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Is a COLA Increase in Vet Benefits Coming?

Retroactive Disability Benefits for Veteran
Lawmakers in recent days took the first steps in ensuring that veterans receive a cost-of-living boost in their federal benefits later this year, introducing legislation that would guarantee the veterans’ checks see the same increase as Social Security payouts.

Is a COLA increase in Vet benefits coming? Beck & Lenox Estate Planning & Elder Law, LLC has learned that a measure to request that was filed by Representatives Elaine Luria, D-Virginia and Troy Nehls, R-Texas, along with Senators Jon Tester, D-Montana and Jerry Moran, R-Kansas. In joint statements, they called the proposal critical to bolstering veteran’s finances, reports Military Times’ recent article entitled “Lawmakers move to guarantee cost-of-living boost for veterans benefits.”

“We have a responsibility to take care of our veterans, many of whom rely on VA for financial support,” said Moran, ranking member of the Senate Veterans’ Affairs Committee.

“As rampant inflation is driving up the cost of living, this legislation helps make certain that veterans are able to keep up with our changing economy and receive the benefits they have been promised.”

The bill linking the two government benefits is largely routine.  Lawmakers typically approve the annual proposal to couple VA benefits increases with Social Security benefits increases by large bipartisan margins.

However, this isn’t automatic. Even with the efforts of advocates in the past, an annual cost-of-living increase in veterans benefits requires congressional action.

Social Security benefits, in contrast, are adjusted based on an automatic formula that is triggered whether lawmakers vote on it or not.

In 2021, as inflation pressures began to impact the American economy, that increase was 5.9%. Officials haven’t said what this year’s adjustment may be. However, continued rising costs across the economy could push that figure even higher. The VA COLA increase legislation would apply to payouts for disability compensation, clothing allowance, dependency and indemnity benefits and other VA assistance programs.

“Transitioning from active duty to civilian life is not always easy, and a cost-of-living adjustment is the least we can do for the men, women and families who served our country,” said Luria, herself a Navy veteran.

Tester, who serves as chairman of the Senate Veterans’ Affairs Committee, said the bill will “ensure [veterans] benefits are keeping pace with the changing economy.”

No timetable has been set for when either chamber could vote on the proposal. As staunch supporters of our Veterans, Beck & Lenox is counting on it becoming a priority so that Vets will receive a COLA increase in benefits as quickly as possible.

Reference: Military Times (May 23, 2022) “Lawmakers move to guarantee cost-of-living boost for veterans benefits”

 

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