The Administration of Social Security has announced a good news for beneficiaries of the scheme. People who benefit from SSI will gain monetary benefits of $914 in just a week in May if they filed for it individually.
What is SSI?
Supplemental Security Income (SSI) is a monetary support scheme for particular families in the US. The scheme provides payments which are critical to financially support numerous low-income families in the country. The program which is taken care of by the Social Security Administration (SSA) gives out monthly remittance to distressed individuals. Such people include aged, blind, and disabled citizens who are financially challenged.
Credits: SSA Website
Who is Eligible for SSI Payments?
Not everyone is eligible for the program and there are certain factors which judge the eligibility of a person in the program. Every year, there is a federal benefit rate (FBR) for SSI which differs for individuals and couples. The funds that one gets annually as part of the SSI differ each year. The total sum that an eligible individual would get depend upon the expected average expenditure on living costs.
Furthermore, several states provide another payment in addition to the FBR to recipients of the SSI. This extra benefit is known as the state supplementary payment (SSP) and its amount differs by state. It is interesting to note that some states offer an SSP which could sometimes be almost double the amount of the SSI.
How Does the SSI Program Work?
The SSA has been given the responsibility to determine the eligibility of a person and deciding benefit amounts. They are also responsible for the smooth processing of payments. Citizens who believe that they are eligible for the scheme can fill out an application form to get the benefits. They would be required to provide documents pertaining to their income and assets. The organization then goes through the applications and determines if an individual’s eligibility. Once an application is approved, the individual will receive a monthly payment. The SSA requires individuals who receive benefits from the program to notify them in case of an unexpected change in their income. They might then reconsider the amount they were sending.
The Impact of SSI Payments
The SSI program has a huge impact on several people in the country. There are numerous citizens who are dependent solely on the funds through the program. The program has been specifically beneficial for disabled citizens who face difficulties in getting employed due to their disability. It is also a life saver for several aged citizens who have unexpectedly exhausted their savings or did not have any at the first place.
Moreover, the program is an important tool to address inequality in terms of income. It has also been successful in reducing disparities in health and well-being to some extent. While several low income families are more prone to chronic diseases due to their living conditions, funds from the SSI program often expose them to better healthcare facilities which otherwise they couldn’t afford.
Recent Updates:
The SSA dispatches the payments every month unless the first day of the month is a holiday. In such a case, it is possible to get more than a single payment in a month. This year the SSA has announced that a similar situation will occur in four months. Beneficiaries of the scheme will receive two payments in the month of March, June, September and December. However, it is also to be noted that two payments in a single month does not equate to more payments throughout the year. All beneficiaries of the program receive their funds twelve times each year. For the month of May, beneficiaries will receive their payment on May 1st as usual.