Veterans Benefits to Receive Cost of Living Increase

By Attorney Dan Vu

elder law in ohioFinally, after two years since the last cost of living increase, the Senate and the House have passed similar legislation that will increase benefit payments to Veterans by 3.6%. This puts the VA in line with the Social Security cost of living increase and makes up for rising inflation. However, this is insignificant in comparison to the rising cost of healthcare services. For many Veterans (or the spouse’s of Veterans) who are receiving help to pay for long-term care, this increase may only amount to $40 to $70 more a month. This does little to fill in the gap between their income and their monthly medical expenses to pay in home care or a nursing home facility.

What does this mean to you as a veteran or widow of a veteran?  Although this cost of living increase is needed, you will need to do much more to prepare for the rising cost of healthcare, specifically, the rising cost of long-term nursing home and in-home care.

 

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