More than 40 million beneficiaries get money from SNAP, the former Food Stamps program. Bear in mind that Social Security announces the new COLA in October, but the increase does not arrive until January.
That is the reason why there are millions of Americans on SNAP benefits who did not expect an increase in October. What is more, some have not cashed their monthly payments on their Electronic Benefits Transfer card yet and still ignore it.
However, the Supplemental Nutrition Assistance Program is much faster than the Social Security increase. So, SNAP recipients will cash more money during the month of October if eligible.
WHEN DID THE NEW COLA INCREASE START FOR SNAP BENEFICIARIES IN 2023?
It was on October 1, 2023, when the first SNAP payments were increased. This increase may be disappointing for many citizens on Food Stamps. Do not forget that the 2023 COLA was about an 8.7% increase and the 2022 about 5.9%.
Therefore, the average 3% increase in this Supplemental Nutrition Assistance Program does not seem enough. Mainly, because prices for essential goods and services are too high.
Undoubtedly, getting more money on your monthly payments is good news. If you did not expect an increase until January, this is even better. But there is not good news for all SNAP beneficiaries.
Those on the Supplemental Nutrition Assistance Program in Hawaii will get a reduction. Thus, it is much worse than a 3% boost. In fact, those individuals in the 48 contiguous states can cash up to $291, up from $281.
This means in 12 months an individual will collect 120 dollars extra. A four-member family can receive up to $973. A family of four in Guan can get up to $1,434 and up to $1,251 in the U.S. Virgin Islands. In Alaska, urban beneficiaries can cash up to $1,284 if they are 4. Those in rural areas up to $1,591 or $1,937