What is SSI?
SSI is a government program that provides monthly payments to adults and children who have income and resources below specific financial limits and who meet one of the following criteria:
- They are 65 or older;
- They are blind; or
- They have a medical condition that keeps them from working, which is expected to last one year or result in death.
Resource and Income Limitations
Recipients must have limited income and limited resources. If one qualifies, they can receive benefits up to $943 in 2024. For SSI purposes, resources include cash, bank accounts, stocks, mutual funds, U.S. savings bonds, life insurance, and anything else that can be converted and used for food or shelter. A recipient of SSI cannot have more than $2,000 in resources. Couples can have up to $3,000 in resources.
Income also impacts the amount of entitlement. SSA defines “income” as “anything individuals receive in cash or in-kind that can be used to meet their food and shelter needs.” This is known as in-kind support and maintenance or “ISM.” If a recipient receives income exceeding their SSI award, they are a risk of losing benefits.
The New Rule
As of March 27, 2024, SSA announced a new policy, indicating that it will no longer consider food expenses in its ISM calculations. The policy applies to both private sources of food and food assistance from public sources. Instead, for ISM purposes, SSA will consider only “shelter expenses,” which will include expenses for room, rent, mortgage payments, real property taxes, heating fuel, gas, electricity, water, sewerage, and garbage collection services.
This change in SSA’s policy is meant to streamline the way SSA calculates ISM, and in turn, determine the amount of SSI benefits to which a recipient may be entitled.
The final rule can be read in its entirety here.
If you have questions about SSI rules or your potential SSI eligibility, our team of professionals at Mandelbaum Barrett PC is available to assist you through the process.