Cost-of-Living Adjustment Approved for Veterans Disability Compensation
Effective January 1, 2014 veterans who receive disability compensation or pension benefits from the Department of Veterans Affairs (VA) will see a 1.5 percent increase in monthly payments.
The increase comes from a COLA – cost-of-living adjustment – that is automatic for government benefits administered by the Social Security Administration but must be voted into law by Congress to apply to VA benefits. On November 21 President Obama signed the Veterans’ Compensation Cost-of-Living Adjustment Act into law, approving the increase for veterans, their families, and their survivors.
This year’s COLA will provide a small increase in monthly benefits for disabled veterans. A veteran with a 10 percent disability rating can expect to see his monthly compensation increase to $130.94 while a veteran rated as completely disabled will see her benefit increase to $2,858.24.
Aside from the increased benefit amount, veterans will see another small but significant change in the amount of their monthly payments. In years past the VA would round down the COLA to the nearest dollar. In 2014 this practice ends and the compensation rate will be paid in full.
According to Senator Bernie Sanders, chair of the Senate Veterans’ Affairs Committee and sponsor of the 2013 COLA bill, “These seemingly small amounts of money add up over time and will contribute to the financial stability of millions of veterans and their survivors.”
Disability Help Group represent thousands of military veterans and their families and survivors when disability benefits are due for service-connected disabilities. If you have received a denied claim notice or an unfair decision in your disability rating, contact our veterans’ rights team today to learn how our representatives can help with your appeal – 1-(800)-800-3332.