The Department of Veterans Affairs oversees the distribution of veterans disability benefits to millions of former members of the armed forces who are no longer able to work due to injuries or illnesses. Over time though, inflation of the American dollar can cause the value of the benefits that are awarded to a disabled veteran to decrease. Our veterans disability benefits attorneys at Woods and Woods Injury Lawyers explain that’s why the federal government considers adjusting benefit amounts each year.
The veterans disability benefits cost-of-living-adjustment (COLA) is determined using a similar formula to the one that is used to determine the Social Security Disability COLA. Variations in the costs of certain goods and services are plugged into an equation, which determines how much of an increase each recipient should get. Congress must vote on the COLA and the most recent increase was approved in a unanimous 409-0 vote.
According to an article from The Times-Picayune, veterans should expect to receive an increase in benefits through the COLA next year. Beginning on December 1, those receiving veterans disability benefits can expect to see an additional compensation to help cover expenses associated with food, housing, medical care, and clothing.
At Woods and Woods Injury Lawyers, we believe in providing disabled veterans with the benefits they need and deserve. That’s why our Indiana personal injury lawyers are glad to see the most recent veterans disability COLA was approved and are hopeful the compensation can help each of our nation’s veterans on the road to recovery.