Starting in September, millions of people who receive Supplemental Security Income (SSI) will see changes thanks to a new law. These changes, set to take effect on September 30th, aim to expand benefits and make it easier for more people to apply for SSI. Whether you already receive SSI or plan to apply, it’s important to understand how these changes could affect you.
Social Security Announces More Benefits for Seniors
The Social Security Administration (SSA) has introduced new SSI changes that will stop payment reductions for certain beneficiaries who get food assistance. This affects individuals and children who are blind, disabled, or over 65 with limited resources or income. About 7.4 million Americans rely on SSI to help cover expenses alongside Social Security.
Starting September 30th, food will no longer count against eligibility for benefits known as in-kind support and maintenance (ISM). Right now, help with housing or food can be seen as unearned income, which might lower SSI payments or change someone’s eligibility.
Monthly Benefits and Eligibility
In 2024, the maximum monthly federal SSI benefits will be:
- $943 for individuals
- $1,415 for couples
- $472 for significant others who live with and care for an SSI beneficiary
SSI recipients must earn less than $1,971 per month from work and have less than $2,000 in resources ($3,000 for couples). Resources include cash, stocks, bonds, real estate, bank accounts, and other assets that can be converted to cash.
No More Benefit Reductions for Food Help
Under the new rule, SSI recipients won’t have to worry about their benefits being reduced due to groceries or meals from friends or family. Darcy Milburn, Director of Social Security and Health Policy at The Arc, a nonprofit advocating for people with intellectual and developmental disabilities, says this change will free up resources for the SSA. Previously, the SSA had to track every time a recipient got free food and reduce their monthly income by up to one-third.
Milburn noted that removing these barriers is a major step towards fixing a complicated and harsh law affecting disabled SSI recipients in the US. This is just the first of many improvements the SSA plans to make for SSI applicants and beneficiaries.
Relief for SSI Recipients Struggling with Inflation
With rising food prices due to inflation, the new rule may provide some relief to SSI users. Thomas Foley, Executive Director of the National Disability Institute, points out that SSI recipients are among the most food-insecure groups in the country. The rule may also reduce overpayments and underpayments, improving financial security for beneficiaries.
Future Changes on the Horizon
A new bipartisan initiative could bring more changes, aiming to increase the asset limit for SSI recipients. The proposed changes would raise the limit to $10,000 for individuals (up from $2,000) and $20,000 for couples (up from $3,000). This could open the door for Congress to make more significant adjustments to SSI.
The new SSI changes starting September 30th aim to make life easier for millions of recipients by eliminating benefit reductions due to food assistance. This is a significant step toward making SSI more accessible and less stressful for those who rely on it. With potential future changes on the way, SSI recipients may see even more improvements that enhance their financial security.
1. What is Supplemental Security Income (SSI)?
SSI is a federal program that provides financial assistance to individuals who are blind, disabled, or over 65 with limited income and resources.
2. Who will be affected by the new SSI changes?
The new changes will affect current SSI recipients and future applicants, particularly those who receive food assistance.
3. When do the new SSI changes take effect?
The new law takes effect on September 30th.
4. How will the new rule impact SSI benefits?
Food assistance will no longer count as unearned income, preventing reductions in SSI benefits.
5. Are there any future changes expected for SSI?
Yes, a bipartisan initiative aims to increase the asset limit for SSI recipients, potentially allowing for more significant adjustments to the program.