The Social Security Administration has announced big changes for 2024. These changes will have an obvious effect on people who get Supplemental Security Income (SSI) benefits, but they haven’t been widely talked about. As of this year, new rules have been put in place to make things easier and give some people bigger benefits.
These changes, which are meant to make the best use of the institution’s limited resources, should make the system work better and help more people who need it.
Social Security adjustments to Cost-of-Living: What does it mean?
The October Cost-of-Living Adjustment (COLA) is a crucial Social Security update. This adjustment is necessary to sustain recipients’ purchasing power when inflation rises. Due to the inflation spike and its potential impact on the system’s budget, this year’s COLA increases have garnered more attention than usual.
COLA adjustments help Social Security recipients cope with rising prices by keeping benefits up to date with inflation. Those who depend on these benefits for daily needs are much more affected by increased prices for critical products and services. Although the COLA adjustment is rarely covered in the media, it helps beneficiaries cope with rising living costs.
New conditions for SSI beneficiaries
There are a few big changes for people who are filing for Social Security for the first time and can also get SSI. SSI benefits are for people with low incomes who are over 65 or have a condition that qualifies them.
Individuals must not make more than $1,971 a month, or $2,915 a month for couples, in order to apply right now. Also, assets are looked at, and they can’t be worth more than $2,000 for one person or $3,000 for a pair.
Once upon a time, any extra help, like staying with a family member or getting food stamps, was called In-Kind Support and Maintenance (ISM).
Because of this label, the amount of SSI payments a person could get was cut. Food stamps will no longer be included in this ISM figure, though, as of this year. With this change, more people will be able to get bigger rewards.
This change is especially helpful for people who also get Supplemental Nutrition Assistance Program (SNAP) benefits, since those benefits will no longer lower their SSI payouts.
Changes to rental subsidies
How Social Security will handle rental aid is another important change. In the past, getting some kind of financial help could lower the amount of SSI you got.
This year, though, people who get rental subsidies will be able to keep the money they get without it affecting their monthly SSI income. This change used to only apply in a few places, but it will now apply all over the country.
People and families who get rental aid but still have trouble making ends meet will benefit the most from this change. Social Security makes it easier for low-income families to find stable housing by letting recipients keep their rental help without having their SSI benefits cut.
Improvements in the application process
Along with changes to benefits, Social Security has also made changes to the application process to make it easier to use and faster. One of the most important changes is that 13 different forms no longer need a physical signature.
Digital signatures can now be used on more than 30 papers. This new idea cuts down on red tape and speeds up the process for applications.
People can also apply for SSI benefits online through iClaim, which is an online tool created by Social Security. The iClaim system makes it easy for applicants to find their way around and fill out the application by giving them a step-by-step guide and using simple language.
This simplification is very important for cutting down on wait times and making things easier for applications who had trouble in the past.
By providing a more streamlined application process, Social Security aims to ensure that those in need can access assistance more quickly and with fewer obstacles.