Starting September 30th, millions of people who get Supplemental Security Income (SSI) will benefit from a new law designed to improve and expand this important financial program.
The Social Security Administration (SSA) is updating SSI to make it fairer and easier to access. If you’re already receiving SSI or thinking about applying, here’s what you need to know about these changes.
More Benefits for Seniors and Others
The SSA’s new SSI rules will prevent payment cuts for some beneficiaries who receive food assistance. This update is for people who are blind, disabled, or 65 and older, and who have limited income or resources.
Currently, about 7.4 million Americans use SSI to help cover their costs, along with Social Security benefits. Starting September 30, the value of food you get from friends or family won’t count against your SSI benefits. Previously, this help with food could lower your payment or change your eligibility.
SSI Payment Details for 2024
Here’s how much SSI will pay in 2024:
- Individuals: Up to $943 per month.
- Couples: Up to $1,415 per month.
- Significant Others: Up to $472 per month.
To get SSI, you need to make less than $1,971 per month from work. Also, individuals must have less than $2,000 in resources, and couples must have less than $3,000. These resources can be cash or assets like stocks, bonds, real estate, and bank accounts.
Impact of the New Rule on Benefits
With the new rule, SSI recipients won’t see their benefits drop if they get free food from friends or family. Darcy Milburn from The Arc says this change will help the SSA work more efficiently.
Before this update, the SSA had to track free food given to beneficiaries, which could reduce their monthly income by up to a third.
Milburn believes this change is a big step toward making the SSI program simpler and less confusing for disabled recipients. The SSA is also planning more improvements for SSI applicants and beneficiaries in the future.
Relief Amid Rising Inflation
The new rule helps SSI users as food and grocery prices go up. Thomas Foley from the National Disability Institute notes that SSI recipients often struggle with food insecurity.
The change should reduce mistakes in payments, which will make financial planning easier for recipients.
Future Changes to SSI
There are talks about a new bipartisan plan to raise the asset limits for SSI recipients. The proposal suggests increasing the limit to $10,000 for individuals (up from $2,000) and $20,000 for couples (up from $3,000).
If this proposal is approved, it could lead to even bigger improvements in the SSI program.
The new SSI changes starting on September 30th will greatly benefit millions of recipients. By ensuring that food assistance does not lower monthly benefits, the SSA is making SSI more accessible and fair.
As food prices continue to rise, these changes offer much-needed relief to some of the most vulnerable Americans. Future proposals could further enhance the program, providing greater financial security to recipients.
1.What is Supplemental Security Income (SSI)?
SSI is a program that provides financial help to people who are blind, disabled, or 65 and older, and have limited income and resources.
2.How will the new changes to SSI affect my benefits?
Starting September 30, food assistance from friends or family will not reduce your SSI benefits. This means you won’t see a cut in your payments if you get free food.
3.What are the new payment amounts for SSI in 2024?
In 2024, individuals can receive up to $943 per month, couples up to $1,415, and significant others up to $472.
4. What are the eligibility requirements for SSI?
You need to earn less than $1,971 per month from work and have less than $2,000 in resources if you’re an individual or less than $3,000 if you’re part of a couple.
5. Are there any future changes planned for SSI?
Yes, there are discussions about raising the asset limits for SSI recipients to $10,000 for individuals and $20,000 for couples, which could provide more benefits.
