If you qualify for the Supplemental Security Income (SSI) program, keep an eye on your bank account. The Social Security Administration (SSA) has announced a new SSI payment of more than $1,400 on July 1st.
Since 1935, the SSA has been paying Old Age, Survivors, and Disability Insurance (OASDI) and SSI benefits to nearly 68 million Americans. The SSI program is designed to assist low-income elderly, blind, and disabled individuals who haven’t necessarily paid Social Security taxes, unlike the OASDI, which is for those who have.
Eligibility
To qualify for the SSI program in 2024, applicants must meet specific income and resource limits:
- Individuals: Must have resources under $2,000.
- Couples: Must have resources under $3,000.
Disability Requirements
Disabled applicants need to prove that they have a severe physical or mental disability expected to last over 12 months or result in death. Medical documentation is required to meet the SSA’s criteria. Additionally, low-income seniors must show they cannot find meaningful work, regardless of job availability in their area.
Income Impact
The amount of SSI payment you receive is influenced by your monthly income:
- Earned Income: For every $2 earned, the SSI payment decreases by $1.
- Unearned Income: Non-work sources such as disability, unemployment, and pension income reduce the payment by approximately $1.
Living with a spouse or children on SSI can also affect the payment amount. Incorrect applications due to income or asset excess are immediately rejected.
Payment Dates
The SSI program usually provides one payment per month, but there are exceptions:
- July: Monday, 1st
- August: Thursday, 1st, and Friday, 30th (for September)
- October: Tuesday, 1st
- November: Friday, 1st, and Friday, 29th (for December)
These dates help recipients plan their finances accordingly.
Maximum Payment
The SSA sets different SSI payment amounts based on the beneficiary’s filing category:
- Individuals: Could receive up to $943 per month.
- Couples: Could receive up to $1,415 per month.
- Essential Persons (EP): May receive an additional $472 per month.
Essential Person Criteria
An EP is someone who has lived in the qualifying individual’s home since December 1973 and wasn’t eligible for state or SSI benefits. Multiple EPs can reside with a qualifying individual. Temporary absences are allowed if the EP intends to return, supports this intention, and does not stay away for more than 90 days. An EP can also be absent for up to six months with the same conditions. If a dependent qualifies for SSI benefits, they are considered an EP.
Knowing the SSI payment schedule, eligibility requirements, and maximum payment amounts can help recipients manage their finances better. Stay updated with the SSA for any changes or additional information.
FAQs
What is the resource limit for individuals in 2024?
$2,000.
How does earned income affect SSI payments?
Every $2 earned reduces SSI by $1.
When is the next SSI payment in July 2024?
July 1st.
What is the maximum monthly SSI payment for couples?
$1,415.
Who qualifies as an essential person?
Someone who has lived with the beneficiary since December 1973 and meets specific criteria.