Bill > S1234

This bill, known as the "SSI Savings Penalty Elimination Act," aims to update the resource limits for the Supplemental Security Income (SSI) program, which provides financial assistance to low-income individuals who are aged, blind, or disabled. Currently, SSI recipients are limited in the amount of assets they can own while still qualifying for benefits. The bill proposes to significantly increase these resource limits from $2,250 to $20,000 for individuals and from $1,500 to $10,000 for couples, starting in calendar year 2025. Additionally, the bill establishes an annual inflation adjustment mechanism that will automatically increase these resource limits each year based on changes in the Consumer Price Index (CPI). This means the asset limits will be recalculated annually using the average CPI for the 12-month period ending in September, compared to the baseline CPI from September 2024. By raising these limits, the bill seeks to help SSI recipients maintain a more reasonable level of savings without losing their critical financial support.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/1234/all-info