The Supplemental Security Income program was designed to help United States citizens who are struggling financially get back on their feet. Times have changed though, and many of the rules overseeing the program have become outdated.
Take the Supplemental Security Income resource limits, for instance. When the program was launched in 1972, lawmakers established a $2,000 limit on assets for recipients. Today, these limits inhibit many of the program’s recipients from being able to efficiently save and prepare for the future.
In an effort to correct this problem, some legislators have proposed a bill that would increase the amount of assets a Supplemental Security Income recipient could hold. Under the Supplemental Security Income Restoration Act of 2014, those who are awarded benefits through the program would be allowed to hold up to $10,000 in assets for an individual and $15,000 for couples.
A press release from the National Senior Citizens Law Center goes on to explain the bill would also bring the general income disregard up to speed with an increase from $20 to $110 per month. Earned income disregards would also jump from $65 to $357 per month. Transfer penalties, support, and maintenance provisions would also be repealed.
At Fleschner, Stark, Tanoos & Newlin, our team of Social Security Disability Lawyers knows that these changes to the law could leave some Supplemental Security Income recipients and those applying to the program with questions regarding how these changes will affect their payments. That’s why we urge anyone with such concerns to reach out to us for answers by calling (866) 684-7216 or by filling out a free online consultation form on our website.