SSI Savings Penalty Elimination Act increases resource limits for Supplemental Security Income eligibility.
The 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 at $20,000 for individuals and $30,000 for couples starting in 2025, with annual inflation adjustments thereafter. This change aims to ensure that more individuals and couples qualify for SSI benefits by reducing the financial barriers caused by savings penalties.
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