If you’re currently receiving VA benefits, then you may already be looking to next year. Will VA benefits likely increase in 2023? It’s still too early to tell for sure, but Tabak Law can provide some insights as to what will happen and why.
Was There a Recent Change in How VA Benefits Increase?
Previously, increases in VA benefits had to be done by passing a bill. You may have felt the politics involved here right in your wallet. Now, however, some of the politics have been taken out of the equation because your VA benefits will work a little more like social security in how it receives increases. This is all thanks to a bill that was passed last year and went into effect as of December 1st of 2021.
How do Social Security Benefits Get Increased?
Social Security benefits such as disability or retirement get increased through what’s called a cost of living adjustment. These adjustments are a percentage and they are based on the third quarter numbers from the consumer price index for urban wage earners and clerical workers also known as the CPI-W. These benefit increases are automatic, take effect in the proceeding new year, and can never be negative.
Read More: Do You Have to Pay a Lawyer to Get VA Benefits?
How Much Could VA Benefits Increase in 2023?
We’ve already covered the potential increase for Social Security for 2023, and though it’s still too early to know since we don’t have third quarter 2022 numbers yet, we can look at the numbers thus far and get a good estimate. The estimate we have been working from thus far has been as high as 7.6%. This number could be lower or higher, and many experts are leaning towards it being even higher. As always, Tabak Law will report on those numbers as soon as they become available.
What Might your 2023 VA Benefits Look Like?
If you take your current benefit amount and multiply it by 1.076, you will be able to see what your 2023 benefits could look like based on our current cost of living adjustment estimate. Here are a few quick examples.
- 20% Disability—Currently Receives: $301.74 Could Receive: $324.67
- 40% Disability (Single, No Dependants)—Currently Receives: $673.28 Could Receive: $692.17
- 80% Disability (Single, No Dependants)—Currently Receives: $1,778.43 Could Receive: $1,913.59
- 100% Disability (Single, No Dependants)—Currently Receives: $3,332.06 Could Receive: $3585.30
Obviously, these aren’t all the VA benefits brackets and they do not consider spouses or dependants, but they can give you a good guideline of what to expect.
Can You Make Too Much Money to Get VA Benefits?
Need Help Getting VA Benefits in Wisconsin?
Do you need help getting the VA benefits that you deserve in Wisconsin? Tabak Law is here to help. All you have to do is reach out to Tabak Law. With our years of expertise, we can get to work on your VA disability case and give you the best results possible.
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