Three significant changes have been announced recently, according to the Social Security Administration, which will have an impact on hundreds of low-income Americans, the disabled, and children who are eligible for the Supplemental Security Income (SSI) program. It is imperative to comprehend the implications of these modifications on beneficiaries’ monthly payments in the upcoming months since millions of marginalized individuals depend on these benefits to meet their needs and stay up with rising costs. So, to better understand how these may affect your future payments, we would like to share with you the key points.
Social Security has announced 3 new changes for October
Even though the Supplemental Security Income (SSI) program has been in place since 1974, many people are still unable to obtain its benefits due to the Social Security Administration’s rigorous rules and requirements. It is crucial to note that Congress now imposes restrictions on individuals and couples who apply for and receive SSI benefits, including asset limits that have not been revised since 1989. Furthermore, the incomplete 1989 adjustment may make it more difficult for recipients to save money and confront other obstacles.
However, only Congress has the authority to change asset limits and other marital regulations. Congress has been discussing whether to alter the SSI asset limits for a while now. For instance, in 2003, a legislative committee suggested raising the cap to $3,000 for single people and $4,500 for couples, with inflation taken into account. Since then, other legislative actions will have to be taken. Once more, we are ready to provide Congress with our knowledge and experience as it considers and deliberates this matter.
Despite Congress’s ability to make some changes, the SSA will make administrative modifications to SSI regulations to clarify procedures, minimize burdens, and improve support for people with disabilities. According to recent SSA correspondence, the following three key changes would affect the Supplemental Security Income (SSI) program and, by extension, hundreds of low-income Americans and disabled persons.
Social Security will implement a new in-kind support and maintenance (IMS) rule
Thanks to this new rule, the Social Security Administration will no longer consider the supply of food assistance by friends and family when determining an applicant’s eligibility under the in-kind support and maintenance (IMS) criteria. This will increase the number of persons who qualify for SSI benefits and increase monthly SSI payments by roughly $131 for over 90,000 individuals.
The SSI program will extend the rental subsidy exception
Social Security is extending the rent subsidy waiver, which was previously only available in seven states, to all SSI applicants and recipients nationwide. This may enhance eligibility and result in a $132 monthly boost in SSI payments for almost 41,000 persons.
A new public assistance household definition for the SSI program
Supplemental Nutrition Assistance Program (SNAP) benefits will be added to the list of public assistance kinds, and the condition that all household members receive public assistance for a household to be designated as such will be waived. These modifications will extend the definition of a public-assistance household. Finally, keep in mind that these two adjustments have the potential to increase the number of people qualifying for and receiving SSI payments by approximately 277,000 while also reducing reporting requirements for those living in public assistance homes.
The Social Security Administration hopes that by implementing these new modifications, new candidates who want to participate in the Supplemental Security Income (SSI) program will face fewer barriers and limits. It is also important to note that if you are currently interested in applying for this program and already meet the income and resource requirements, you should consult with a financial advisor or Social Security expert to improve your chances of becoming eligible for these monthly benefits.
