Hey everyone, it’s Allen Gumpenberger with Gumps Talks VA. As a veteran, it’s important to stay informed about changes to VA compensation and benefits. That’s why we wanted to let you know about the recent increase in VA compensation that Congress has passed and is set to go into effect in January 2023. This is one of the biggest increases in years and could have a significant impact on the financial well-being of veterans and their families.
First, let’s discuss what VA compensation is and who is eligible to receive it. VA compensation is a tax-free financial benefit paid to veterans who are disabled as a result of a service-connected injury or illness. It is also available to certain surviving spouses, dependents, and children of deceased veterans. The amount of compensation a veteran is eligible to receive is based on the severity of their disability, with higher ratings resulting in larger payments.
The new increase in VA compensation is set to go into effect on January 1, 2023. It includes a 8.7% cost-of-living adjustment (COLA) for all VA compensation and pension rates, as well as an increase in the rates for dependents and survivors. This COLA is designed to help offset the impact of inflation on veterans’ benefits.
While a 8.7% increase may seem small, it can make a significant difference for many veterans and their families. For example, a veteran with a 100% disability rating currently receives $3,057.13 per month. With the new COLA, they would receive an additional $39.74 per month, bringing their total monthly payment to $3,096.87. This may not seem like a lot, but it can add up over time and help veterans cover the costs of necessary expenses like medical bills, housing, and food.
In addition to the COLA, the new increase in VA compensation also includes an increase in the rates for dependents and survivors. For example, the rate for a surviving spouse with one child will increase from $1,340.49 per month to $1,362.11 per month. This is a significant increase that will help surviving spouses and dependents cover their expenses and maintain a decent standard of living.
While the new increase in VA compensation is welcome news for many veterans and their families, it’s important to note that not everyone will be eligible to receive it. To be eligible for VA compensation, a veteran must have a service-connected disability that meets certain criteria. If you’re not sure whether you are eligible for VA compensation, we recommend reaching out to the VA or a veterans’ service organization for more information.
If you are a veteran or surviving spouse who is eligible for VA compensation, we encourage you to reach out to Gumps VA Compensation. Our team of experienced professionals can help you navigate the process of applying for and receiving VA benefits, including the new increase in VA compensation. We have a proven track record of helping veterans and their families get the benefits they deserve, and we are here to help you too.
In conclusion, the new increase in VA compensation is a welcome development for many veterans and their families. It includes a 8.7% COLA for all VA compensation and pension rates, as well as an increase in the rates for dependents and survivors. If you are a veteran or surviving spouse who is eligible for VA compensation, we encourage you to reach out to Gumps VA Compensation for help navigating the process of applying for and receiving these benefits.