VA COLA Increase 2024: Will Surviving Spouse Benefits Increase Next Year? | ET REALITY


TOThat’s the case every year, VA COLA Benefits They are reviewed and increased for inflation, and that will include surviving spouse benefits in 2024.

Surviving spouse benefits are financial payments made to the surviving spouse of a deceased worker.

In the case of VA COLA Benefitsaffects surviving spouses of veterans and is managed by the Department of Veterans Affairs.

Will surviving spouses see an increase in VA COLA benefits in 2024?

VA COLA benefits for surviving spouses will increase in 2024, as VA COLA is a cost-of-living adjustment that is applied to VA benefits each year to keep pace with inflation.

The exact percentage increase for 2024 will not be known until October 2023, but is estimated to be between 2.8% and 3.1%.

All surviving spouses who receive Dependency and Indemnity Compensation (DIC) will receive the COLA increase.

DIC is a benefit paid to surviving spouses of veterans who died in service or from a service-connected disability.

There are approximately 500,000 surviving spouses and dependent children who receive Dependency and Indemnity Compensation (DIC) Benefits from the Department of Veterans Affairs (VA).

This figure includes approximately 400,000 surviving spouses and 100,000 dependent children.

The number of people receiving DIC benefits has been declining in recent years, due to a number of factors, including the aging of the veteran population and the declining number of deaths from service-connected disabilities.

However, DIC remains an important benefit for surviving spouses and dependent children of veterans.

How is a COLA increase calculated?

To calculate the COLA increase, the VA uses the Consumer Price Index (CPI).

The CPI measures the average variation in the prices of goods and services compared to previous years.

The VA uses the CPI-W, which is the CPI for urban wage earners and white-collar workers.

The COLA increase applies to all DIC payments, including the basic DIC rate, any additional payments for children or other dependents, and any special payments for disabilities or other circumstances.

The COLA increase generally applies to DIC payments in January of each year, although the VA may make adjustments to the payment schedule if the COLA is announced later in the year.

Leave a Comment