BENEFITS
Veteran benefits: who qualifies for the 2024 COLA boost for vets?
The Department of Veteran Affairs has provided some vets with a Cost of Living Adjustment. Who qualifies for the increase?
Thanks to the PACT Act, benefits for benefits, particularly those exposed to toxins that have led them to develop cancer or chronic illnesses, are eligible for benefits through the Department of Veterans Affairs (VA). Benefits for those covered under the PACT Act started receiving benefits on Tuesday, 5 March. However, all recipients of financial benefits offered by the VA have increased by 3.2 percent this year after Congress passed the Veterans Compensation Act that mandated that funds be set aside to increase benefits for veterans at the same level seen by those receiving Social Security. The 2024 COLA added up to 3.2 percent.
Who is eligible to receive payments from the Veterans Administration?
When announcing the passage of the law that allowed for a COLA to be applied to certain VA benefits, the agency said “disability compensation, clothing allowance, and dependency and indemnity compensation (DIC) for spouses and children” would be effected.
Two main groups receive monthly payments from the VA, and they have started to see adjustments to their benefit amounts increase.
The first are those who became disabled during their military service or those whose disabilities were made worse because of their service.
This group receives disability benefits, with the payment amount being determined by the severity of the disability. A rating between ten and one hundred percent is given to each veteran who has their benefit claim accepted, and the payment depends on that rating:
- 10 percenet: $171.23
- 20 percent: $338.49
- 30 percent (no dependents): $524.31
- 40 percnet (no dependents): $755.28
- 50 percent (no dependents): $1,075.16
- 60 percent (no dependents): $1,361.88
- 70 percnet (no dependents): 1,813.28
- 80 percent (no dependents): $2,106.01
- 90 percent (no dependents): $2,366.91
- 100 percent (no dependents): $3,877.22
To see the rates for those with dependents, please see the fact sheet provided by the VA on the agency’s website.
The second major group of beneficiaries are those who receive their retirement benefits through the VA. The VA calculates the benefit amount, and you can file a claim to have your case evaluated. Those who don’t qualify for Housebound or Air and Attendance benefits have an annual cap of $16,551. Those who qualify for housebound benefits have an annual cap of $20,226, and those who are eligible to receive aid and attendance will not see their retirement benefits surpass $27,609. The amounts are affected by dependents and the marital status of the veteran, and for more information, check out the agency’s website.