About 7.1 million veterans used at least one VA benefit, including guaranteed home loans in fiscal year (FY) 2016. Overall, almost half of the total veteran population used VA benefits and/or services in FY 2016.
That’s 9.7 million out of all 20.4 million veterans in the U.S. This data is from the National Center for Veterans Analysis and Statistics (NCVAS) that profiled veterans using at least one of 22 VA benefits or services from fiscal years 2007 through 2016.
Profiling Veterans Utilizing VA Benefits
The NCVAS study highlights (i) how many and how many did not use VA benefits, (ii) which benefits did they use the most, and (iii) what are the demographics of these veteran users and non-users.
By the study’s definitions, users are veterans who used at least one VA benefit or service and non-users are those who did not use any VA benefit or service.
Take a look at the study’s findings:
- 48% of all veterans used at least one VA benefit/service in FY 2016, up from 38% since FY 2007. That’s an increase to 9.7 million veteran users out of a total 20 million veteran population compared with 9.1 million veteran users of the total veteran population of 23.6 million.
- Of the current pool of veteran users, the number who used multiple VA benefits increased to 44% from 31% in FY 2005.
- The share of female veteran users grew to 47% in 2016 from 35% in FY 2007.
- The share of male VA benefit users also increased to 48% from 39%.
- Male veterans who used VA benefits have a median age of 64 while male veteran non-users’ median age is 57.
- Female veteran users have an median age of 46 and female non-VA benefit users’ median age is 48.
- In FY 2016, health care and disability compensation constituted 76% of all VA benefits use ‒ an increase from 68% in FY 2007.
- Veterans who are 25 to 34 years old and those above 65 are found to be more likely to take advantage of VA benefits.
VA Benefits and Services by the Numbers
The VA offers several benefits and services to millions of veterans through its designated arm:
- Health care and pharmacy provided by the Veterans Health Administration. In FY 2016, the number of veterans who took advantage of health care benefits totaled 6 million.
- Home loan guaranty, vocational rehabilitation and assistance, life insurance, compensation and pension disability benefits, and education assistance by the Veterans Benefits Administration. There were about 7.1 million veteran users of at least one benefit from the VBA in FY 2016.
- Memorial benefits including burial allowances, graves, markers, flags, and medallions via the National Cemetery Administration. Veteran users of memorial benefits totaled 300K during the relevant fiscal year.
Notably, the utilization of VA home loans dipped in 2009 mirroring the housing market conditions at that time. But the demand for VA loans has been on a steady recovery ever since.
It’s interesting to note that while the veteran population has declined since 2007, the number of veterans who are utilizing VA benefits/services has increased, according to the NCVAS.
Are you a veteran who wants to take advantage of VA loans? Speak with a lender today.