Every year, veterans receiving VA disability pay look forward to the annual COLA pay increase that applies to their disability income.
The 2022 veterans disability pay increase, which was received in payments starting in January 2022, was a pleasant surprise as it greatly surpassed the increases seen in over a decade.
Coming in 2023, veterans receiving disability pay will receive an even bigger surprise - another rate increase the likes of which has not been seen for more than 40 years!
What Are COLA Increases?
COLA increases are yearly Cost of Living Adjustments made by the federal government to VA disability and Social Security Income (SSI) recipients that reflect the current rate of inflation.
Over the past decade, COLA increases have barely done that with veterans disability pay seeing minimal increases of 2% or less most years and no increase at all in 2010 and 2011.
Surprisingly, the COLA increase in 2022 was an impressive 5.9%.
While many feel this barely scratched the surface for some veterans relying on their disability benefits to live with the increasing rate of inflation, it was welcome news.
How Much Is the 2023 VA Disability pay COLA?
Veterans and their survivors receiving VA disability pay will be even happier come 2023, as the COLA increase is even higher at 8.7%.
This is the highest cost of living increase that VA disability recipients have seen since 1981 when the increase was 11.2% followed by 7.4% in 1982.
Though this higher increase will help those receiving disability pay deal with the current inflation rate, hopefully some veterans can come out on the positive side and keep a few extra dollars in their pockets, too.
How Much Will the 2023 COLA Bring Each Veteran?
The actual dollar amount that the 2023 COLA increase provides to each veteran varies according to their disability pay rate, although determining how much monthly benefit can be anticipated is an easy calculation.
Veterans can calculate what their anticipated VA disability pay will be in 2023 by multiplying their current pay amount/rate by 8.7% and then adding the resulting amount to their current disability pay amount.
For example, a veteran with no dependents and a 50% combined disability rating who is receiving $958 in monthly veterans disability pay can multiply that amount by .087 to come up with a figure of $83.
When added to their 2022 pay rate of $958, their anticipated 2023 disability pay income should be a total of $1041.
Questions About Your VA Disability Pay Rating?
VA disability pay rates, including yearly COLA increases, depend on each veteran’s disability rating with the VA.
Those with questions about their rating or think they should be receiving more veterans disability pay can always request a rating review.
When seeking a rating re-evaluation, it would be a good idea to discuss the situation with an experienced VA disability pay help expert who understands the claim submission and rating system and is prepared to help veterans make this inquiry.
Questions About VA Disability Pay in Texas?
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