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