Inflation continued to affect the economy in 2023, significantly affecting the public’s cost of living. In response to rising inflation, the Veterans’ Disability Compensation Rates and the Social Security Costs for 2024 have increased. As the 2024 compensation rates have been adjusted, veterans and their dependents need to review and familiarize themselves with the new monthly payments they can expect depending on the veterans’ disability rate and the status of the veteran’s dependents. Note that these calculations are applicable starting December 1, 2023.
The Veterans’ disability compensation rates are calculated based on the veteran’s disability rating and the number/ types of dependent family members. The rates below reflect the cost of living adjustments made for 2024 due to the surging inflation.
Veterans with a 10-20% Disability Rate
Veterans with a 30-60% Disability Rate
Calculating the expected veteran’s disability compensation for those classified between 30-100% is tied to the number and type of dependents, or lack thereof.
Veterans that fall within the 30-60% disability rating can expect the following basic monthly payments:
Dependent Status | 30% Disability Rating | 40% Disability Rating | 50% Disability Rating | 60% Disability Rating |
Veteran only (No Dependents) | $524.31 | $755.28 | $1,075.16 | $1,361.88 |
Spouse Only | $586.31 | $838.28 | $1,179.16 | $1,486.88 |
Spouse and 1 Parent Only | $636.31 | $904.28 | $1,262.16 | $1,586.88 |
Spouse and 2 Parents Only | $686.31 | $970.28 | $1,345.16 | $1,686.88 |
1 Parent Only | $574.31 | $821.28 | $1,158.16 | $1,461.88 |
2 Parents Only | $624.31 | $887.28 | $1,241.16 | $1,561.88 |
1 Child only (No Spouse or Parent) | $565.31 | $810.28 | $1,144.16 | $1,444.88 |
1 Child + Spouse Only | $632.31 | $899.28 | $1,255.16 | $1,577.88 |
1 Child + Spouse + 1 Parent Only | $682.31 | $965.28 | $1,338.16 | $1,677.88 |
1 Child + Spouse + 2 Parents | $732.31 | $1,031.28 | $1,421.16 | $1,777.88 |
1 Child + 1 Parent Only | $615.31 | $876.28 | $1,227.16 | $1,544.88 |
1 Child + 2 Parents Only | $665.31 | $942.28 | $1,310.16 | $1,644.88 |
In addition to the benefits listed above, a veteran that has a 30-60% disability rating are eligible to receive the following added amounts if one or more of their dependents falls into one or more status:
Dependent | 30% Disability Rating | 40% Disability Rating | 50% Disability Rating | 60% Disability Rating |
Every additional minor child | $31.00 | $41.00 | $51.00 | $62.00 |
Every additional child over the age of 18 and in a qualifying school program | $100.00 | $133.00 | $167.00 | $200.00 |
Spouse receiving Aid and Attendance | $57.00 | $76.00 | $95.00 | $114.00 |
However, veterans that fall within the 70-100% disability rating are eligible to receive the following basic monthly payments according to the type of dependents, or lack thereof, as listed below:
Dependent Status | 70% Disability Rating | 80% Disability Rating | 90% Disability Rating | 100% Disability Rating |
Veteran only (No Other Dependents) | $1,716.28 | $1,995.01 | $2,241.91 | $3,737.85 |
Spouse Only | $1,861.28 | $2,161.01 | $2,428.91 | $3,946.25 |
Spouse + 1 Parent | $1,978.28 | $2,294.01 | $2,578.91 | $4,113.51 |
Spouse + 2 Parents | $2,095.28 | $2,427.01 | $2,728.91 | $4,280.77 |
1 Parent Only | $1,833.28 | $2,128.01 | $2,391.91 | $3,905.11 |
2 Parents Only | $1,950.28 | $2,261.01 | $2,541.91 | $4,072.37 |
1 Child only (No Spouse or Parent) | $1,813.28 | $2,106.01 | $2,366.91 | $3,877.22 |
1 Child + Spouse Only | $1,968.28 | $2,283.01 | $2,565.91 | $4,098.87 |
1 Child + Spouse + 1 Parent Only | $2,085.28 | $2,416.01 | $2,715.91 | $4,266.13 |
1 Child + Spouse + 2 Parents | $2,202.28 | $2,549.01 | $2,865.91 | $4,433.39 |
1 Child + 1 Parent Only | $1,930.28 | $2,239.01 | $2,516.91 | $4,044.48 |
1 Child + 2 Parents Only | $2,047.28 | $2,372.01 | $2,666.91 | $4,211.74 |
More so, veterans that have a 70-100% disability rating are eligible to receive the following added amounts if one or more of their dependents fall into one or more statuses:
Dependent | 70% Disability Rating | 80% Disability Rating | 90% Disability Rating | 100% Disability Rating |
Every additional minor child | $72.00 | $82.00 | $93.00 | $103.55 |
Every additional child over the age of 18 and in a qualifying school program | $234.00 | $267.00 | $301.00 | $334.49 |
Spouse receiving Aid and Attendance | $134.00 | $153.00 | $172.00 | $191.14 |
Social Security Cost-of-Living Adjustment for 2024
The Social Security Administration has announced a 3.2% cost-of-living adjustment will be applied for Social Security and Supplemental Security Income (SSI) benefits.
If you or a loved one is eligible to claim Social Security Disability (SSD), you can count on us to assist you in filing your claim. At McKown and Myers, it’s our job to help Hoosiers like you get the compensation they need to get medical treatment and support their families. We’re here to answer your questions about your SSD application – call 765-668-7531 or complete our contact form here. There’s no obligation – we’re here to help.