If you’re one of the millions of Americans relying on Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI), it’s crucial to stay informed about changes that may impact your benefits. As we enter 2024, several adjustments are being made to these vital programs. In this blog post, we’ll explore what these changes entail and how they may affect you.

Understanding Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI)

Before delving into the changes taking place in 2024, let’s briefly review what SSDI and SSI are and who they serve.

SSDI:

SSDI provides financial assistance to individuals with disabilities who are unable to work. Eligibility for SSDI is based on work credits earned through employment and the severity of the disability. Beneficiaries must have a qualifying disability that is expected to last at least one year or result in death.

SSI:

SSI is a needs-based program designed to assist aged, blind, and disabled individuals with limited income and resources. Unlike SSDI, eligibility for SSI is not contingent on work history but is determined by financial need.

Changes Coming to SSDI and SSI in 2024

1. Cost-of-Living Adjustment (COLA):

Each year, Social Security benefits are adjusted to account for changes in the cost of living. In 2024, beneficiaries can expect to see a modest increase in their monthly payments to keep pace with inflation.

2. Substantial Gainful Activity (SGA) Threshold:

The SGA threshold is the maximum amount of monthly income a person with a disability can earn and still qualify for SSDI benefits. In 2024, this threshold will be adjusted to reflect changes in the national average wage index.

3. Asset Limits for SSI:

Individuals receiving SSI must adhere to strict asset limits to remain eligible for benefits. In 2024, these asset limits will be adjusted to account for inflation, allowing beneficiaries to maintain a higher level of savings without risking their SSI eligibility.

Conclusion

As we move further into 2024, it’s essential for SSDI and SSI recipients to stay informed about changes to these programs. By understanding how these adjustments may impact your benefits, you can better navigate the complexities of the Social Security system and ensure you receive the support you need.

Source : https://www.oasinc.org/ssdi-ssi-are-changing-in-2024-breakdown-of-new-benefit-amounts

FAQs

1. Will the changes to SSDI and SSI affect my eligibility for benefits?

The changes are primarily aimed at adjusting benefit amounts and thresholds to keep pace with inflation and changing economic conditions. While some aspects of eligibility criteria may change slightly, the core requirements for SSDI and SSI will remain largely unchanged.

2. How will the Cost-of-Living Adjustment (COLA) impact my monthly benefits?

The COLA ensures that Social Security benefits keep up with the rising cost of living. While the exact increase varies from year to year, beneficiaries can expect a modest boost to their monthly payments to help offset inflation.

3. What is the significance of the Substantial Gainful Activity (SGA) threshold for SSDI recipients?

The SGA threshold determines how much income a person with a disability can earn while still qualifying for SSDI benefits. Adjustments to this threshold ensure that individuals who are able to work part-time can do so without risking their eligibility for SSDI.

4. Are there any changes to the medical criteria for SSDI and SSI eligibility in 2024?

As of now, there are no announced changes to the medical criteria used to evaluate disability claims for SSDI and SSI. However, it’s essential to stay updated on any policy changes that may affect the disability determination process.

5. Where can I find more information about SSDI and SSI benefits and eligibility?

The Social Security Administration (SSA) website is a valuable resource for information about SSDI and SSI benefits, eligibility criteria, and application procedures. Additionally, consulting with a qualified disability advocate or attorney can provide personalized guidance tailored to your specific situation.