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Veterans' Special Monthly Compensation (SMC) rates are increasing by 3.2% in 2024. Find out the new SMC rates and how they may affect your VA disability benefits.
Special Monthly Compensation provides additional tax-free benefits for Veterans with certain severe disabilities, such as loss of limbs or blindness. SMC rates are based on the level of disability, from SMC-K as the basic rate up to SMC-T for Veterans with traumatic brain injuries requiring aid and assistance.
The 2024 cost-of-living adjustment (COLA) of 3.2% will increase SMC rates effective December 1, 2023. While not as high as the record 8.7% COLA in 2023, this is still a significant boost for disabled Veterans. Dependents like spouses and children may also allow Veterans to receive a higher level of SMC.
Disclaimer: This material is for informational purposes only. It does not create an attorney-client relationship between the firm and the viewer and does not constitute legal advice. Legal advice must be tailored to the specific circumstances of each case, and the content of this video is not a substitute for legal counsel.
Submitting an Intent to File form may help Veterans protect an effective date for potential VA disability benefits and retroactive compensation.
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