With the nation’s debt swelling, federal officials are considering making adjustments to the way funds from programs like Veteran’s Disability Benefits are distributed in order to cut costs. Many are opposed to the changes though, saying those who have been injured while serving their country have sacrificed enough already.
An article published by The Day explained the President has proposed creating an alternative method for calculating inflation of the nation’s currency, which is used to determine increases in disability payments. Under the proposed changes, the amount of benefits an individual receives still grows with the cost of living, but at a much slower rate.
With the way Cost of Living Adjustments (COLAs) are currently calculated, disability payments increased by 1.7 percent this past year. Under the newly proposed calculation method, payments would have only increased by 1.4 percent. Estimates show the strategy will save the nation roughly $340 Billion over the next ten years.
These savings will come at the cost though of those who have already sacrificed the most. Raymond Kelly, legislative director for Veterans of Foreign Wars, pointed out that a soldier with a 100 percent disability who begins receiving benefits at 30-years-old would have seen their payments cut by $2,300 annually by age 55 under the new rules.
The Hartford Personal Injury Lawyers with Carter Mario Law Firm recognize how complex the laws regulating disability benefits can be for veterans. That’s why the firm is here to answer any questions about your legal rights.