The Social Security Administration (SSA) has announced a new increase in SSI payments, aimed at thousands of Americans over 65, people with disabilities, and children who meet specific financial criteria. For over 50 years, the SSI program has provided monthly financial support to individuals struggling to meet their basic expenses.
Despite the financial aid this program offers, millions in the United States remain unable to access these benefits due to stringent eligibility requirements and limitations.
What is SSI, and who qualifies?
The SSI program is designed to support those in economically vulnerable situations. Payments go to seniors, individuals with disabilities, and minors who cannot meet their basic needs due to limited income and resources. Over the years, the program has been a lifeline for many, although strict eligibility criteria have excluded a significant number of people who also need assistance.
The increase in SSI payments
Despite Congress-imposed restrictions on allowable assets to receive these payments, the SSA has decided to increase SSI payments for thousands of beneficiaries. Currently, asset limits have not changed since 1989, making it difficult for many to save or plan for their financial future.
For instance, a single person cannot have more than $2,000 in assets to be eligible, while couples are limited to $3,000. These thresholds, set more than three decades ago, have not been adjusted for inflation or current economic conditions, posing a substantial challenge for those who depend on SSI. Only Congress can modify these limits, leading to ongoing debates about the need for an update.
Potential changes to SSI asset limits
Over the years, various proposals have been made to modify SSI asset limits. For example, in 2003, a congressional committee recommended raising the limit for single individuals to $3,000 and for couples to $4,500, also suggesting these amounts be adjusted for inflation. However, these changes were never implemented.
Recently, discussions about updating these limits have resumed. The SSA has expressed willingness to work with Congress to explore new proposals that could improve access to SSI benefits and enhance beneficiaries’ quality of life.
New SSI improvements for 2024
Although significant changes can only be made by Congress, the SSA has introduced some administrative improvements to reduce bureaucratic burdens and better support people with disabilities. This year, three major improvements have been implemented in the SSI program, expected to benefit hundreds of thousands.
1Removal of food assistance consideration: The SSA will no longer factor in food assistance provided by family or friends when determining an applicant’s eligibility under the in-kind support and maintenance (ISM) rules. This will allow more people to qualify for SSI and increase monthly payments by about $131 for over 90,000 beneficiaries.
Extension of rental subsidy exception: Previously applicable in only seven states, the SSA has expanded the rental subsidy exception to all SSI applicants and beneficiaries nationwide. This change could make more people eligible and increase monthly payments by approximately $132 for around 41,000 individuals.
Broadening the definition of public assistance household: The SSA will now include Supplemental Nutrition Assistance Program (SNAP) benefits among the types of public assistance qualifying an individual for SSI. Additionally, the requirement that all household members receive public assistance to be considered a public assistance household will be removed.
These two changes together could increase SSI payments for about 277,000 people and reduce reporting obligations for those in public assistance households.
The future of SSI and its beneficiaries
These new measures represent a significant step forward for SSI beneficiaries, who may receive increased benefits and, in some cases, encounter fewer obstacles to qualify. However, there remains a need for Congress to review asset limits and older regulations so that the program better aligns with current economic realities.