VA Disability Benefits: Get an Estimate of Your 2024 Increase
If you are a veteran claiming VA disability payments, you might be curious what your payment will be in 2024. So, based on the most recent estimates for the cost of living adjustment (COLA), here are some predicted prices for you.
But according to current projections, we can expect a 2.8–3.1% growth from last year. We are aware that you are probably wondering what that implies for your particular circumstance.
Fortunately, we can assist you in figuring out your eligibility and anticipated monthly payout for your VA disability claim that has been granted based on the COLA estimate.
Remember that these are only estimates based on a 3.1% COLA, though. On December 1, 2023, the precise and final data will be released.
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Estimated VA COLA Rates by Dependency Status and Percentage
With no dependents and a disability rating between 10% and 20%, the expected monthly benefits fall between $170.90 and $337.83.
The projected monthly payments vary based on whether the veteran lives alone or has a spouse, parents, or both for individuals with a disability rating of 30% to 60% without children. For instance, a veteran who is living alone and has a 60% disability rating could be paid an estimated $1,359.24 per month.
According to dependent status, the anticipated monthly benefits for people without children who have a disability rating of 70% to 100% range from $1,712.95 to $4,272.47.
The anticipated monthly reimbursements for veterans with a disability rating of 30% to 60% who have children vary based on whether the veteran has a child solely or a spouse and child. For every extra child under the age of 18 and every additional enrolled student over the age of 18, there are additional rewards available.
The anticipated monthly benefits for persons with a handicap rating of 70% to 100% who have children range from $2,673.84 to $5,437.94 depending on dependent status.
Remember to account for extra payouts for an A/A spouse as well. We really hope that this information aids in your future planning. Keep in mind to check back for the official rates on October 13 and December 1, 2023.
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Source: Marca
