So, will there be a VA increase in 2024?
Yes!
In this VA Increase 2024 Quick Guide, we’ll answer popular questions about increases in VA disability compensation and benefits for 2024.
We will also provide you with some high-value 2024 VA pay resources so you can quickly and easily find your VA disability 2024 compensation.
Let’s jump into it.
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VA Increase 2024
How Much Will VA Benefits Increase in 2024? Several VA benefits are set to increase by 3.2% in 2024. This increase is based on the Social Security Administration’s (SSA) Cost of Living Adjustment (COLA). The SSA has announced the 2024 COLA is 3.2%.
To determine the COLA, the SSA looks to see if there was a rise in the cost of living each year. This rise is usually due to inflation. The idea is to keep wages and other payments in step with inflation so that quality of life does not decrease. (The 2023 COLA was a whopping +8.7%!)
Even though we’ve all felt the inflation crunch over the past year, the VA increase 2024 will not be as substantial.
VA Disability Increase 2024
Monthly VA Disability Increase 2024
How does a 3.2% COLA increase affect your monthly VA disability compensation?
VA Increase 2024 Example: If you’re single with no kids and have a 100% VA disability rating, then you received $3,621.95 per month in 2023.
The 3.2% COLA increase is added directly on top of your 2023 VA monthly compensation. So, in this example, simply multiply $3,621.95 X 1.032 to get $3,737.85. This is an increase of $115.90 to every monthly VA disability compensation payment.
For specific rates for VA disability pay 2024, visit our blog 2024 VA Disability Pay Charts | 3.2% COLA Increase. We’ve listed the 2024 VA disability pay charts for all ratings.
New rates for the VA increase 2024 will go into effect with your January 2024 monthly disability compensation payout.
How is the Cost-of-Living Adjustment Determined?
The Social Security Administration’s (SSA) cost-of-living adjustment (COLA) is based on inflation. Usually, the adjustment is the same percentage as inflation that year. If inflation is 4% in a year, the COLA will likely be 4%.
The SSA uses the Consumer Price Index (CPI) to measure inflation in a year. The CPI measures the average change in prices of goods and services from year to year. This number varies but almost always goes up.
However, the COLA won’t go down if there is zero or negative inflation (deflation). Instead, the COLA will simply be 0% and you won’t see an increase in your VA disability benefits.
How is the VA Cost of Living Increase Determined?
The SSA usually announces the COLA in October, and as we know, it doesn’t just affect social security benefits. Other government agencies use the SSA’s COLA to determine how much to increase certain payments. But it doesn’t automatically apply to VA disability compensation.
Every year, the president must sign into law the Veterans Compensation Cost-of-Living Adjustment (COLA) Act. This is the act that legally mandates an increase to VA disability compensation and other benefits, according to the SSA’s COLA. This act typically passes with bipartisan support months before the SSA announces the COLA.
Other VA Benefits Increasing in 2024
These other VA benefits will also see a 3.2% increase:
- VA Special Monthly Compensation (SMC)
- VA Pension
- VA Survivors Pension
- Dependency and Indemnity Compensation (DIC)
- The Medal of Honor Pension
- VA clothing allowance
- VA automobile allowance
2024 VA Special Monthly Compensation (SMC) Rates
You can view the 2024 VA SMC rates in our blog, 2024 VA Special Monthly Compensation Rates.
2024 VA Pension Rates
The charts below show the 2023 and 2024 VA veterans pension and survivors pension rates.
NOTE: The numbers below are the maximum annual pension rates (MAPR). They are not how much you’ll actually receive in a year. Your actual pension rate is determined by subtracting your annual income from your maximum annual pension rate.
For example, you have one child (dependent) and make $15,000 a year, and qualify for housebound benefits. Your 2024 MAPR is $25,348. Subtract $15,000 from $25,348 to get $10,348, or $862.33 a month.
2024 VA Veteran Pension Rates
2024 VA Survivors Pension Rates
2024 Dependency and Indemnity Compensation Rates
You can view the 2024 Dependency and Indemnity Compensation Rates & Charts in our blog VA DIC Rates 2024 | 3.2% COLA Increase (vaclaimsinsider.com).
2024 VA Automobile Allowance
In 2023, if you had a service-connected disability, the VA would pay up to $24,115.12 to go toward a specially equipped vehicle to fit your disability’s needs.
Based on a 3.2% COLA, in 2024, the VA will pay up to $25,603.02, an increase of $1,487.90.
2024 Medal of Honor Pension Benefits
If you’ve received the Medal of Honor, then the VA paid you an additional $1,619.34 each month in 2023 as part of the Medal of Honor Pension.
The 2024 Medal of Honor Pension will increase to $1,671.16 each month. This is an increase of $51.82 to every Medal of Honor Pension payment.
VA Disability 2024 High-Value Resources
VA Claims Insider is the #1 VA disability blog in the world! We work hard to make sure you have the resources you need to take control of your VA claims journey.
Below are a few great resources you can use to understand how your VA benefits will be affected by the VA increase 2024:
- 2024 VA Disability Pay Charts
- 2024 Dependency and Indemnity Compensation Rates & Charts
- 2024 VA Special Monthly Compensation Rates
The following resources are great for better understanding the VA claims process in general and how to file a successful VA claim:
- You Deserve It: The definitive guide to getting the veteran benefits you’ve earned (Second Edition) Brian Reese – FREE DOWNLOAD!
- 10 High-Value VA Disability Claims Explained
- Top 25 Disabled Veteran Benefits You May Not Know About
- 6 Proven Ways to Increase VA Disability Rating This Year!
- How to WIN Your VA Claim FASTER! (3-Step Process)
- 10 EXPERT Tips to DOMINATE Your C&P Exam: The Ultimate Guide
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