Veterans receiving disability compensation and other benefits from the Department of Veterans Affairs (VA) can expect to see a 3.2% increase in their monthly payments starting in January 2024. This Cost-of-Living-Adjustment (COLA) is in line with the increase recently announced by the Social Security Administration (SSA) to match inflation.
What VA Payments Will Go Up?
The 3.2% rise will apply to several common VA benefits including:
- VA disability compensation
- VA Special Monthly Compensation (SMC)
- VA pension
- Survivors pension
- Dependency and Indemnity Compensation (DIC)
This increase will be automatic for those already receiving benefits. Pending claims and new enrollments will also receive the higher 2024 rates.
Average Monthly Boost For a veteran receiving VA disability pay at the 100% rate, the average monthly amount will increase from $3,621.95 to $3,737.85, a boost of $115.90 per month. Retroactive payments for claims finalized in 2024 will also reflect the 3.2% enhancement.
Why Benefits Increase Each Year
By law, VA disability and other compensation programs are required to apply the same COLA adjustment as Social Security in order to match inflation. This helps veteran income keep pace with rising prices for fuel, food, utilities and other goods.
Without these annual bumps, veterans benefits would erode in real value over time, reducing financial stability and access to healthcare. The 2024 hike of 3.2%, while smaller than 2023’s 8.7% jump, will provide important assistance to the veteran community.
Connecting With More VA Benefits
The VA urges all eligible veterans not yet signed up for benefits to contact us and apply. Veterans with denied or underrated disability claims should discuss options for appealing or refiling with one of our representatives.
Annual increases aim to protect veterans, but securing the full entitlements connected to your service continues to require proactive focus and effort in dealing with the VA.