It’s that time of year again! Congress has proposed its annual spending package. This year, a bill that was introduced at the end of April by Senator Brown of Ohio didn’t get included in the plan. The bill, the SSI Savings Penalty Elimination Act, aims to increase the asset cap for Supplemental Security Income (SSI) applicants. The current asset caps of $2,000 for individuals and $3,000 for married couples haven’t been increased in over 40 years. If the bill were eventually approved, the new asset limits would be $10,000 for an individual and $20,000 for a married couple. In addition, the cap would be adjusted each year for inflation. SSI is a federal benefit given to those who have limited means and also are over age 65 or disabled.
Disability advocates hope the SSI Savings Penalty Elimination Act will receive attention in the coming year. With the low asset caps and the costs of goods skyrocketing, SSI applicants seemingly aren’t allowed much cushion to fall back on in case of emergency. And with the monthly SSI stipend so low ($914 per month in 2023 for an individual), many SSI recipients are constantly on the verge of extreme poverty, and even homelessness.
We recently hosted a 30-minute webinar to review elder law cases from the last three months to help you understand how different jurisdictions are handling the legal issues surrounding Medicaid, VA pension benefits, and special needs planning. Watch the recording now!