Social Security Administration to remove food assistance as barrier to accessing certain benefits [MSNBC.com]
JP Morgan Chase & Co. (JPM)
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Source: MSNBC.com
The Social Security Administration hasissued a final ruleThe change applies toSupplemental Security IncomeApproximately7.4 million AmericansUnder the new rule, which goes into effect Sept. 30, food will no longer count toward calculations for eligibility for benefits, known as In-Kind Support and Maintenance, or ISM.Currently, support in the form of food, shelter or both may count as unearned income for SSI beneficiaries, and therefore reduce their payments or affect their eligibility for benefits.The monthly maximum federal SSI amounts in 2024 are$943 for individualsTo qualify for SSI, beneficiaries must generally earnless than $1,971resources per individualThat generally includes either money or other assets that can be turned into cash, such as bank accounts, bonds, property and stocks.The new rule means SSI beneficiaries will no longer have to worry that the groceries or meals they receive from family or friends may reduce their monthly benefits, said Darcy Milburn, director of So
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