Veterans’ Compensation Cost-of-Living Adjustment Act of 2024 Enacted
Washington, D.C. – On December 13, 2024, President Biden signed into law the Veterans’ Compensation Cost-of-Living Adjustment Act of 2024. This legislation provides a cost-of-living adjustment (COLA) for veterans receiving disability compensation and other benefits from the Department of Veterans Affairs (VA).
COLA Percentage
The COLA for 2025 is 8.7%, the highest increase in over four decades. This adjustment reflects the rising cost of living, ensuring that veterans’ benefits keep pace with inflation.
Effective Date
The COLA will take effect on December 1, 2024, with payments being reflected in January 2025.
Benefits Impacted
The COLA applies to the following veterans’ benefits:
- Disability compensation
- Dependency and indemnity compensation (DIC)
- Special monthly compensation (SMC)
- Aid and attendance (A&A)
- Housebound allowance
- Clothing allowance
- Automobile allowance
- Burial and plot allowance
Additional Provisions
In addition to the COLA, the legislation includes other provisions to support veterans, such as:
- Extending the VA’s authority to provide telehealth services until 2029
- Expanding the eligibility for adaptive equipment for veterans with service-connected disabilities
- Increasing funding for the VA’s caregiver program
Impact on Veterans
The Veterans’ Compensation Cost-of-Living Adjustment Act of 2024 will provide a significant financial benefit to over 4.2 million veterans who receive VA disability compensation. The 8.7% COLA will help offset the rising costs of living and ensure that veterans have the resources they need to thrive.
Statement from VA Secretary
VA Secretary Denis McDonough said, “This historic COLA is a testament to the Biden-Harris Administration’s unwavering commitment to supporting veterans who have served our country with honor. It will provide much-needed financial relief to our nation’s heroes and their families.”
Conclusion
The Veterans’ Compensation Cost-of-Living Adjustment Act of 2024 is a major victory for veterans and their families. The substantial COLA will provide financial assistance during a time of high inflation and ensure that veterans continue to receive the benefits they earned through their service.
Veterans’ Compensation Cost-of-Living Adjustment Act of 2024
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