Each year, with Congressional approval, Social Security and Veterans Benefits increase incrementally based on a cost of living adjustment increase. For 2015, that amount was 1.7%. For VA benefits, the effective date is December 1, 2014.
Even though those already getting the benefit received their increases, it was impossible for practitioners to advise applicants as to what rate to expect upon approval of a new application because the rates had not been published. As of January 12, 2015, the VA rates can be found at:
http://www.benefits.va.gov/pension/current_rates_veteran_pen.asp for veterans and http://www.benefits.va.gov/pension/current_rates_survivor_pen.asp for survivors (spouses and children).
For a quick breakdown, see below for both the annual and monthly amounts:
2015 VA Pension Rates – Effective 12/1/14
Veterans
Medical Deduction (5% of Maximum Annual Pension Rate) $643 (single) $842 (with dependent)
ANNUAL MONTHLY
Base Pension (single) $12,868 $1,072
Base Pension (w/ dependent) $16,851 $1,404
Housebound (single) $15,725 $1,310
Housebound (w/ dependent) $19,710 $1,642
A&A (single) $21,466 $1,788
A&A (w/ dependent) $25,448 $2,120
Surviving Spouse
Medical Deduction (5% of Maximum Annual Pension Rate) $431
ANNUAL MONTHLY
Base Pension $8,630 $719
Housebound $10,548 $879
A&A $13,794 $1,149
Two Vets Married to Each Other
ANNUAL MONTHLY
Base Pension $16,851 $1,404
One Housebound $19,710 $1,642
Both Housebound $22,566 $1,880
One A&A $25,448 $2,120
One Housebound and One A&A $28,300 $2,358
Both A&A $34,050 $2,837
Victoria L. Collier, CELA, Elder Care Attorney, Co-Founder of Lawyers for Wartime Veterans and Lawyers with Purpose, Veteran, author of 47 Secret Veterans Benefits for Seniors and most recent book, Paying for Long Term Care: Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit.
If you want to learn more about expanding your VA practice, or starting a VA practice, Victoria Collier will be offering a LIVE VA Accreditation Course. She'll be teaching the necessary information for accreditation but also providing updates and practice tips based on current VA practices February 4th in Charlotte, NC. If you provide legal advice to veterans about specific VA claims, you MUST be accredited by the VA. Join us February 4th, where you'll LIVE in the room with Victoria L. Collier for your accreditation. Contact Kyle Russ at kruss@lawyerswithpurpose.com for registration information.
*Before attending the course, you must have submitted an Application for Accreditation, VA form 21a, to the Office of General Counsel, and received approval.
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