Cost of Living Adjustments For Veteran’s Benefits
Veteran’s benefits can provide valuable financial assistance to individuals who suffered injuries, illnesses, or disabilities as a result of their active military service. The amount a veteran may receive will depend on several factors, including the severity of their disability and whether they have a spouse, children, or other dependents. However, once your benefit amount is determined, it should not remain static for the rest of your life. This is because the cost of living rises due to inflation, so an amount that may have been appropriate when your benefits were granted, may be inadequate to help cover your bills and expenses now.
Fortunately, in July, Congress voted to once again increase the rate of veteran’s benefits1 with the cost of living. The exact amount of the increase will not be known until the Social Security Administration2 determines the increase of its benefits in October, since the two increases are related. However, disabled veteran’s can expect some type of increase going into 2016. For perspective, the increase for 2015 was 1.7 percent, which made benefits rates as follows for disabled vets with no dependents:
|Percentage of disability rating||Benefits amount|
Again, this amount should go up for a cost of living adjustment and the new table should be available in the coming months.
Consult with an experienced Tacoma veteran’s benefits attorney today
Understandably, many veterans living with disabilities may not be aware of the appropriate amount that they should be receiving each month based on their disability rating, dependent status, and cost of living adjustments. Additionally, a disability rating may be incorrect and may result in lower benefits than you actually deserve. Anyone who believes that they are not receiving adequate benefits should contact an experienced Tacoma veteran’s benefits attorney at the Dickson Law Group. We can review your case and, if it appears that you are not receiving an appropriate amount of benefits, help you get your case reevaluated by the VA. Call us today at 253-572-1000 for a free consultation.