Social Security Disability Insurance (SSDI) and veterans disability recipients will see their benefits increase by 1.7 percent in 2015. The increase represents the annual cost-of-living adjustment (COLA), which is automatically applied to Social Security benefits.
Although benefits will increase slightly, the cost of living is also projected to increase. In particular, the USDA projects that food inflation will continue to rise in 2015. Consumers will continue to see a rise in the cost of basics, such as milk, eggs and meat. Health care costs may also increase in 2015.
It is recommended that veterans who receive disability benefits rework their budgets in consideration of both the increased benefits and the increased cost of living.
The COLA increase will represent an average increase of $19 per month, or $228 per year, in SSDI benefits. The average monthly SSDI benefit will increase from $1,146 to $1,165 .
The projected inflation in consumer prices is in line with what the Federal Reserve considers to be healthy, stable inflation. Approximately two percent is considered to be the optimal rate of inflation.
The increase in benefits will take effect in January 2015.
COLA has resulted in an increase to disability benefits nearly every year since 1975, with the exception of three years. There was no adjustment in 1983 because of an administrative change, and none in 2010 and 2011 because consumer prices did not increase.
The end of the year represents the Medicare annual enrollment period. Medicare recipients who are concerned about their upcoming health care costs were able to adjust their 2015 coverage until December 7.
Legal Help for Veterans, PLLC fights for veterans rights. We fight to make sure you get the benefits you deserve from the Department of Veterans Affairs. To learn more or contact an attorney about your Post Traumatic Stress, Traumatic Brain Injury, Mental Health, Sexual Assault, Hearing Loss and Tinnitus, Total Disability Based on Individual Unemployability, Medical Malpractice, or Aid and Attendance claim, visit http://www.legalhelpforveterans.com/ or call 800.693.4800
