Disabled vets are expected to be spared from some of the anticipated military pension cuts. Last month, Congress decided to reduce cost-of-living raises for military retirees by one percentage point, set to begin in 2015. This will save approximately $6.3 billion.
However, vets who are disabled will still be entitled to full benefits. The budget deal “carves out $600 million” to make sure disabled vets still receive their full benefits, Rep. Hal Rogers, Chairman of the House Committee on Appropriations, said in a statement. Of course, that still means a significant number of veterans will lose some of their pension benefits.
This could mean a substantial loss, as many of the men and women who enter the service do so starting anywhere from 18 years old through their 20s. Most retire while in their 40s, but some do remain until reaching age 62. A loss of one percentage point each year could quickly add up.
Those who make a career out of the military and retire in 20 years, could expect a loss in retiree pensions of more than 20 percent. While efforts are being made to protect disabled vets from experiencing these cuts, many say it’s not enough, according to a CNN report.
Get Help Filing for Disability Benefits
Of course, it’s important to remember that although battles wage over cuts, one type of benefit that remains available to all who qualify is disability compensation. Any veteran whose physical or psychological disability is connected to service could be entitled to monthly payments.
The amount depends on the disability rating assigned. The higher it is (which starts at 0 and increases in 10 percent increments, up to 100 percent), the more compensation available. Sometimes there are multiple conditions that must be considered. If there are questions or problems with determining eligibility, the disability rating or how to file a claim—don’t hesitate to contact an attorney at the Law Offices of Veterans Help Group at 855-855-8992.