The amount of benefits that veterans will receive in 2024 has gone up by 3.2% compared to 2023. This increase in benefits is lower than previous years, due to changes in the Cost of Living Adjustment (or COLA for short). This increase in benefits is meant to help veterans continue to pay their bills despite increases in essential goods and services like groceries and rent.
Why Did Veterans Disability Benefits Go Up?
The amount in benefits that veterans will receive in 2024 went up by 3.2% compared to the previous year. This increase in veterans disability benefits is a result of a change in the COLA, which is meant to adjust for changes in the cost of living. This change is meant to be automatic, which means it goes up year over year without requiring additional congressional approval for more financing.
What is the COLA?
The Cost of Living Adjustment, or COLA, is a calculation made by the government that measures the change in the cost of living year over year. The COLA is based on something known as the Consumer Price Index for Urban Wage Earners and Clerical Workers (or CPI-W, for short). This measures a collection of essential goods and services that average workers use to survive, and benefits are scaled to match the CPI-W.
Why Was the COLA Smaller This Year?
The COLA this year was 3.2%, which is substantially smaller than it was in the past few years. For example, in 2021, it was measured at 5.9%, while in 2022, it had risen to 8.7%. This is because the measurement needed to account for increases to the cost of living resulting from high levels of inflation, which drove up the cost of living across the board.
How Does This Affect You?
If you are a veteran getting disability benefits from the Department of Veterans Affairs, or otherwise receiving government benefits, a higher COLA generally means higher benefits. This is to make sure you are not overwhelmed by changes in the cost of living. If you are looking to apply for disability benefits through the VA, it also means you can be assured that the benefits you receive will be able to help with your bills.
The attorneys of Sullivan & Kehoe place a special focus on assisting disabled veterans. Our veterans’ disability lawyers are still available for remote consultation on your legal issues. Call our office at (800) 395-7830 to schedule a consultation in our New York City, Garden City, Kings Park, Riverhead, or White Plains office, or visit our contact page.
