WHY YOUR VA BENEFITS PAYMENT MAY BE IN LIMBO
Sometimes, things come up so much that it may just feel familiar. But there’s no reason to have the people who have served our nation continuously facing issues involving benefits they rightfully deserve. A shortfall of $15 billion due to mismanagement could affect your VA benefits payment. Here’s what we know.
VA Benefit Payments in 2024 Affected by Rising Healthcare Costs
The VA believes it’s around $15 billion short of its budget. This funding has direct relation to VA benefits payments for those eligible both this year and next. So far, $193 billion was expected to be spent on VA benefit payments and disability compensation isn’t as high as the Veterans Benefits Administration (VBA) originally thought. With that said, the VA is looking at the rest of the year. It is expecting an increase as well as an increase in disability claims and GI Bill payments. Keep in mind that the Supreme Court ruled in April 2024 that expanded education benefits would become available to Veterans adding to this increase. It’s believed that pensions and other VA benefit payments are now at risk. This could affect more than 7 million Veterans and survivors. In March 2024, the VA was looking to increase its fiscal year 2025 budget by $134 billion but so far, it's been cut by Congress due to budget caps. It’s possible for Congress to increase FY 2025’s budget and provide the VA with more funding if both sides of the aisle reach an understanding to ignore the caps in place. Part of the need for more funding is because of the VHA’s increase in employees. They foresaw a 10,000 employee cut. However, there is belief among officials that an increase of 5,000 more employees will be needed. Healthcare costs for pharmaceuticals and prosthetics along with community care costs continue to rise.
The PACT Act Has Been Widely Successful, but Only Part of the Problem
The success of the PACT Act is affecting VA benefits payments but it’s not the only issue. Sure, it's causing more benefits to be paid to Veterans and leaving benefits just under $3 billion short, but Mike Bost, the Chairman of the House Veterans Affairs Committee, has also spoken out against the VA’s predicament. Bost’s critiques called this the “largest budget shortfall the Department of Veterans Affairs has experienced” also saying, “This is not just fiscal mismanagement, it is strategic whiplash." For Bost, the increases from the PACT Act should have been accounted for. Additionally, the budget should have factored in the need to pay for the increase in VA benefits payments. Additionally, in a letter, Bost was critical of “gimmicks” the VA uses for the budget as well as taking issue with the change in stance on staffing facilities. Unfortunately, as leaders continue to scramble for answers and solutions, it’s the Veterans who must now await how their VA benefit payments will be affected.
Can I Find My VA Benefits Payment Online?
Yes, by logging into your account, you can view your VA payment history online with just a few clicks. Payment histories are available for both Veterans and qualifying survivors. Additionally, you can set up to receive notifications of each VA benefit payment you receive. This is so that you will know exactly when your compensation arrives. Finally, you can also edit information online pertaining to your account. This includes where to send your direct deposit or your contact information. Read next: