SSI Savings Penalty Elimination Act updates resource limits for Supplemental Security Income eligibility.

SSI Savings Penalty Elimination Act amends title XVI of the Social Security Act to update the resource limit for Supplemental Security Income eligibility. It sets the resource limit for individuals at $20,000 starting in 2025 and increases it annually based on inflation. The bill also adjusts the inflation calculation to use the average Consumer Price Index for the 12-month period ending with September 2024. This change aims to ensure that the resource limit keeps pace with inflation, potentially making more individuals eligible for SSI benefits.

SSI Savings Penalty Elimination Act updates resource limits for Supplemental Security Income eligibility.

SSI Savings Penalty Elimination Act amends title XVI of the Social Security Act to update the resource limit for Supplemental Security Income eligibility. It sets the resource limit for individuals at $20,000 starting in 2025 and increases it annually based on inflation. The bill also adjusts the inflation calculation to use the average Consumer Price Index for the 12-month period ending with September 2024. This change aims to ensure that the resource limit keeps pace with inflation, potentially making more individuals eligible for SSI benefits.