The Social Security Administration (SSA) has announced three significant changes that will take effect in October. These changes are expected to impact hundreds of low-income Americans and individuals with disabilities. The first change is a new In-Kind Support and Maintenance (IMS) rule.
The SSA will no longer consider food assistance provided by friends and family when evaluating an applicant’s eligibility under the IMS criteria. This adjustment will increase the number of individuals eligible for SSI benefits and raise monthly SSI payments by approximately $131 for over 90,000 people. The second change is an extension of the rental subsidy exception.
The SSA is extending the rent subsidy waiver, previously available only in seven states, to all SSI applicants and recipients nationwide. This extension is expected to raise monthly SSI payments by about $132 for nearly 41,000 individuals. The third change is a new public assistance household definition.
Important changes to Social Security eligibility
The requirement that all household members must receive public assistance for the household to be designated as such will be waived. These changes are anticipated to increase the number of people qualifying for and receiving SSI payments by approximately 277,000, while also reducing reporting requirements for those living in public assistance households.
“The changes are overwhelmingly positive for current and potential recipients, as they should increase the number of Americans who qualify and the average monthly payment many receive,” said Alex Beene, a financial literacy instructor for the University of Tennessee at Martin. Around 7.5 million depend on SSI each month, with the maximum individual benefit set at $943 and couples earning up to $1,415. Eligibility is based on several factors, and changes to the rental subsidy will make payments more consistent across the country.
“This adjustment is a welcome relief for many, as the SSI system has long been burdened by complex reporting requirements and outdated policies,” stated Kevin Thompson, a finance expert and founder/CEO of 9i Capital Group. While the updates are largely welcomed, they come with concerns about the system’s long-term sustainability. “Without a comprehensive overhaul, the SSI system risks future reductions in benefits, which could undermine the very people it’s meant to support,” Thompson added.
The SSA aims to reduce barriers and limitations for new applicants wishing to participate in the Supplemental Security Income program through these updates. If you are currently interested in applying for this program and meet the income and resource requirements, it may be beneficial to consult with a financial advisor or Social Security expert to improve your chances of becoming eligible for these monthly benefits.
- LaGradaOnline.”Social Security has now officially announced – 3 new changes confirmed for October”.
- Newsweek.”Social Security Changes Coming This Month: Here’s Who’s Impacted”.
- TodoDisca.”Big changes in Social Security payments for October 9th”.