Military Retirees And Disabled Veterans Can Expect A Record Increase In Disability Pay In 2023
Starting in 2023, veterans can look forward to an increase in their disability payments for the second year in a row. As a result of rapid inflation and a revised Cost of Living Adjustment (COLA), VA disability benefits could increase by up to 10%. If the adjustment passes, veterans will see the most significant rise since the 11.2% increase in 1981.
Why Are Payments Being Increased?
The Social Security Administration (SSA) releases a COLA annually based on last year’s third quarter price of goods and services. If the costs fall or stay the same, the COLA doesn’t change. However, a post-pandemic economic recovery and the war in Ukraine have contributed to rising costs in the past year. According to BLM’s Consumer Price Index (CPI), prices have increased by 8.5%, with energy costs alone skyrocketing by over 30% in the same period.
When the SSA calculates its findings, the Senate passes legislation that updates benefit payments for the following year. Increases in VA disability benefits are tied to the SSA and the Senate’s decision, so Veterans Affairs will also increase compensation based on the ruling.
How Much Can Veterans Expect To Receive?
Based on the rise in cost-of-living nationwide, veterans can expect to see a generous raise. Each December, Veterans Affairs adjusts the COLA for the following year. 2021 alone saw an increase of 5.9% for veterans based on inflation. Depending on the Senate’s final ruling this year, VA disability benefits could increase by a further 9.7%. With these increased benefits, veterans can see an average rise of approximately $160 per month, and this rate can be even higher depending on their disability rating.
When Will Veterans Receive This Raise?
Once the legislation passes, veterans will start receiving their updated benefits by December 1st. However, the COLA has not yet been finalized for this year. Based on the current financial outlook, living costs might change even further. As a result, the official adjustment will likely be higher. Whatever the final decision, a generous COLA will benefit thousands of financially vulnerable veterans across the country.
We Can Help You File Your VA Disability Claim
If you’re a veteran who suffered an injury during your time in the military, you may qualify to recover VA disability benefits. Understanding the process takes time and effort, and our veterans’ disability lawyers will guide you through the whole procedure. At Turley Redmond & Rosasco, L.L.P., we have decades of experience ensuring veterans secure the benefits they deserve.
If you want to schedule your free initial consultation today, call us at 855-599-2141. You can also use our contact form if you have any questions about your case. We serve Long Island, Queens, Brooklyn, and more.