Inflation has affected people living on a fixed income. Many seniors were happy with the cost-of-living-adjustment (COLA) their payments would get. But the increase has a disadvantage.
It may push some beneficiaries out of the income threshold set for other aid programs. Will you or someone you know get affected by the increases planned for next year?
COLA could increase social security income (SSI) payments by 8.7% in 2023. It may cause a jump of $144.10 in the amount received by recipients.
Most programs made to help residents have a payment threshold. Recipients usually earn a percentage below the federal poverty line. A government website lists the 2022 income guidelines and it is different for each state and house occupant size. One such initiative is the Supplemental Nutritional Assistance Program (SNAP). The COLA boost and existing assets could push individuals over income restrictions. It could jeopardize beneficiaries' ability to get the $50 to $600 paid out by SNAP.
In many states, thousands of households depend on SNAP. In Louisana, about 145,330 rely on the $600. But 1,414 claimants now exceed the income limit. They cannot get financial aid from the program. But they may still need help.
What is the other issue? In 2022, payments moved to the max point for benefits like SNAP, Kinship Care Subsidy Program (KCSP), and Family Independence Temporary Assistance Program (FITAP). In 2023, the changes will expire. These reductions could affect people even further.
What do you think?
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*Disclaimer: This article is for informational purposes only. This article got written using accredited media reports.
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