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The Social Security Administration announced on October 12 that the Cost of Living Adjustments (COLA) for 2024 will be a 3.2% increase.
Many veterans are aware that their monthly benefits can increase at the start of the new calendar year. However, few understand how and why this process happens. Unlike social security disability insurance benefits—which are required, by law, to increase each year based upon the COLA for that fiscal year—there is no analogous law that automatically increases veterans’ benefits.
Every year, Congress must pass a bill that ties veterans’ disability compensation to social security benefits—i.e., a bill that mandates that whatever COLA adjustment social security beneficiaries receive will also be received by veterans receiving VA disability compensation.
On March 14, 2023, Senator Jon Tester introduced the necessary bill. After a characteristically smooth vote through both houses of Congress, it was signed by President Biden on June 14th, 2023.
Thus, veterans’ COLA increase is secured for next year.
The COLA increase is important for all veterans who receive standard and special monthly compensation for their disabilities. Veterans can also receive an increase in monthly dependent benefits.
Please visit our VA Disability Benefits Calculator page to review current rates for disability and dependent compensation.
The new 2024 rates will be effective on December 1, 2023.
Stone Rose Law is the largest military and veteran’s benefits firm in the state of Arizona – although we are proud to represent clients all over the world. Lead by experienced trial attorneys and military veterans, our firm has the knowledge, training, and experience necessary to obtain the benefits our country’s heroes have earned. Whether you’ve been denied for the first time or the fifth, give us a call at 480-498-8998 and experience the difference Stone Rose Law can make.