Legislation recently signed into law by President Biden guarantees Veterans receiving Pension and Disability Benefits a Cost-of-Living Adjustment starting on January 1, 2024. This adjustment guarantees that Veterans’ pensions and disability benefits will stay up to speed with increases to Social Security, Supplemental Security and federal disability income payments.
An advocacy group called the Senior Citizens League predicts that the increase could be around 3.1% for 2024, but they are worried that it might not be enough to help seniors who are struggling with rising costs.
The group says that the way the increase is calculated doesn’t accurately reflect the things that seniors spend their money like prescription drugs, food, housing, and dental services. By all accounts the projected COLA increase for 2024 will be significantly lower than the 8.7% increase seen in 2023.
This adjustment also raises Dependency and Indemnity Compensation benefits and clothing allowances received by Veterans and their survivors. The official amount of the increased benefits will be announced in October.
If you have any questions about VA benefits, the qualified Veterans’ Disability attorneys at Gardberg and Kemmerly want to help in any way possible. Gardberg and Kemmerly is committed to helping injured and disabled Veterans obtain the benefits they deserve. If you need help with a disability claim, call our office at 251-343-1111 or 1-800-332-1529 for a free consultation. Gardberg and Kemmerly is proud to serve Veterans across the country from our home office in Mobile, Alabama. We would love an opportunity to discuss your claim.