Veterans' Benefits Act of 1992

Dependency and Indemnity Compensation Reform Act of 1992 - Title I: Reform of Dependency and Indemnity Compensation Program - Revises the formula for the computation of the payment to surviving spouses of veterans of dependency and indemnity compensation (DIC) to make such payment a flat monthly amount of $750, increased by $50 monthly in the case of: (1) the death of a veteran while performing active duty; or (2) the death of a veteran who at the time of death was in receipt of or entitled to compensation for a service-connected disability that was either totally disabling for at least five years preceding death or, if so rated for a lesser period, was so rated from the date of such veteran's discharge.

Provides that, for the payment of DIC to the surviving spouses of veterans who died before January 1, 1993, the monthly rate shall be the higher amount between the current and revised formula.

Increases the additional rate paid to a surviving spouse for each child of the veteran under the age of 18.

Makes a provision of the Omnibus Budget Reconciliation Act of 1990, which prohibits the payment of DIC or death pension to a surviving spouse of a veteran who subsequently remarries, inapplicable to any case in which a legal proceeding to terminate such subsequent marriage was commenced before November 1, 1990, by an individual who would be considered the surviving spouse but for such remarriage. Requires the Secretary of Veterans Affairs to conduct a study, and report to the Senate and House Veterans' Affairs Committees, on the effect of such remarriage prohibition on former surviving spouses of deceased veterans.

Title II: Life Insurance Programs - Increases the maximum amount of Servicemen's Group Life Insurance authorized to be carried by a veteran from $100,000 to $200,000 in additional increments of $10,000. Increases to $200,000 the authorized amount of Veterans' Group Life Insurance and makes it renewable on a five-year basis (currently, nonrenewable).

Provides additional optional coverage of $10,000 in supplemental service disabled veterans' insurance (SSDI) for veterans currently carrying National Service Life Insurance who qualify for a waiver of premiums due to total disability. Outlines SSDI application requirements. Requires premiums to be paid for SSDI coverage.

Increases the authorized amount of Veterans' Mortgage Life Insurance to the lesser of either $90,000 (currently, $40,000) or the amount of the loan outstanding on the home.

Title III: Other Veterans' Programs - Increases the rates of educational assistance payable under the Montgomery GI Bill active-duty and reserve educational assistance programs. Increases such amount after FY 1993 by the percentage increase in the Consumer Price Index for a specified period. Makes such increases effective as of April 1, 1993.

Extends through FY 1997 (currently 1992) the authority for the Department of Veterans Affairs to limit the monthly pension payable to a veteran having neither spouse nor child and receiving nursing home care without charge under title XIX (Medicaid) of the Social Security Act. Extends the scope of such provision to limit the payment of the death benefit to surviving spouses having no dependents and receiving such Medicaid-covered care.

Extends through FY 1997 the authority of the Secretary to receive personal income data from the Internal Revenue Service for income verification purposes for veterans receiving benefits through the Department on a needs basis.

Extends through FY 1996 the authority of the Department to charge a $2 fee for a 30-day supply of prescription drugs furnished on an outpatient basis to certain veterans for non-service-connected disabilities. Amends the Omnibus Budget Reconciliation Act of 1990 to also extend through FY 1996 copayments required to certain veterans receiving care for non-service-connected disabilities and whose incomes exceed specified thresholds.