Get the latest updates on the big changes coming in Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). These federal programs, managed by the Social Security Administration (SSA), provide financial help to disabled people and senior citizens. This article explains the new changes and how they will affect beneficiaries.
What Are SSDI and SSI?
SSDI and SSI are federal assistance programs that provide financial support to elderly people and adults with certain disabilities who cannot earn enough to cover their basic expenses. The SSI program is funded by the US Treasury General Funds, while SSDI is funded by Social Security Administration payroll taxes.
Key Points:
- SSDI is mainly funded by payroll taxes from both employees and employers.
- SSI is funded by the US Treasury and not by Social Security taxes.
Changes Coming in SSDI and SSI Payments
The SSA is planning to implement new rules to make it easier for beneficiaries to access their payments. These changes might also increase the payment amounts. Here are some key updates:
- Increased Payments: Social Security benefits will rise by 3.2% in 2024.
- Tax Rates: The social security tax rate is 6.2% for employees and 12.4% for the self-employed.
- Maximum Payouts: The maximum payout for someone retiring at full age is $3,822, and $4,873 if retiring at age 70.
- Earnings Limit: Recipients can earn up to $22,320 in 2024 before deductions start.
- Credits: People born in 1929 need 40 credits to qualify. In 2024, earning one credit requires $1,730.
- Medicare Part B: Premiums have increased from $164.90 in 2023 to $174.70 in 2024.
- Food Assistance: Food assistance will no longer be counted, which might reduce SSI benefits for those receiving support from other sources.
Eligibility for SSDI and SSI
To receive SSDI and SSI payments, you must meet specific criteria set by the government to ensure only eligible individuals get the benefits.
SSI Eligibility:
- Must have a low income.
- Limited assets that do not exceed the capped amount.
- Must be a US citizen.
SSDI Eligibility:
- Must be unable to work due to a serious health condition.
- Must be younger than full retirement age.
- Must meet the SSA’s definition of disability.
How to Apply for SSDI and SSI Payments
You can apply for SSDI and SSI benefits online. Here’s how:
- Visit the SSA Website: Go to the official SSA website.
- Fill Out the Application: Complete the disability application form.
- Attach Documents: Provide all necessary documents.
- Submit: Verify your details and submit the application.
If you need assistance, especially if you are deaf, you can contact the SSA at 1-800-772-1213.
FAQs
1. What are SSDI and SSI?
SSDI and SSI are federal programs that provide financial support to disabled people and senior citizens.
2. How are SSDI and SSI funded?
SSDI is funded by Social Security payroll taxes, while SSI is funded by the US Treasury.
3. What are the key changes in SSDI and SSI for 2024?
The changes include a 3.2% increase in benefits, new tax rates, higher maximum payouts, and adjusted earnings limits.
