COMPETING WITH INFLATION: VETERANS DISABILITY COST OF LIVING ADJUSTMENT RISES TO 8.7% FOR 2023
Although there is no amount of financial compensation that can truly stand in for the sacrifices veterans have made, the new cost of living adjustment for 2023 provides a significant increase in monthly payment for disabled veterans, which is a major step in the right direction in helping injured veterans and their loved ones. At the start of this year, veterans who receive VA Disability payments will see an 8.7% increase in their monthly payments. This is the largest increase in compensation benefits by the VA in over 30 years, which marks a significant milestone for those who rely on VA Disability. As previously understood, this compensation program has and will continue to provide financial assistance to veterans who are unable to work due to one or more service-connected disabilities– physical or mental.
HOW WILL THE COST OF LIVING ADJUSTMENT CHANGE MY PAYMENTS?
VA Disability is currently determined by severity of the disability, meaning that higher levels of disability result in higher payments. This new 8.7% increase will apply to all levels of disability (from 10% to 100%). This does not mean that one's disability score will increase by 8.7%, but that their monthly payments will increase by that percentage. Luckily, everyone from the lowest to highest level will see some movement in their monthly payment amount. This increase will go into effect during the first full pay period of 2023. This 8.7% increase can be categorized as a cost of living adjustment.
WERE ANY OTHER CHANGES MADE TO VA DISABILITY?
The VA was aware that they needed to make some adjustments due to the state of the current economy in order to protect the overall well-being of veterans and their families. This is why the VA also announced a number of other changes that took effect on January 1, 2023. These changes include an increase in the rate for Dependency and Indemnity Compensation (DIC) for surviving spouses and children of deceased veterans, an increase in the mileage rate allotted for travel for VA related appointments, and an increase in clothing allowance for those suffering from service-related disabilities.
WHAT DOES THE FUTURE OF THE VA LOOK LIKE?
The VA plans to continue its overall efforts of supporting veterans and their families through various resources such as healthcare, education, training, and vocational rehabilitation. The VA also attempts to give veterans the skills and training they need to re-enter the workforce. Furthermore, the VA also attempts to provide financial planning assistance for veterans through planning and budgeting tools and debt management programs.
While no financial assistance can replace the sacrifices veterans and their loved ones have made for our country, this 8.7% increase is a significant and tangible step in the right direction. At Wettermark Keith, we hope to see this much-needed payment increase alleviate some financial burden from veterans and their family members, providing a source of stability and security in hard times.
WETTERMARK KEITH: VA DISABILITY ATTORNEYS
If you need help understanding how this cost of living adjustments affects your monthly VA Disability payments, do not hesitate to contact an attorney at Wettermark Keith. Our VA Attorneys are also happy to help with declined compensation claims, appeals, and other adverse claim statuses. Contact us today at (877) 715-9300, on our online form, or through our website chat in order to set up your free consultation today.
HERE'S WHAT TO DO NEXT
If you or a loved one have been injured and think you might have a case, call us now for a free consultation.