The Department of Veterans Affairs (VA) is sending out a new round of VA benefits of $3,600 to veterans and their families in April. The VA benefits check will come with extra money as the 3.2% cost of living adjustment (COLA) is included. It is important to underscore that not all veterans will receive this amount since VA benefits vary depending on the severity of the disability.
VA benefits are intended to help veterans manage long-term healthcare expenditures and buy monthly necessities, as many of them have special difficulty adapting to civilian life and finding employment that suits their disability. To help veterans, the Department of Veterans Affairs (DVA) will include the cost of living adjustment (COLA) as it is done with Social Security benefits so veterans can keep up with inflation.
According to Zack Hellman’s comment on Newsweek, founder of Tax Prep Tech, the 3.2% increase this year is meant to help veterans keep up with rising costs for consumer goods and other expenses caused by inflation and other economic issues. This increase is relevant for veterans’ financial well-being because, due to their prior service, many veterans end up with a variety of disabilities, some of which may be more severe than others. Consequently, the higher the veteran’s monthly VA payments, the more complicated and severe their impairment.
VA benefits impact on veterans financial well-being
Veterans can also get a boost on their monthly VA benefits for each dependent they may have, such as a spouse, dependent parents, or children. Through the VA benefits program, veterans and their families are entitled to receive a variety of benefits and services, such as healthcare, disability income, student loans, and support for education.
To be eligible for these VA benefits, veterans should first understand more about VA disability pay, often known as disability compensation. Disability compensation is defined as a monthly tax-free payment paid to veterans with a service-related disability who got an “other than dishonorable” discharge. These veterans could be eligible for a tax-free monthly payment ranging from $165 to nearly $3,600. Learn how to apply for VA disability payments and benefits.
Veterans Affairs Disability payment schedule for 2024
To help all veteran members plan their monthly budget, the DVA releases a yearly disability payment schedule. VA benefits are made on the first working day of the next month for the specific month. Similarly, payments will be made on the last business day of the preceding month if the first of the month falls on a non-business day or a holiday.
Month | Payment Date | Day of Week |
January | Feb. 1 | Thursday |
February | Mar. 1 | Friday |
March | Apr. 1 | Monday |
April | May 1 | Wednesday |
May | May 31 | Friday |
June | July 1 | Monday |
July | Aug. 1 | Thursday |
August | Aug. 30 | Friday |
September | Oct. 1 | Tuesday |
October | Nov. 1 | Friday |
November | Nov. 29 | Friday |
December | Dec. 31 | Tuesday |
VA benefits: What is the special monthly compensation (SMC)?
The Department of Veterans Affairs (DVA) provides dependent parents, surviving spouses, veterans, and their spouses with a tax-free benefit known as the SMC. Its objective is to provide additional financial assistance to those with certain disabilities or those who require the assistance and presence of others for their daily duties.
It’s important to highlight that this special monthly compensation is available to veterans who have serious service-related disabilities that interfere with their daily lives, spouses and surviving spouses who require assistance with daily tasks, and dependent parents of veterans who require aid and attendance owing to a handicap.
Here are the conditions that may be considered for the special monthly compensation (SMC):
- Loss or loss of use of limbs
- Blindness in one or both eyes
- Certain neurological conditions
- Severe respiratory conditions
- Needing help with daily living activities