Starting October 1st, millions of people who receive Supplemental Security Income (SSI) will benefit from a new law that took effect on September 30th. The Social Security Administration (SSA) has made changes to the SSI program that will increase benefits and make it easier for more people to qualify.
These updates are particularly important for individuals who are blind, disabled, or over the age of 65 with limited income or resources. This article will break down the key changes to SSI benefits and explain how they will impact current and future recipients.
Changes to SSI Benefits in 2024
New Law Impact
A new rule, effective from September 30th, is set to change the way SSI benefits are calculated. This change will affect about 7.4 million Americans who currently receive SSI. Previously, in-kind support and maintenance (ISM) – like help with housing or food – was considered unearned income,
which could reduce SSI payments or make people ineligible. Under the new law, food will no longer be counted when determining ISM, which can result in higher payments for some recipients.
Eligibility Criteria
To qualify for SSI, you must meet certain financial criteria. If you’re earning less than $1,971 per month from work and have less than $2,000 in resources (for individuals) or $3,000 (for couples), you could be eligible. These resources include things like savings accounts, stocks, bonds, and real estate, meaning only limited assets are allowed.
Benefits for Seniors and Disabled Individuals
Relief from Rising Food Prices
The rise in food prices has made life harder for many, especially those who rely on SSI. Fortunately, with the new law, food assistance from friends or family will no longer reduce your benefits.
This offers some relief to those struggling with food insecurity, which is a widespread issue among SSI recipients. The National Disability Institute has noted that this change will positively impact some of the most vulnerable populations.
Simplified Administration
The Arc, a disability rights organization, strongly supports this new law. One of the major benefits of the law is that it simplifies the SSI program by eliminating the need to keep track of every free meal or food given to recipients.
This not only makes life easier for those receiving SSI but also reduces the risk of overpayments and underpayments, leading to greater financial security.
How to Apply for SSI
Medical and Financial Requirements
To apply for SSI, you need to meet strict medical criteria. Your disability must be severe and expected to last for at least 12 months or potentially result in death. You must also show that you’re unable to work in any meaningful capacity. The application process requires submitting medical records that confirm your disability.
Benefits Overview
The SSI program provides financial support to elderly individuals and people with disabilities who have little to no income or resources. The maximum monthly payment for individuals is $943, while couples can receive up to $1,415.
For those who qualify under the Essential Person (EP) category, an additional $472 may be granted. These payments offer essential help to those who need it most.
The recent changes to the SSI program, effective from September 30th, will significantly impact how benefits are calculated. By removing food from the ISM equation, more people will be able to receive their full SSI benefits, giving them more financial security.
This change will make life easier for those who are blind, disabled, or elderly and ensure they don’t lose out on benefits due to receiving help with meals. The simplification of the SSI process is a welcome relief, providing stability to millions of Americans in need.
What are the main changes to SSI benefits in 2024?
The new law removes food from being counted as unearned income, which could increase SSI benefits for many recipients.
How do I qualify for SSI?
You must have limited income and resources and meet strict medical criteria, such as having a severe disability that lasts at least 12 months.
What is the maximum SSI payment?
The maximum monthly payment for individuals is $943, and for couples, it’s $1,415. An extra $472 is available for those in the Essential Person category.
Will receiving food from family or friends affect my SSI benefits?
No, the new rule means that food received from others will no longer reduce your SSI benefits.
What assets count toward the SSI resource limit?
Assets like savings accounts, stocks, bonds, and real estate count toward the limit, which is $2,000 for individuals and $3,000 for couples.
