This is the new Social Security eligibility rule that will go into effect at the end of the month
The Social Security Administration will be changing what financial support it includes Social Security income calculations, increasing benefit eligibility.
Each month, the Social Security Administration (SSA) issues nearly 70 million payments to its beneficiaries. While the majority of recipients are retired workers, a large portion of disabled individuals are eligible for monthly Social Security payments. These individuals typically fall into the Supplemental Security Income (SSI) category.
In addition to people with certain disabilities, individuals with limited resources and adults age 65 or older may be eligible for basic SSI financial assistance. To be eligible for this SSA relief, an individual must have an income of $1,971 or less per month. However, the Administration has released a new rule that could change beneficiaries’ eligibility.
This is the new eligibility rule that will come into effect at the end of the month
The SSA has released a final rule on the Supplemental Security Income (SSI) regulations. Under the rule, food benefits, which fall under the category of in-kind support and maintenance (ISM), will no longer be considered in the eligibility calculations for beneficiaries. Currently, food and housing benefits count as unearned income, which significantly reduces benefits because, in the eyes of the SSA, the recipient’s income is higher.
This new rule is expected to expand eligibility for SSI and increase economic support for the nearly 7.4 million residents who receive assistance from Supplemental Security Income. The new rule will take effect on September 30, 2024.
“[The new rule] represents a really meaningful step to address one of the most complex, burdensome and inhumane policies impacting people with disabilities that receive SSI,” Darcy Milburn, director of Social Security and health care policy at The Arc, a nonprofit that provides care for people with intellectual and developmental disabilities, told CNBC.
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How much money do SSI recipients receive?
While the exact amount that is received depends on each beneficiary’s personal situation, the SSA has various estimates, depending on the category to which the recipient belongs. In 2024, and after the 3.2% increase in the COLA, the average SSI payment for an individual is $943 per month, while the amount increases to $1,415 for couples who file their taxes jointly.