“In FY 2024, VHA’s net cost was $150.9 billion, an increase of $19.5 billion, or 15%, compared to prior year. The costs for medical services continued to expand to align with the Secretary’s top priority to fully implement the PACT Act under the Cost of War Toxic Exposures Fund (TEF). The TEF supports approximately 9,000 full-time employees and funds health care delivery associated with environmental hazards, as well as medical research relating to exposure to environmental hazards.
“In FY 2024, VBA’s net cost (excluding actuarial) was $191.9 billion, an increase of $26.9 billion, or 16%, compared to prior year primarily due to increases in compensation payments to Veterans and their beneficiaries. VBA issued 3.9 million more payments in FY 2024 compared to FY 2023. VBA continued to process claims with improved timeliness and accuracy, which resulted in approximately 303,000 more active beneficiaries at the end of FY 2024 compared to FY 2023.
“In FY 2024, indirect administrative net cost was $3.3 billion, an increase of $615 million, or 23%, compared to prior year primarily due to an increase in cost for information technology (IT) services to support VA’s Financial Management Business Transformation (FMBT), specifically the Integrated Financial and Acquisition Management System (iFAMS).”
Source: US Department of Veterans Affairs. FY 2024 Agency Financial Report. Nov. 15, 2024.
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Page last updated March 21, 2025 by Doug McVay, Editor.