In order to qualify for SNAP benefits, there are different requirements you must meet. For example, there are gross and net income limits for most Food Stamp applicants. The Supplemental Nutrition Assistance Program is only for those who meet the residency requirements and live in the State the apply for.
What is more, there are work requirements. They can be both, general or specific. Some waivers and exemptions may apply if USDA rules allow it. But what about the new asset limit for SNAP after the 2025 COLA?
The new asset limit for SNAP after the 2025 COLA
Until September 30, 2024, the asset limit for Food Stamps is $2,750. Therefore, a household can have that amount of money in countable resources. That refers to the money you may have at home and in your bank account.
From October 1, 2024, the new asset limit will be $3,000. Hence, the resource limit for the 48 contiguous States, Alaska, Hawaii, the U.S. Virgin Islands, Guam, and the District of Columbia will increase.
As a consequence, there could be SNAP applicants who got their applications denied for this reason. However, they could apply on October 1 to see if they are eligible after the resource limit increase.
New asset limit for seniors and disability recipients
Special rules apply for those seniors aged 60 or older and for those who have a qualifying disability. So it is important to keep updated and take advantage of all the rules that could help you get SNAP benefits.
Whether you are at least 60 years old, or you are a person with a disability, the new asset limit will also increase. The new resource limit will come into effect on October 1, 2024. So, after that date, you can have more resources up to a limit without affecting amounts or eligibility.
The new asset limit for SNAP if you are at least 60 or have a disability is $4,500. For your information, it is just $4,250 until September 30, 2024. So, you could have $250 more in your bank account or at home.
SNAP Benefits in 2024-2025: Essential Rules for Seniors 60+
Asset Limits
Households with at least one member aged 60, or disabled, can have $4,250 in countable resources, like cash or bank money. This limit is higher than the $2,750 for households without elderly or disabled members.
Certain resources are NOT counted when determining SNAP eligibility, including:
- A home and lot
- Resources of people who receive SSI or TANF
- Most retirement and pension plans
Income Limits
Households with an elderly or disabled member must meet net income limits (100% of the Federal Poverty Level) if they exceed the gross income limit (130% of FPL).
If the household does meet the gross income limits, the $4,250 asset limit applies. Resources counted toward this limit include cash and assets that can be converted to cash like savings, checking accounts, stocks, mutual funds, and some life insurance policies.
Separate Household Consideration
Households with a member aged 60 or older, or disabled, may qualify for separate SNAP benefits. This applies if they usually buy and prepare food separately. The spouse of the elderly or disabled member can also be included.
To qualify for separate household status, the gross income of remaining members cannot exceed 165% of the poverty level.
Certification Period
Seniors 60 and older with no income can apply for SNAP using the Elderly Simplified Application. They’ll receive benefits for 36 months. However, they must report any earnings or lottery/gambling winnings over $4,250.