Social Security Boosts SSI Payments by $132 for Over 40,000 Beneficiaries
The Social Security Administration (SSA) has announced an expansion of the rental subsidy exception for all Supplemental Security Income (SSI) applicants and beneficiaries across all 50 states. Previously, this benefit was only available in seven states, but the recent rule change is set to provide approximately 41,000 Americans with an average increase of $132 in their monthly benefits. This means that if you are paying a certain amount toward rent, you will no longer be subject to In-kind Support and Maintenance (ISM) calculations related to rental assistance.
Additional Benefits for SSI Applicants
In addition to the increased payment due to this new rule, SSI applicants may find that they have more opportunities to qualify for benefits. Many individuals who previously applied may have been denied due to not meeting income limits, but with the new changes in place, it’s worth reapplying to see if you now qualify for assistance.
It will be interesting to compare the Monthly Statistical Snapshot for August 2024, which was released in September, with the upcoming snapshot released in October. This will allow SSI recipients to see how average payments have increased from the current average of $698.
Changes in ISM Calculations and Impact on SSI Payments
As of September 30, 2024, the SSA will no longer include food in ISM calculations. This adjustment is expected to increase benefit payments for more than 90,000 SSI recipients. Those affected can anticipate an additional $131 in their monthly benefits, providing much-needed relief amid rising inflation and costs.
The changes don’t stop there. The SSA has also broadened the definition of a public assistance household, positively impacting recipients of Supplemental Nutrition Assistance Program (SNAP) benefits. Now, individuals will benefit even if not everyone in their household receives public assistance.
For further details on these changes and how they might affect your benefits, visit the SSA’s official press release here.
This expansion of benefits comes at a critical time, offering essential support to those struggling to make ends meet. If you think you may qualify, consider reapplying to take advantage of these new provisions.
