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Veterans to get cost of living benefits increase
The increase in veterans' benefits is passed annually. It links the rise in payments to increases in Social Security payments, which are based on the Consumer Price Index.
A House Veterans Affairs subcommittee unanimously approved a bill Thursday that would provide a cost of living increase in all veterans benefits, in addition to a bundle of new and expanded benefits for veterans.
The Benefits Subcommittee added an amendment to the bill (H.R. 4085) by voice vote to include provisions from four other bills. The other provisions in the bill, which were offered by Veterans Affairs Chairman Chris Smith, R-N.J., would:
- Allow a surviving spouse of veteran over age 65 to keep receiving benefits even if she remarries (H.R. 1108).
- Provide that the home loan fees paid by reservists will be the same as active duty military personnel through 2006.
- Increase coverage under Veterans Mortgage Life Insurance from $90,000 to $150,000 and allow veterans over the age of 70 to continue receiving coverage.
- Increase funding for state approving agencies, which check the qualifications of schools to receive Montgomery GI Bill payments, to $18 million per year.
A spokesman for the Veterans Affairs Committee indicated that the full committee would probably mark up the bill on May 9. Smith hopes to bring it to the full House before Memorial Day.