so
hi everyone and welcome to another edition of cck live today we're going to be reviewing va
disability pay rates based on the 2022 cost of living adjustment so first let's
just take a step back and let's talk about what cost of living adjustment or cola is so
cola is short for a cost of living adjustment and that's the rate that's determined each year by the
social security administration and basically what it is is its congress has told va that it needs to
adjust the va monthly compensation based on that year's change in the cost of living right so we're
going to go through sort of how the cost of living percentage increase is determined but if goods
cost more if things cost more you should be really getting more um each month for your va disability
benefits or else you know if the cost of living goes up your rates stay the same you're not even
going to be having the same purchasing power as you would before so how was cola determined so
like we said like i said the social security bases cola off the rates of percentage increase in the
consumer price index for urban wage earnings and clerical workers from the third quarter
so july august and september of the previous year and they compare it to the third quarter of
this year so that's why it comes out around this time of year so what is another acronym the cpiw
it's a statistical measure like i said of the change of price of goods and services over eight
major expenditure groups so you have food and beverage housing apparel transportation medical
care recreation education and communications and then a few other goods and services are lumped in
there too so the bureau of labor and statistics basically calculates that the cpiw on a monthly
basis and then the social security administration compares the data to accurately reflect the change
in the cost of living in their compensation rates so va then uses that cola from the social security
administration to adjust the veterans monthly disability compensation amounts so what's the
color rate for this year um maybe some of you have read inflation is on the rise a little bit
in the in the recent recent recent past so the cola this year is actually going to be 5.9
that's the biggest adjustment since 2009 when it was 5.8 percent so what that means is on
december 1st va is going to adjust all veterans who receive monthly compensation to reflect the
updated cost of living so you can expect if you're a veteran you get a monthly check
uh monthly payment on disability benefits you can expect to collect this newly adjusted
benefits starting december 31st 2021 so this is like i said this is a big jump
especially compared to the increase last year which was only 1.3 percent
so basically the 2021 compensation rates are going to be used as a baseline to calculate va
disability payments in 2022. so they take the 2022 cola 5.9 percent they multiply it by the
2021 compensation rate they add that number to the 2021 rate and that's your 2022 rate so so you
don't have to do any math here are the numbers for some of the most most common uh disability rating
benefits so with the 5.9 percent increase if you have 100 disability rating 100 scheduler 100
tdiu and no dependence you're going to get a extra 185 dollars and 64 cents a month yielding
a total of three thousand three hundred thirty two dollars and six cents a month so obviously the one
hundred percent rating is the biggest payment amount so that's going to increase the most
but let's just run through down the line and do the others so the 70 rating is going to receive
1529.97 so that's an increase of 85.23 the 50 rating you're going to get 958.43
that's a 53. increase the 30 rating you're going to be now getting 467.38
that's an increase of 26.3 cents and then for the 10 rating if you have a dime it's going to be 152.
cents a month now which is an increase of eight dollars and fifty cents
so this also impacts veterans with dependents veterans with the combined disability rating
of thirty percent are higher and one or more qualifying dependents are eligible for additional
monthly compensation qualifying dependents are a spouse dependent parents children under the age of
18. children between 18 and 23 who are in school so for an example a single veteran who's rated at
40 percent with a single dependent child under the age of 18 would get an additional 40.26 cents per
month based on the 5.9 percent cola increase so this is a lot of information for you to digest we
hope that the numbers and the increased payments that you're going to be getting are helpful
and thank you for joining us as always and be sure to subscribe
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