Veterans to Receive Largest Compensation Boost in Decades

More Compensation for Veterans

In the largest Cost-of-Living (COLA) increase in 42 years, federal officials have announced that for 2023 disabled veterans, military retirees, and certain other beneficiaries will see an 8.7% boost in their monthly checks. A single veteran with a 60% disability rating will see their monthly compensation rise from about $1,214 to about $1,320. For a veteran with a spouse and a disability rating of 100%, their monthly compensation will rise from about $3,517 to nearly $3,823. (Click here for the complete chart of 2022 VA disability compensation rates.)

The increase will also benefit Social Security recipients who will see the same 8.7% increase in benefits. In a statement, acting Social Security Administration Commissioner Kilolo Kijakazi said the move will give beneficiaries [veterans and retirees] “more peace of mind and breathing room.”

2nd Highest COLA Ever

The highest COLA increase was in 1981 when benefits went up by 11%. In 2022 the COLA amount was 5.9%.

The VA says that about 5 million veterans and 2 million military retirees receive benefits checks each month. The COLA increase will apply to payouts for disability compensation, clothing allowance, dependency and indemnity benefits, as well as other VA assistance programs. The 2023 COLA increase will offer some relief for beneficiaries facing high inflation in this post-pandemic time.

When You'll Get Your Increase

The increase will be effective for December benefits. The first business day of the next month is usually when disability benefits for the previous month are paid out. However, because January 1, 2023 is a Sunday, December 2022 VA benefits will be paid on the last business day of December which is Friday, the 30th.

If you are facing an adverse medical condition related to your time in uniform, you deserve the disability compensation you have earned. And, if your case has been denied, don’t give up hope. Instead contact us at Cuddigan Law for a free evaluation of your case. At Cuddigan Law you have team of professionals in your corner who know the system and will fight for your rights. And we only get paid if you win your case.