Starting September 30th, the Supplemental Security Income (SSI) program is introducing important changes that will benefit millions of recipients. The Social Security Administration (SSA) aims to expand these benefits and make it easier for more people to apply for this financial assistance. If you’re already receiving SSI or planning to apply, here’s what you need to know about these new changes and how they will impact current and future beneficiaries.
Social Security Announces More Benefits for Seniors
The new SSI changes will stop reductions in payments for certain beneficiaries who receive food assistance. This is great news for individuals and children who are blind, disabled, or aged 65 and older with little or no resources or income.
Currently, around 7.4 million Americans rely on SSI to help cover their expenses along with Social Security. Under the new law, food will no longer be considered when determining eligibility for benefits known as in-kind support and maintenance (ISM). This means that receiving food assistance will not lower your SSI payments or affect your eligibility.
New Benefit Amounts for 2024
For individuals, couples, and significant others who live with and care for an SSI beneficiary, the maximum monthly federal SSI benefits in 2024 will be $943, $1,415, and $472, respectively. To be eligible, SSI recipients must earn less than $1,971 per month from work.
Additionally, each individual or couple must have less than $2,000 in resources, or $3,000 for couples. These resources include cash or other assets like stocks, bonds, real estate, and bank accounts that can be converted to cash.
No More Reductions Due to Food Assistance
Thanks to the new rule, SSI recipients won’t need to worry about their monthly benefits being reduced because of groceries or meals they receive from friends or family. Darcy Milburn, Director of Social Security and Health Policy at The Arc, a nonprofit organization supporting people with intellectual and developmental disabilities, explains that this change will free up resources for the SSA. Previously, the SSA had to track each time a recipient received free food and reduce their monthly income accordingly.
Milburn also mentioned that removing these barriers is a significant step toward addressing the complicated and unfair laws that affect disabled SSI recipients in the US. This is just the first of several improvements the SSA plans to make for SSI applicants and beneficiaries.
Relief Amid Inflation
The new rule is expected to bring relief to SSI recipients, as inflation has been driving up food and grocery prices for everyone. Thomas Foley, executive director of the National Disability Institute, stated that SSI recipients are among the most food-insecure groups in the country. The new rule could also lead to fewer overpayments and underpayments of benefits, thereby increasing financial security for beneficiaries.
Future Changes to Asset Restrictions
In addition to the current changes, there may be further improvements coming. A new bipartisan initiative is looking to increase the asset limits for SSI recipients to $10,000 for individuals (up from $2,000) and $20,000 for married couples (up from $3,000). Raising these thresholds could allow Congress to make more significant changes to the SSI program, providing even greater support for those in need.
The new changes to the SSI program are a significant step toward providing better support for millions of Americans who rely on these benefits. By eliminating reductions due to food assistance and potentially increasing asset limits, the SSA is making it easier for people to receive the help they need. These improvements will not only provide immediate relief but also pave the way for future enhancements to the SSI program.
Frequently Asked Questions (FAQs)
1. What are the new SSI benefit amounts for 2024?
The maximum monthly federal SSI benefits in 2024 will be $943 for individuals, $1,415 for couples, and $472 for significant others who live with and care for an SSI beneficiary.
2. How will the new law affect food assistance?
Food will no longer be considered when determining eligibility for SSI benefits, so receiving food assistance will not lower your SSI payments.
3. What are the income and resource limits for SSI eligibility?
SSI recipients must earn less than $1,971 per month from work and have less than $2,000 in resources for individuals or $3,000 for couples.
4. Will the new rule help with inflation?
Yes, the new rule is expected to provide relief to SSI recipients by not reducing their benefits due to food assistance, which is especially helpful as food prices rise.
5. Are there any other changes coming to SSI?
A new bipartisan initiative may increase the asset limits for SSI recipients to $10,000 for individuals and $20,000 for married couples, allowing for more significant changes to the SSI program in the future.