VA Disability Monthly Payment Will Increase Starting in January 2023
Each year, the VA disability rate increases a few percentage points due to the cost of living; however, as of December 1st, 2022, the VA disability rate for 2023 will be the most considerable increase since 1981. The increases in yearly VA disability rates are based on the Social Security Administration's (SSA) and the Cost of Living Adjustment (COLA) increase. In addition, the increase is also based on inflation, an increase in goods, and rising gas prices. Disabled veterans with a VA rating of 10% or higher will see their 2023 VA Disability Pay increase by 8.7%, starting with payments in January 2023. If you are a disabled veteran with a VA rating of 10% or higher and currently receive monthly disability benefits, keep reading to see how this historical increase in VA Disability rates will benefit you.
How do I qualify for monthly VA benefits?
Those who have served in any military branch for at least 24 months and have a medical condition or diagnosis related to active duty in the military may be eligible for VA monthly compensation or benefits. However, you first need to establish a medical condition or diagnosis, which the VA must approve. The three components include; a current diagnosis of your condition from a medical professional, an in-service event, injury, or illness, and the link that connected the current condition to the in-service event.
Once approved, the VA will also assign a disability rating based on the severity of your condition. The rating corresponds to the amount of monthly compensation the veteran receives. VA disability ratings range from 10 to 100 percent, in increments of 10. The higher the rating, the more serve the condition. The VA can also assign a 0 percent rating. However, Veterans with a 0 rating can still qualify for VA health care.
If you are a veteran and want to understand how to calculate your new monthly payments. Or are you looking to get your case reviewed to increase your VA disability rating, or need help getting VA benefits? Our nationwide VA attorneys are here to assist you. Please feel free to call us at 877 VET FILE.
How to cost of living adjustment will affect Veterans in 2023?
Starting with payments in January 2023, the VA disability compensation benefits will increase by 8.7%. In addition, your monthly VA disability pay is tax-free at the federal and state levels.
The considerable increase in the 2023 VA disability compensation rate will significantly help many veterans and their families.
What will my 2023 VA monthly payment be?
This VA monthly payment is only an estimate. However, this is a quick way to figure out what your 2023 will be.
Determine what your current VA monthly payment is.
The 2023 increase in benefit payments is 8.7%
Multiply your current payment times by 1.087
So, for example, you can expect an increase of $87 for every $1,000 in monthly VA benefits.
How long does it take to get VA benefits?
If it is your first time applying for VA benefits, it can typically take four to eight months to process your claim. Therefore, it's essential to ensure you have a solid case with a diagnosis from your doctor and supporting documents. A VA attorney can assist in creating a case so that you can get the benefits you deserve. If your claim was denied, or your condition or diagnosis has worsened, you can put together a 2nd case that typically takes three to four months to get approved. Once approved and given a VA rating, you can expect your first payment at the beginning of the following month.
At The VA Claims Lawyer, we're not just your legal representative. We're your advocate. We've successfully assisted countless veterans in getting the VA benefits they deserve. We can also help you obtain the best possible outcome in your case. If we don't win your case, there is no fee. Contact us today at (877) VET-FILE for your free case evaluation.
