Veterans can expect additional benefits in the coming months, thanks to a Social Security cost-of-living adjustment (COLA).
The Veterans Affairs (VA) benefits go out on both March 1 and April 1 for February and March. Because of this year's 3.2 percent COLA, beneficiaries can expect a payment of up to $3,600.
"This year's increase is aimed at helping veterans keep up with rising prices for consumer goods and other expenses influenced by inflation and other economic factors," Zack Hellman, the founder of Tax Prep Tech, told Newsweek.
As many veterans face unique challenges in adjusting to civilian life and finding employment that accommodates their disabilities, the checks are aimed to support them in affording basic necessities and managing long-term healthcare costs.
"From increased medical care to special nutritional needs, the reality for many veterans is an expensive one that was only made more difficult due to inflation," Alex Beene, a financial literacy instructor for the state of Tennessee, told Newsweek. "While these increases won't fully cover all the additional expenses they are seeing, it will certainly go some way towards softening the blow."
Who's Eligible?
There are several criteria you must meet in order to qualify for the VA benefits pay.
In terms of VA disability pay, all veterans who have a disability resulting from their time in the military will earn a tax-exempt payment. This excludes veterans who received a dishonorable discharge, however.
Veterans' survivors can also get a monthly payment, and special amounts are given to veterans who have lost limbs during their time in service.
"Families who have faced the ultimate sacrifice can find solace in knowing there's financial support available," Michael Ryan, a finance expert who founded michaelryanmoney.com, told Newsweek. "With a net worth threshold set at $155,356, this benefit extends a helping hand to the eligible loved ones of those who served, ensuring they receive the financial assistance they deserve."
Those with lower incomes can also gain benefits from the veterans' and survivors' pension.
Earlier this year, the VA also started accepting all veterans exposed to hazardous toxins in the military to enroll in VA healthcare years earlier than initially allowed.
Those who served in the Vietnam War, Gulf War and in Iraq and Afghanistan after 9/11 are eligible even without earning any VA benefits. Those who also faced toxins during training or active duty can also qualify.
"If you're a veteran who may have been exposed to toxins or hazards while serving our country, at home or abroad, we want you to come to us for the health care you deserve," VA Secretary Denis McDonough said in a statement.
"VA is proven to be the best, most affordable health care in America for Veterans – and once you're in, you have access for life. So don't wait, enroll today."
Correction 03/07/24, 11:20 a.m. ET: The article and headline were updated to remove reference to stimulus checks.
Uncommon Knowledge
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
About the writer
Suzanne Blake is a Newsweek reporter based in New York. Her focus is reporting on consumer and social trends, spanning ... Read more
