The $8000 SSI Increase bill for Social Security, SSDI, and VA beneficiaries is expected to be passed by Congress by May 2024, aiming to raise asset limits for SSI payments. The proposed increase will elevate the asset limit from $2000 to $10000, enabling SSI recipients to save more effectively.
This adjustment will result in an $8000 boost in payments for eligible individuals, offering greater financial flexibility. The push for Social Security Benefits increase by the US Congress extends to the SSI program, benefiting disabled seniors receiving SSDI Payments and veterans receiving VA Payments.
For comprehensive information on the SSI increase bill, this post will provide all the necessary details that you must know.
What is the $8000 SSI Increase Bill 2024?
The $8000 SSI Increase Bill 2024 is an anticipated change based on the COLA ( cost-of-living adjustment) announced in October last year. Once the COLA is announced in October each year, recipients of Supplemental Security Income (SSI) and other US Social Security payments can anticipate their benefit size for the following year.
With the COLA reaching 3.2% in 2024, it becomes straightforward to calculate the monthly SSI benefit check, offering significant relief to eligible Americans. In January 2024, 7.4 million Americans received Supplemental Security Income (SSI) benefits.
Supplemental Security Income serves as a crucial lifeline for the most vulnerable segments of the American population, providing essential financial support through monthly checks.
The anticipated $8000 SSI Increase in 2024 represents an additional layer of relief for SSI beneficiaries. It’s important to note that these benefit adjustments occur annually, resulting in consistent increases. As a result, recipients may receive two separate SSI May 2024 Checks, reflecting the incremental raise.
Has the $8000 SSI Increase Bill 2024 Passed?
No, the $8000 SSI Increase Bill 2024 has not passed yet. As per the latest update, the United States Congress has pushed for an increase in Social Security Payments Increase this year based on the COLA.
According to online reports, they are lobbying for an increase in the SSI asset cap from $2,000 to $8,000, which covers disabled people receiving SSDI and veterans receiving VA benefits. If enacted, this would enable SSI users to save more without sacrificing their benefits.
So persons with a handicap and a low or no income are eligible for the SSI payment. Individuals will receive disability support payments in exchange for their hard work, and it is expected that the new bill will be passed by Congress, so the SSI / SSDI increase in the payment, will include disabled citizens receiving SSDI and veterans receiving VA payments.
$8000 SSI Increase For Social Security, SSDI, VA Summary
Here is an overview of the proposed $8000 SSI Increase for Social Security, SSDI, VA beneficiaries in 2024:
| Bill | $8000 SSI Increase 2024 |
| Organization Name | Social Security Administration |
| Benefit Name | Supplemental Security Income |
| Country | America |
| Category | Financial Aid |
| SSI increase payment | $8000 |
| Official Website | ssa.gov |
Who will be Eligible For the $8000 SSI Increase?
The Supplemental Security Income (SSI) Increase bill is designed to provide financial assistance to individuals who are aged (65 or older), blind, or disabled and have limited income and resources. To be eligible for $8000 SSI increase, individuals must meet certain criteria:
- Age, Blindness, or Disability: Applicants must be either aged 65 or older, blind, or disabled. Disability is defined as a physical or mental impairment that prevents substantial gainful activity and is expected to last for at least 12 months or result in death.
- Limited Income: SSI recipients must have limited income, which includes earnings from work, Social Security benefits, pensions, and other sources. The income limit varies depending on factors such as marital status and living arrangements.
- Limited Resources: Individuals must also have limited resources, including cash, bank accounts, stocks, and property. The resource limit for SSI eligibility is typically $2,000 for individuals and $3,000 for couples, although some assets, such as a primary residence and one vehicle, are excluded from consideration.
- U.S. Citizenship or Qualified Noncitizen Status: Applicants must be U.S. citizens or meet certain criteria as qualified noncitizens to be eligible for SSI benefits.
- Residency: Applicants must be residents of the United States or the Northern Mariana Islands and meet certain residency requirements.
How Much is the SSI Payment Increase For May 2024?
The maximum Supplemental Security Income (SSI) payment for 2024 has been elevated to $943, marking a 3.2% increase from the previous year. Consequently, your SSI check for May 2024 will surpass the amount received in May 2023. However, your overall SSI payment for May 2024 will not exceed those of previous months.
Instead, recipients will receive an additional payment at the close of the month, allocated for the month of June. While slated for June, many Americans will receive this supplemental payment in May 2024. If you utilize Direct Deposit, this extra benefit will be credited to your account on May 31, 2024, slightly earlier than usual.
Hence, you should expect two disbursements from this check in May— the first on May 1 and the second on May 31. The expedited delivery of the second payment is due on June 1st falling on a weekend, prompting the Social Security Administration to expedite processing to mitigate any potential delays.
Will This Bill Increase the SSI Rental Subsidy?
The modification in Supplemental Security Income (SSI) won’t take effect immediately; the implementation is scheduled for September 30, 2024. However, it’s not confirmed yet. Nonetheless, it promises to be a noteworthy adjustment.
Following this date, the Social Security Administration will initiate an expansion of its SSI rental subsidy program. This expansion is already in progress across seven other states.
For residents of Connecticut, Illinois, Indiana, New York, Texas, Vermont, or Wisconsin, this enhancement is already in effect. However, the remaining states will witness an elevation in the Supplemental Security Income rental subsidy program.
This alteration will extend benefits to SSI applicants, potentially resulting in increased payments for qualifying beneficiaries. Moreover, it may render certain individuals eligible for Supplemental Security Income who were previously ineligible.
Will This Bill Increase the Maximum SSI Payment?
The implementation of this new regulation will not impact the maximum SSI payment. The maximum benefit payout will remain at $943 until the conclusion of 2024. Subsequently, the Cost of Living Adjustment (COLA) will apply to both Supplemental Security Income and Social Security benefits. Nevertheless, it is premature to anticipate the exact magnitude of the COLA.
Therefore, the alteration enacted by Social Security will not result in an increase in monthly payments for individuals already receiving the maximum Supplemental Security Income.
However, it will elevate payments for numerous existing beneficiaries and extend SSI benefits to additional eligible individuals. Consequently, many Americans who were previously ineligible for this benefit will begin receiving it before the year’s end.
Final Words
In conclusion, while the $8000 SSI increase bill presents a promising prospect for potential beneficiaries, it’s important to acknowledge that its approval and implementation remain uncertain. We’ll keep serving the latest updates as they are released.
As discussions continue in Congress and among policymakers, individuals awaiting potential adjustments to Supplemental Security Income (SSI) payments should stay informed about the progress of the bill.
Disclaimer: The information provided in this post regarding the $8000 SSI increase bill is based on proposed legislation and is subject to change. As of the time of writing, the bill has not been approved by Congress and may undergo revisions or may not be passed into law.
Therefore, the details and timelines mentioned in this post are speculative and should not be considered as official or guaranteed.
Readers are advised to monitor official government announcements and updates regarding the status of the bill and its potential impact on Supplemental Security Income (SSI) payments.