$200/Month Increase for Social Security Payments: Coming in May 2024, Know Eligibility & Payment Dates

There has been a rumor going on to $200/month Increase for Social Security in May 2024. However the said raise is not an official announcement but just a proposal made under the Social Security Expansion Act. This Act has been proposed by Senator Bernie Sanders, which is yet to become legislation. The SSEA, if passed by the American legislators, is designed to make substantial changes in the implementation of the Social Security programs. It will not only increase the income limits for qualification but also the amount that has been given under various programs run under the Social Security Administration.

$200/month Increase for Social Security Payments

  • The first thing that needs to be clarified here is no such raise in Social Security payment worth $200/month is coming in May 2024. The SSEA hasn’t been approved by the American Congress and this might take quite some time before it is officially rolled-out for SSA beneficiaries. The present recipients of SSI, SSDI and VA benefits are only going to receive the usual monthly payments which will be talked about in this article.
  • The reasoning given behind proposing such raise in the Social Security payments worth $200/month is that the current benefits offered under the SSI, SSDI and VA programs are inadequate. As the inflation rises, the cost of living rates also increases which makes it extremely difficult for the low-income households to manage their expenses. The proposed raise will likely be able to bridge the gap between the income and expenses of these SSA beneficiaries. The readers are advised to read the complete article to gain valuable insight on the Social Security payments that are coming in the month of May, 2024.

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Social Security payments under SSI, SSDI and VA Overview

Title 

Raise in Social Security payments worth $200/month

Country of Implementation

The United States of America

Intended Beneficiary

Low-income Households

Expected Raise

$200/month

Payment Frequency

Monthly

Current Status

Rumored

For More Information

www.ssa.gov

$200/month Increase for Social Security Payments coming in April 2024 - Know Eligibility & Payment Dates

$200/month Increase Social Security programs

The U.S. Federal Government has been tasked the SSA with implementing various financial assistance programs in USA. These programs are funded through the U.S. Treasury and collecting the Social Security Tax. The SST is imposed on the monthly earnings of the employees who have enrolled in the SSA programs. If the said proposal of raising Social Security payments by $200/month is approved, it will consequentially affect all the financial assistance programs that are administered by the SSA. The incremented Social Security payments worth $200/month will be given to the eligible beneficiaries of SSA programs including SSI, SSDI and VA.

$200/month Increase For SSI, SSDI & VA Beneficiaries Eligibility 

SSI

SSDI

VA

The claimant has to have little to no income, i.e. less than $1971/month for single. Though the limit will increase for couple and head of the household with dependent children;
The claimant who is aged 65 years or above;
The claimant who is suffering from any physiological or psychological disability, i.e. blindness;
claimant has to have resources, i.e. vehicle and savings in the bank account, less than:
i. $2000 – for single;
ii. $3000 – for couple.
Other details can be checked here at https://www.ssa.gov/ssi.
• The claimant has paid SST while working;
• claimant has been suffering from a disability or medical condition that has curtailed their working capability i.e. substantial gainful activity;
• The said disability is of permanent nature or the medical condition has or expected to persist for more than a year or cause death;
•  said disability or condition needs to be certified by an authorized medical practitioner.
• Other details can be checked here at https://www.ssa.gov/benefits/disability/qualify.html.
The claimant has served as an active personnel of the military, air force or naval services;
The claimant hasn’t been dishonourably discharged from the service;
Other details can be checked here at https://www.va.gov/health-care/eligibility/.

 

Social Security SSI, SSDI & VA SSA programs 2024 Benefits 

  • SSI – It is the flagship program of the SSA that caters to the maximum SSA beneficiaries. It is designed to provide supplemental income for qualified beneficiaries so that they can meet monthly payment deadlines associated with bills and purchases including grocery items, fuel costs, medicines, etc. The SSI beneficiaries are very much dependent on this income as their primary source of steady income that covers basic requirements and emergency needs.
  • SSDI – It is another SSA program that is specifically designed to cater to the financial needs of the employees and their dependent due to medical expenses. It is a medical insurance that compensates the employee for all the expenditure due to any physiological or psychological disability or medical condition that requires medical treatment at home or hospitalization along with payment for medicines and availing nursing services at home.
  • VA – It is designed to offer financial support for the Military Veterans who have served in the Army, Navy or the Air Force of the USA. It provide pension, health care, housing assistance, education and training expenses, disability benefits and many other support services for these veterans.
  • Eligibility Criteria of SSA programs

The SSA programs have been catering to beneficiaries in all the 50 states but not every American citizen can claim benefits under these programs. The claimants of these programs are subjected to satisfaction of certain eligibility criteria. The claimants are deemed qualified to receive the benefits or financial assistance only if they fulfill all the prescribed criteria of the SSI, SSDI and VA programs respectively.

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