The VA disability rates for 2024 have been confirmed on October 12, 2023, and will be finalized on December 1, 2023. The Social Security Administration has announced a 3.2% Cost of Living Adjustment (COLA) for 2024, which means veterans will receive a 3.2% increase in VA disability pay starting from January 2024.
What Is COLA?
Every year, the Social Security Administration (SSA) determines a cost-of-living adjustment based on the percentage increase in the Consumer Price Index for Urban Wage Earnings and Clerical Workers (CPI-W). This index measures the changes in prices of goods and services over time.
After the Bureau of Labor Statistics (BLS) has calculated the monthly CPI-W, the SSA obtains data from the third quarter of the previous fiscal year until the third quarter of the current year to determine the cost-of-living adjustment for the upcoming year.
Once the process is complete, the Senate will enact new legislation to permit a cost-of-living increment for veterans’ benefits. Subsequently, the VA will modify veterans’ monthly compensation to reflect the revised cost of living.
2024 VA Disability Compensation Rates
The 2024 VA disability compensation is a monthly tax-free payment provided by the Department of Veterans Affairs to former military service members who suffered any injury or illness during their time in service.
Veterans who had pre-existing conditions that got worse due to their military service or who developed disabilities as a result of their service are also eligible to apply for benefits.
How Is VA Disability Compensation Assigned?
When a veteran applies for disability compensation with the VA, they will be assigned a disability rating based on the severity of their service-connected condition. From there, the VA will use the rating to determine how much disability compensation the veteran can receive each month, as well as their eligibility for other VA benefits.
The VA Disability Rating System
The amount of disability compensation a veteran is paid will depend on how disabled they are. The VA makes this determination based on the evidence they provide and an internal review of their health and medical history. The VA will usually review their service treatment records, VA medical records, and private medical records that are directly related to their disability to come to their conclusion.
The VA will then rate a Veteran’s disability in increments of 10% from 0% to 100%.
Below are rates factoring in the 3.2% COLA.
|Combined VA Rating||2024 VA Disability Pay Rates (3.2% increase)|
However, these amounts can change depending on the circumstances, including if the veteran has a spouse, dependent parents, or children.
Contact Veterans Benefit Group of Goodman Allen Donnelly To Learn More About the VA Disability Increase in 2024
For further information about the VA disability increase in 2024, contact the Veterans Benefit Group of Goodman Allen Donnelly today. Our legal team is here to provide you with the guidance and answers you need.
Furthermore, if the VA has denied your claim, our legal group can assist you with the appeals process and help you fight for the benefits you are entitled to.