The Supplemental Security Income (SSI) program, administered by the Social Security Administration (SSA), is designed to provide financial support to seniors, individuals with disabilities, and low-income children.
In 2024, SSI payments will see an increase, benefiting thousands of Americans who rely on these payments to cover their basic living expenses.
This increase comes amid growing calls for Congress to update long-standing rules and asset limits that have restricted access for many who need assistance.
What Is SSI and Who Qualifies?
SSI is a federal program that provides monthly payments to eligible seniors (65+ years), disabled individuals, and low-income children.
The goal is to assist those who face financial hardship and struggle to meet basic needs, such as food, clothing, and shelter. To qualify, recipients must meet strict income and asset limits:
- Single individuals must have less than $2,000 in assets.
- Couples must have less than $3,000 in assets.
These limits were set in 1989 and have not been updated for inflation, which continues to be a challenge for many potential beneficiaries.
The 2024 SSI Payment Increase
Despite ongoing asset limitations, the SSA has announced increased SSI payments for 2024. The increase will provide additional financial support for thousands of beneficiaries.
The rise in payments comes alongside administrative improvements, which aim to ease the eligibility process and increase monthly amounts for recipients.
Key changes include:
- Removal of food assistance consideration: The SSA will no longer count food assistance from family or friends in eligibility calculations. This change is expected to increase monthly payments by around $131 for over 90,000 beneficiaries.
- Expansion of the rental subsidy exception: Previously available only in select states, the rental subsidy exception will now apply nationwide. This will increase payments by approximately $132 for around 41,000 people.
- Broadening the definition of public assistance households: SNAP benefits will now be considered public assistance, making more people eligible for SSI. The new rule eliminates the requirement that all household members must receive public assistance to qualify. This change will affect about 277,000 individuals, increasing their SSI payments and reducing their reporting obligations.
SSI Asset Limits: A Longstanding Challenge
Despite the 2024 payment increase, asset limits remain a significant hurdle for many who need SSI benefits. Currently, individuals cannot have more than $2,000 in assets, and couples are limited to $3,000.
These thresholds have been in place since 1989 and have not been adjusted for inflation or the rising cost of living.
Over the years, various proposals have suggested raising these asset limits. For example, in 2003, there was a recommendation to increase the asset limits to $3,000 for individuals and $4,500 for couples, with automatic adjustments for inflation.
However, Congress has yet to take action on these proposals, leaving many struggling to access the financial aid they need.
The Future of SSI
While the SSA’s administrative improvements in 2024 are a positive step forward, there remains a pressing need for Congress to review and update SSI’s outdated regulations, especially the asset limits.
As economic conditions evolve, so must the rules governing programs like SSI, to ensure they meet the needs of beneficiaries in a sustainable and impactful way.
FAQs
What is the new SSI payment increase for 2024?
The SSA has announced several changes, including removing food assistance from eligibility calculations and expanding rental subsidies, which will increase monthly payments for many beneficiaries.
Who qualifies for SSI benefits?
SSI provides financial assistance to seniors (65+ years), disabled individuals, and low-income children who meet strict income and asset requirements.
What are the current SSI asset limits?
SSI recipients must have less than $2,000 in assets for individuals and $3,000 for couples. These limits have not been updated since 1989.
How will the new SSI changes affect beneficiaries?
The changes are expected to increase payments by $131–$132 for certain recipients and make it easier for people to qualify for SSI by removing certain restrictions.
Is Congress planning to update SSI asset limits?
Although various proposals have been made to raise SSI asset limits, Congress has not yet passed legislation to implement these changes.
