Millions of low-income people in the United States rely on Supplemental Security Income (SSI) to cover their living expenses and lift themselves out of poverty. If you qualify for this program, it’s important to know when your next payment is coming and how much you can expect to receive. This article will break down everything you need to know about SSI payments, eligibility, and additional benefits.
What is Supplemental Security Income (SSI)?
Overview of SSI Payments
Supplemental Security Income (SSI) is a government program that provides financial assistance to individuals who meet certain income and disability criteria. The program aims to help low-income people, including those who are blind, disabled, or aged 65 and older, meet their basic needs. The SSI payments are funded by the general revenues of the U.S. Treasury, not by Social Security taxes.
Upcoming Payment Schedule
The next SSI payment of $943 is scheduled to be mailed on Monday, July 1. Individual beneficiaries can receive up to $943 per month, while eligible couples can receive up to $1,415. Additionally, if an SSI recipient lives with a significant other, they may be eligible for an extra payment of $472.
Cost-of-Living Adjustment (COLA)
SSI payments already include a cost-of-living adjustment (COLA) that was announced last October. This adjustment will be implemented in January 2024, ensuring that the benefits keep up with inflation.
How SSI Payments Work
Payment Schedule
SSI payments are usually sent on the first of the month. If the first falls on a weekend or federal holiday, the payment is sent on the prior working day. This means some months, like June, September, and December, may have double payments.
Funding Source
Many SSI recipients don’t realize that their payments come from the general revenues of the U.S. Treasury, not from Social Security taxes. This distinction is important because it affects the payment schedule and funding stability.
Eligibility for SSI Payments
Income and Resource Limits
To qualify for SSI, individuals must earn less than $1,971 per month. Couples applying for child support or disabled individuals may also be eligible. The Social Security Administration (SSA) has set resource limits of about $2,000 for individuals and $3,000 for couples. Resources include items like cars and bank accounts.
Application Process
If you’re interested in applying for SSI, the SSA provides an online tool to help determine your eligibility. The application process takes about five to ten minutes.
Who Can Apply?
SSI is intended for individuals of all ages who are blind, disabled, or aged 65 and older. Applicants must meet both financial need and disability criteria to qualify.
Additional Benefits Besides SSI
Understanding SSDI and SSI
Although Supplemental Security Disability Insurance (SSDI) and SSI are different programs, many Americans qualify for both. To receive both payments, applicants must meet the eligibility standards for each program. You don’t need to submit two separate applications to apply for both.
Benefit Amounts
The total of your SSDI and SSI payments cannot exceed the maximum SSI benefit for an individual or couple. Understanding the requirements for both programs can help you maximize your benefits based on your circumstances.
Frequently Asked Questions (FAQs)
1. When will the next SSI payment be sent?
The next SSI payment will be sent on Monday, July 1.
2. How much can individual beneficiaries receive?
Individual beneficiaries can receive up to $943 per month.
3. What is the COLA, and when will it be implemented?
The COLA is a cost-of-living adjustment to ensure benefits keep up with inflation. It will be implemented in January 2024.
4. Who is eligible for SSI payments?
SSI is for individuals with low income who are blind, disabled, or aged 65 and older. Couples and those applying for child support may also be eligible.
5. Can I receive both SSDI and SSI benefits?
Yes, but the total of both payments cannot exceed the maximum SSI benefit for an individual or couple.
Supplemental Security Income (SSI) is a crucial program for millions of low-income Americans, providing financial assistance to help cover living expenses. Understanding the payment schedule, eligibility criteria, and additional benefits can help you make the most of this support. If you think you might qualify, it’s worth taking a few minutes to apply and potentially improve your financial situation.