70 Va Disability And Social Security

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70 Va Disability And Social Security

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The 2023 cost of living adjustment (COLA) will be 8.7 percent, according to the Social Security Administration (SSA). This will lead to a significant increase in the 2023 VA disability rates and monthly compensation for veterans.

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Each fiscal year, the Social Security Administration (SSA) sets an updated cost of living adjustment (COLA), based on the percentage increase in the Consumer Price Index for Urban Wage Earnings and Workers Clerical (CPI-W). The CPI-W measures the change in the prices of goods and services over time.

After the Bureau of Labor Statistics (BLS) calculates the monthly CPI-W, the SSA will pull data from the third quarter (ie, July, August, and September) of the fiscal year previous to the third quarter of the current year to determine the COLA for the coming year.

After that, the Senate will pass new legislation to allow for an increase in the cost of living for veterans’ benefits. The Department of Veterans Affairs (VA) then adjusts the veteran’s monthly compensation to reflect the updated cost of living. This typically leads to an increase in veterans’ benefits each year.

The 1.6 percent 2020 COLA increase led to a slight jump in veterans’ benefits. The 2020 VA compensation rates went into effect on December 1, 2019 and veterans received their newly adjusted benefits as of December 31 of the same year.

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In 2021, the COLA increase was 1.3 percent, slightly less than the previous year. This lower rate was due, in part, to the impact of the COVID-19 pandemic on economies around the world. Veterans still saw a boost in their VA disability benefits starting December 1, 2020.

The 5.9 percent COLA increase of 2022 led to a substantial boost in benefits that began on December 1, 2021.

After the release of the CPI-W for the second quarter (ie, April, May and June) of 2022, the SSA determined the official 2023 COLA of 8.7 percent. Come the new year, COLA will experience its biggest increase since 1981.

Prior to this announcement, forecasts from reliable sources provided veterans with a frame of reference for the potential monthly VA disability benefits they would receive in 2023. For example, the nonpartisan group The Senior Citizens League projected that the 2023 COLA could be as high as 9.6 percent.

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Additionally, BLS previously calculated a Consumer Price Index for All Urban Consumers (CPI-U) of 8.5 percent for the year ending July 2022. The CPI-U is the measure of -change in retail prices affecting all urban consumers, more general index than CPI-W. This offered a small insight into how quickly the prices of consumer goods and services have been rising over the past year.

Yes, veterans will get a significant increase in their monthly disability benefits in 2023. When the VA applies the 2023 COLA to disability benefits, veterans will see the 8.7 percent increase reflected in their monthly compensation come December. Although the 2022 adjustment of 5.9 percent was already substantial, the 2023 adjustment is even higher.

With the 8.7 percent COLA increase, veterans with a 100 percent disability rating and no dependents will see an extra $289.89 added to their disability compensation, making it $3,621.95 in a month. By comparison, the current 2022 rate for 100 percent disabled veterans is $3,332.06.

The 2022 compensation rates can be used as a baseline to calculate estimates for VA disability payments in 2023. Take the 2023 COLA of 8.7 percent, multiply it by the 2022 compensation rate, and then add that number to the rate. This adjusted figure is your 2023 VA monthly payment.

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The pay rates in this table reflect changes in compensation over the years based on a single veteran without dependents.

Veterans with a combined disability rating of 30 percent or higher and one or more qualifying dependents are eligible for additional compensation. Qualifying dependents include:

Veterans receive different payment rates depending on the type and number of dependents. To determine your 2023 rates, see the 2023 VA disability pay chart based on dependency status below.

The figures below are adjusted from the 2022 VA disability pay table using the 8.7 percent COLA. The amounts shown in each box represent a veteran’s monthly compensation based on the VA’s disability classification and their combined dependency status.

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It is important to note that veterans ranked below 30 percent do not receive additional dependent compensation. Veterans ranked in the 10th percentile will receive $165.92 per month, and those ranked in the 20th percentile will receive $327.99 per month.

After VA adjusts the disability rates accordingly, veterans should begin receiving their updated benefits on December 1, 2022.  These changes will be reflected in the veteran’s monthly payments at the end of the month (ie, December 30, 2022).

If you have a service-related condition but VA has denied you disability compensation, Chisholm & Kilpatrick LTD may be able to help. The experienced and knowledgeable veterans attorneys at CCK have decades of proven success representing veterans before the VA and the Court of Appeals for Veterans Claims (CAVC). For a complimentary consultation, contact CCK today at 800-544-9144. Cookies help us deliver the best experience on our website. By using our website, you agree to the use of certain cookies. To find out more, see our Privacy Policy.

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The Ultimate 70 Va Disability Benefits Guide: 2023 Edition

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