Thanks to the "Veterans Compensation Cost-of-Living Adjustment Act of 2023 (S. 777)," the 2024 VA Disability Rates Are GUARANTEED for ALL Disabled Veterans! The Department of Veterans Affairs (VA) is set to increase disability compensation for military survivors and veterans with disabilities that occurred while serving in 2024.
This increase is mandated by the Veterans' Compensation Cost-of-Living Adjustment Act of 2023 (S. 777), or the “Veterans' COLA Act of 2023,” which provides for a cost-of-living adjustment (COLA) for veterans' disability compensation and dependency and indemnity compensation beneficiaries equal to the Social Security COLA.
The COLA increase for 2024 will take effect in December 2023 and will be effective through December 2024. This increase could amount to an additional $80 - $100 a month for veterans with disabilities, depending on their assessed disability level.
This increase is much-needed good news for disabled veterans, many of whom have had to live with the effects of their disability for years, and it will help ensure that veterans aren't left behind as the cost of living continues to rise.
00:00 Introduction to the Veterans Compensation Cost of-Living Adjustment Act of 2023
00:47 INCREASE IN RATES OF DISABILITY COMPENSATION AND DEPENDENCY AND INDEMNITY COMPENSATION
1:59 What are the dollar amounts that will be included in the 2024 COLA increase
3:21 How will the COLA Increase be determined each year?
4:40 The Wartime Disability Compensation refers to Special Monthly Compensation
🤠 Special Monthly Compensation
https://www.va.gov/disability/compensation-rates/special-monthly-compensation-rates/
🔵 Veterans' Compensation Cost-of-Living Adjustment Act of 2023 or the Veterans' COLA Act of 2023
https://www.congress.gov/bill/118th-congress/senate-bill/777
🔶 Helpful resources for disabled veterans
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