VA Benefits Increase: Expected Bonus In The Next Months Due To Social Security COLA

Because of the Social Security COLA, a VA benefits increase in the next months is expected.

This VA benefits increase will help veterans cover their expenses despite rising costs. (Photo: Tabak Law)

VA Benefits Increase For Veterans

Veterans receiving VA benefits can expect a VA benefits increase of up to $3,600 in the next months due to a Social Security cost-of-living adjustment.

This VA benefits increase aims to help veterans cover rising prices for consumer goods and expenses affected by inflation.

The VA disability payment schedule for 2024 is provided to help veterans plan their finances accordingly.

According to a published article by Marca.com, compensation is a monthly payment that is tax-free and provided to veterans who have a service-connected disability and receive an honorable discharge.

Department of Veteran Affairs Plan

In a published article by La Grada, The Department of Veteran Affairs plans to increase monthly payment benefits for veterans by 3.2% to align with the cost of living adjustment.

This increase will apply to all qualifying veterans, including those with illnesses caused by toxin exposure.

The goal is to make VA benefits similar to Social Security benefits. Veterans with dependents will receive higher payments.

To qualify for VA benefits, veterans must show a connection between their medical condition and time in the military by demonstrating a traumatic event, physical harm, mental illness, or exposure to poisons during service, receiving a diagnosis of a disease that requires long-term care or has caused permanent impairment, and obtaining an expert medical opinion linking the current diagnosis to the in-service event.

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