Veterans To Benefit From This Year’s Cost-Of-Living Adjustment

On June 14, 2023, President Job Biden signed into law the Veterans Compensation Cost-of-Living Adjustment (COLA) Act of 2023, which is positive news for veterans with disabilities and their families. Now that the law is in effect, thousands of veterans are guaranteed to see a boost in their monthly disability checks later this year.

Which VA Benefits Will Be Affected?

The COLA Act is crucial to ensuring veterans have enough money to keep up with the cost of living. However, beyond the general increase, the COLA Act also addresses specific parts of VA benefits, including:

• Disability payments: financial support for veterans with a service-related medical condition.
• Clothing allowances: benefits given to veterans to replace damaged clothing due to their disability or medical condition.
• Dependency and Indemnity Compensation (DIC): a monthly benefit paid to eligible surviving family members of veterans who passed away due to a service-related condition.

Each of these benefits helps veterans with disabilities and their surviving family members have the essential financial resources to live a more comfortable life.

How Much Will The COLA Be?

The Department of Veterans Affairs hasn’t announced an exact increase yet. Cost-of-living increases yearly are based on the Consumer Price Index (CPI). This economic indicator gives an overview of the average price change for goods and services compared to the year before.

For example, last year’s COLA was one of the largest in decades. Veterans saw a boost of 8.7% which helped them handle years of persistently high inflation. The economy was also still recovering from the pandemic. However, this year’s increase is projected to be much lower at only 2.7% due to falling inflation and lower price increases.

When Can Veterans Expect The COLA Adjustment?

The Social Security Administration (SSA) typically announces its cost-of-living adjustment on October 1. Once they announce the rate increase, the Department of Veterans Affairs will do the same and match it with the SSA’s. All veterans who receive monthly payments should expect to see the new, increased amounts in January 2024.

File Your VA Claim With Our Attorneys

While the COLA is smaller this year, it will definitely help veterans and their families have the financial compensation they need to support themselves. However, if you’re applying for benefits, navigating the claims process can be challenging if you do it alone. Our experienced veterans’ disability lawyers have decades of experience ensuring you have the support you need. We will guide you through the entire process and ensure you receive the benefits you deserve. Please contact us online if you have questions about your case or want to schedule a free consultation today.