The Supplemental Security Income (SSI) program is set to undergo significant changes that will impact millions of recipients starting September 30th. These changes are designed to expand benefits and make it easier for people to qualify for financial assistance. Whether you are already receiving SSI or planning to apply, it is important to understand how these new rules will affect you.
Social Security Announces More Benefits for Seniors
The Social Security Administration (SSA) has introduced new changes to the SSI program that will prevent payment reductions for certain beneficiaries receiving food assistance. SSI recipients include individuals and children who are blind, disabled, or aged 65 or older with limited resources or income. Currently, about 7.4 million Americans benefit from SSI, which helps cover their expenses alongside Social Security.
Starting September 30th, food will no longer be considered when determining eligibility for benefits known as in-kind support and maintenance (ISM). Previously, help with housing, food, or both could be considered unearned income, potentially reducing payments or affecting eligibility for SSI beneficiaries.
New SSI Benefit Amounts
For individuals, couples, and significant others who live with and care for an SSI beneficiary, the maximum monthly federal SSI benefits in 2024 are set at $943, $1,415, and $472, respectively. Generally, to be eligible for SSI, recipients must earn less than $1,971 per month from work.
Additionally, individuals must have less than $2,000 in resources, while couples must have less than $3,000. Resources typically include cash or other assets such as stocks, bonds, real estate, and bank accounts that can be converted to cash.
Seniors Won’t See Their Benefits Reduced Due to New Rule
One of the significant changes is that SSI recipients will no longer have their monthly benefits reduced because of groceries or meals they receive from friends or family. According to Darcy Milburn, Director of Social Security and Health Policy at The Arc, this new rule will free up resources for the SSA, which previously had to record every instance of free food given to a recipient, reducing their monthly income by up to a third.
Milburn also emphasized that removing these barriers is a significant step towards addressing some of the most complicated and burdensome laws affecting disabled SSI recipients in the U.S. This change is the first of several improvements that the SSA plans to implement for SSI applicants and beneficiaries.
Relief Amidst Rising Inflation
The new rule may provide some relief to SSI users as inflation drives up food and grocery prices across the country. Thomas Foley, executive director of the National Disability Institute, pointed out that SSI recipients are among the most food-insecure groups in the United States. The change may also lead to fewer overpayments and underpayments of benefits, enhancing the financial security of beneficiaries.
Potential Future Changes
Along with the new rule, a bipartisan initiative aims 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). This change could allow Congress to make further significant adjustments to the SSI program, potentially improving the lives of many recipients.
The new SSI rule changes represent a significant step toward providing better financial security for millions of Americans who rely on this program. By excluding food assistance from income calculations, the Social Security Administration aims to ease the financial burden on recipients, particularly those who are food-insecure.
As inflation continues to impact the cost of living, these changes, along with potential future adjustments, are crucial in helping SSI recipients maintain a stable and secure quality of life.
FAQs
1. What is the new SSI rule about food assistance?
The new rule means that food assistance will no longer count as unearned income when determining SSI eligibility, starting September 30th.
2. How will this new rule impact current SSI recipients?
Current SSI recipients will not have their benefits reduced due to receiving food assistance from friends or family.
3. What are the new maximum SSI benefits for 2024?
The maximum monthly federal SSI benefits for individuals, couples, and significant others in 2024 are $943, $1,415, and $472, respectively.
4. How much can SSI recipients earn to remain eligible?
SSI recipients must earn less than $1,971 per month from work to be eligible.
5. What are the current asset limits for SSI recipients?
Individuals must have less than $2,000 in resources, and couples must have less than $3,000. A proposed change may increase these limits to $10,000 for individuals and $20,000 for couples.