The Social Security Administration (SSA) has said that the Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) programs will be changing in big ways.
People who are disabled or elderly can get important cash help from these federal assistance programs. Find out what you need to know about the planned changes and how they will affect people who get benefits.
SSDI & SSI Huge Changes
SSDI and SSI are government programs that help disabled adults and older people who don’t make enough money to live on their own. These programs are run by the SSA to help people pay for important things.
The planned changes are meant to make it easier for people to get benefits and to raise the amounts that many people get.
SSDI and SSI Payment Benefits
The SSDI program is mostly paid for by payroll taxes collected by the Social Security Administration.
Both employees and companies pay an SSDI tax of 0.9% on their wages up to the SSA tax cap. SSI, on the other hand, is paid for by the US Treasury General Funds, not by taxes on Social Security.
Key Changes in SSDI and SSI Payments:
Payment Increase:
- Beneficiaries will see a 3.2% increase in Social Security benefits starting in 2024.
Tax Rates:
- Employees: 6.2% for Social Security.
- Self-employed: 12.4%.
Maximum Payouts:
- Individuals retiring at full age: $3,822.
- Individuals retiring at age 70: $4,873.
Earnings Limit:
- In 2024, beneficiaries can earn up to $22,320. For every $2 earned above this limit, $1 will be deducted from their payment.
Credit Requirements:
- Individuals born in 1929 or later need at least 40 credits, with the earnings per credit in 2024 being $1,730.
Medicare Part B Premiums:
- Increased from $164.90 in 2023 to $174.70 in 2024, with an annual deduction of $240.
Food Assistance:
- Food assistance will no longer be counted by SSA, potentially affecting the SSI benefit amount for those receiving support from other sources.
SSDI and SSI Payment Eligibility
SSI Eligibility:
- Must have a low income.
- Limited assets not exceeding the cap.
- Limited financial resources.
- Must be a US citizen.
SSDI Eligibility:
- Unable to work due to severe health conditions.
- Must be younger than full retirement age.
- Must meet SSA’s definition of disability.
- Must fulfill specific qualifying norms.
Applying for SSDI and SSI Payments
The SSA website lets people who are eligible for SSDI and SSI benefits apply for them online. How to do it:
- Visit the SSA Website: Go to the official SSA website.
- Application Form: Fill out the disability application available on the website.
- Provide Required Information: Enter the mandatory credentials in the application form.
- Attach Documents: Attach relevant documents and verify the details.
- Submit Application: Submit the completed application form online.
When deaf people need help communicating, they can call the SSA at 1-800-772-1213. On the official SSA website, you can find more specific information.
Also See:- Latest Child Tax Credit Payment Updates
Summary
The new changes to SSDI and SSI programs are meant to deal with inflation and the rising cost of living by making benefits easier to get and giving eligible people more money each month.
It is hoped that these changes will help low-income and disabled recipients with their money problems.
Regularly checking the official SSA website and other reliable sources is the best way to get the most up-to-date information on changes to SSDI and SSI benefits.
FAQs
What improvements have been made to the SSDI and SSI for 2024?
A 3.2% rise in benefits, changes to when payments are made, and new caps on how much you can earn.
How much is the most that someone can get from SSDI when they retire at age 70?
The most you can get is $4,873.
How much will it cost to get Medicare Part B in 2024?
The payments went up to $174.70, and $240 was taken out every year.
How do I get payments from SSDI and SSI?
Fill out the application form on the SSA website, upload the necessary papers, and send it online.
Who can get rewards from SSI?
People in the US with low incomes and few assets and funds.