Millions of Americans can expect to receive another payment this month, even though federal stimulus payments ceased three years ago.
Veterans Affairs benefits are distributed on March 1 and April 1 to cover the months of February and March. With the recent 3.2 percent cost of living adjustment, beneficiaries can anticipate receiving a payment of up to $3,600.
“The purpose of this year’s increase is to assist veterans in keeping up with the growing costs of consumer goods and other expenses that are affected by inflation and other economic factors,” explained Zack Hellman, the founder of Tax Prep Tech, in an interview with Newsweek.
Many veterans experience distinct difficulties when transitioning to civilian life and securing employment that can accommodate their disabilities. The primary purpose of these checks is to provide them with financial assistance to cover essential needs and manage the costs associated with long-term healthcare.
“Veterans face a costly reality, with rising medical care and special nutritional needs adding to their financial burdens,” stated Alex Beene, a financial literacy instructor for the state of Tennessee, in an interview with Newsweek. “Although these increases won’t completely alleviate the additional expenses they encounter, they will certainly provide some relief.”
Who’s Eligible?
To be eligible for VA benefits pay, you must meet certain criteria.
All veterans who have a disability as a result of their military service will receive a tax-exempt payment for their VA disability pay. It’s important to note that veterans who have received a dishonorable discharge are not eligible for this benefit.
Survivors of veterans are also eligible for a monthly payment, while veterans who have lost limbs during their service receive special additional amounts.
“Families who have endured the greatest sacrifice can take comfort in the knowledge that there is financial assistance available,” said Michael Ryan, a finance expert and founder of michaelryanmoney.com, in an interview with Newsweek. “With a net worth threshold of $155,356, this benefit provides much-needed support to the eligible family members of those who have served, ensuring that they receive the financial aid they rightfully deserve.”
Lower-income individuals can also receive advantages from the veterans’ and survivors’ pension.
Earlier this year, the VA made a significant change in its policy by allowing all veterans who were exposed to hazardous toxins during their military service to enroll in VA healthcare much earlier than previously permitted.
Veterans who served in the Vietnam War, Gulf War, and in Iraq and Afghanistan after 9/11 are eligible for benefits, even if they did not earn any from the VA. Additionally, those who were exposed to toxins during their training or active duty can also qualify for these benefits.
“We urge veterans who may have been exposed to toxins or hazards during their service, whether at home or abroad, to seek the healthcare they rightfully deserve from us,” emphasized VA Secretary Denis McDonough. “At VA, we are proud to offer the most reliable and cost-effective healthcare options for veterans in America. Once you become a part of our system, you gain lifelong access to our services. Therefore, we encourage you not to delay any further and enroll today.”
