Check the VA’s recently updated website to stay up-to-date on 2024 VA compensation and benefits changes. As always, reach out with any questions or for assistance with your claim. The team at [Blog/Company Name] is here to help Veterans and families through every VA process.
You’re not alone if you have already submitted your VA claim for an increase and are still waiting to hear a judgment. The VA is currently working through a backlog of claims. Be sure to check out our article on how long it takes to get a VA rating increase here.
So, did you see your increase in monthly payments? Many of the veterans I have spoken with have not seen any sort of increase. I will keep you all posted on what I find out. Stay strong, brothers; we gotta keep fighting for our rights.
Our FAQ section for disabled Veteran’s
When will I see the new payment amount?
You will see the 3.2% increase reflected in your January 2024 payment, which you should receive near the end of the month. All regular VA disability compensation payments are made at the beginning of each month for the previous month. So your January 2024 payment should be deposited or arrive containing the higher amount.
Do I need to report my new income on taxes?
No. VA disability compensation and pension remain exempt from federal taxable income, regardless of the amount. The 2024 COLA increase of 3.2% does not change the tax-exempt status of your benefits. You do not need to report disability pay as income.
What if I disagree with my current disability rating?
If you disagree with your current VA disability rating percentage, even after the COLA increase, you have options. You can file a supplemental claim with new evidence on conditions previously rated. Or submit a Notice of Disagreement within 12 months of your rating decision to appeal. Getting rated accurately is crucial to receiving the compensation you deserve. Reach out to an accredited veteran service officer for guidance.
