The Social Security Administration (SSA) oversees various vital programs that support millions of Americans financially. Among these, the Supplemental Security Income (SSI) program plays a significant role in assisting individuals facing financial hardship. Recently, the SSA announced an increase in benefits for a specific group of SSI recipients.
The SSI program is primarily designed for individuals who are blind, disabled, or elderly and who meet specific income criteria. To qualify for SSI, individuals must have limited income, typically no more than $1,971 per month from employment. Different income limits apply for couples and parents applying on behalf of their children. Other income sources, such as unemployment benefits, disability payments, or pensions, are also considered when determining eligibility.
Moreover, recipients’ assets, including cars and bank accounts, cannot exceed certain thresholds. For individuals, the resource limit is set at $2,000, while couples have a cap of $3,000. If parents are applying for SSI on behalf of their children, these limits increase by an additional $2,000. Thus, both income and resources are closely examined during the SSI application process.
The forthcoming benefit increase will significantly impact those who are blind or over 65, with a total allocation of $1.1 million designated for this adjustment. Eligible individuals will receive these funds within the next three to six months.
Who Will Benefit from the SSI Increase?
According to the official SSA website, this increase in benefits will be limited to approximately 400 recipients who have been diagnosed with terminal illnesses preventing them from working. Conditions qualifying for this raise include chronic heart failure, advanced kidney disease, leukemia, and various types of cancer, provided they meet the SSA’s definition of a terminal illness.
To qualify for the increase, individuals must also meet an additional requirement: their SSI payments must have been underpaid. This underpayment typically occurs when individuals apply for SSI and face delays in receiving their benefits, resulting in insufficient funds during that waiting period.
Recognizing the financial strain terminally ill individuals may face, especially as their conditions deteriorate, the SSA aims to alleviate some of these burdens through the benefit increase. Many of these individuals struggle with bill payments as they are unable to work and incur high medical expenses while awaiting their full benefits.
This increase will be added to the existing monthly amounts these beneficiaries receive. Although the exact date for the implementation of the raise varies by individual, the SSA has indicated that it will reflect in monthly benefit checks within three to six months following the announcement.
It is important to note that this increase will not exceed the maximum SSI benefit for 2024, which is set at $943 per month. This initiative is part of the SSA’s ongoing efforts to enhance the lives of those it serves and aligns with other improvements in their services.
Source: The Transfer Portal