VA Disability Pay in 2022 and 2023 Projections
Some Veterans are celebrating their monthly VA disability payout increase they have seen so far this year. The U.S Department of Veteran Affairs analyzes the rate at which is pays VA disability benefits each year.
2022 brought a 5.9% increase to Veterans based on economic changes in high inflation rates due to the pandemic and Cost of Living Adjustment (COLA). This increase is determined by the Social Security Administration, and the 2022 increase has been the largest in over a decade. To break this out into dollars, for every $1,000 a Veteran received last year, this year they have a $59 dollar gain this year.
VA disability compensation is a monthly tax-free payment from the Department of Veterans Affairs paid to former military service members who sustained an illness or injury during their time in service. Those Veterans with a preexisting condition that worsened due to their time in the service can also apply for benefits. However, these benefits are not permanent and will be reviewed over the years to see if your disability has improved, thus affecting your benefit amount.
Of course, any increase to a Veteran’s disability compensation helps improve the quality of life for those that honorably served our country. But many Veterans have no idea their payment could be too small. You could have been denied the benefits you may in fact deserve. The Rep for Vets says “Many Veterans don’t realize that they can appeal decisions for higher ratings. When they are awarded low service-connected rating percentages, they just accept them. But they don’t have to.”
Lowery Law Group will help ensure Veterans are being fairly treated and accurately compensated by the VA for their disabling conditions as they should be. We can also help you appeal a claim and walk you through the process.
So now that we are halfway through 2022, what is to come next year? 2023 VA disability rates will be officially released on October 13, 2022, with the implementation of the Social Security Administration’s (SSA) 2023 Cost of Living Adjustment (COLA) increase, which could be as high as 8.9%. This would be the largest increase in 40 years! Decreasing supply chain shortages and high consumer demand are causing inflation to surge again.
Contact Lowery Law Group at firstname.lastname@example.org or call (843) 991-0733. There is no fee for a free consultation regarding your claim. Lowery Law Group is experienced in handling cases in South Carolina as well as Georgia.