The current financial climate is chaotic and many veterans are concerned about the future of their VA benefits. Inflation has created an increase in the cost of living and veterans want to know – what could VA benefits look like in 2023? We are here to help at Tabak Law. Let’s take a look at how much VA benefits may be in the next year.
How Much Will VA Disability Rates Be in 2023?
Veterans Affairs (VA) benefits and disability rates are usually tied to the Social Security Administration Cost of Living Adjustment (COLA) and that rate is expected to be 8.9% in the next year. This would be the largest annual increase to VA benefits in the last 40 years. Official 2023 VA disability rates and benefits will be released on October 13, 2022. Here is a closer look at current and estimated future VA benefits.
Projected 2023 Veterans Disability Compensation Rates
| Payment Type – Single | 2022 Disability Rate | Estimated 2023 Disability Rate |
|---|---|---|
| 10% Disability | $152.64 | $166.22 |
| 20% Disability | $301.74 | $328.59 |
| 30% Disability | $467.39 | $508.98 |
| 40% Disability | $673.28 | $733.20 |
| 50% Disability | $958.44 | $1,043.74 |
| 60% Disability | $1,214.03 | $1,322.08 |
| 70% Disability | $1,529.95 | $1,666.11 |
| 80% Disability | $1,778.43 | $1,936.71 |
| 90% Disability | $1,998.52 | $2,176.39 |
| 100% Disability | $3,332.06 | $3,628.61 |
| Payment Type – Married with a Child | 2022 Disability Rate | Estimated 2023 Disability Rate |
|---|---|---|
| 10% Disability | $152.64 | $166.22 |
| 20% Disability | $301.74 | $328.59 |
| 30% Disability | $563.39 | $613.53 |
| 40% Disability | $801.28 | $872.59 |
| 50% Disability | $1,118.44 | $1,217.98 |
| 60% Disability | $1,407.03 | $1,532.25 |
| 70% Disability | $1,754.95 | $1,911.14 |
| 80% Disability | $2,035.43 | $2,216.58 |
| 90% Disability | $2,287.52 | $2,491.11 |
| 100% Disability | $3,653.89 | $3,979.08 |
How To Calculate Your Monthly VA Disability Payments
Keep in mind, the estimated payments above are just that – estimates. Monthly payments for your VA benefits take several factors into account – your disability rating, the number of dependents and more. Here is a quick look at how you can calculate estimated VA benefits in 2023 with some simple math.
- Determine your monthly payment for VA benefits.
- Determine the annual percentage increase – an estimated 8.9% in the next year.
- Multiply your current payment times 1.089 – to calculate 100% of your current payment and an 8.9% increase to that payment.
READ MORE: Can You Collect SSDI and VA Disability Benefits?
Are you a veteran looking toward your financial future? You may want to know – what could VA benefits look like in 2023? Here is an educated guess at a potential increase in VA benefits in the next year. Contact Tabak Law today with any questions about how to collect your VA disability benefits!