Friday, October 14, 2022

Social Security and Supplemental Security Income (SSI) will be increased by 8.7% in 2023

Most people with developmental disabilities in Michigan qualify for Supplemental Security Income (SSI) based on their disability and limited income. Social Security Disability Insurance (SSDI) is usually available to people with DD based on a parent qualifying for Social Security retirement benefits or SS disability benefits. Check out the Social Security web page to learn more. Talk to someone who knows about how to qualify to make sure the person with DD is categorized correctly and that they are applying for all the benefits they are entitled to.

As an example, my sons both received SSI benefits from the age of 18 and then received SSA benefits after my husband retired. Their combined SSI and SSA benefit does not exceed what they would receive with only SSI benefits. SSA qualifies them to receive Medicare benefits as well as Medicaid health insurance.

These are excerpts from a press release from the US Social Security Administration:

Thursday, October 13, 2022
For Immediate Release
Mark Hinkle, Press Officer
press.office@ssa.gov

Social Security Announces 8.7 Percent Benefit Increase for 2023


Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023, the Social Security Administration announced today. On average, Social Security benefits will increase by more than $140 per month starting in January.

The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022. (Note: some people receive both Social Security and SSI benefits). The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.

“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room. This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” Acting Commissioner Kilolo Kijakazi said.

...

Social Security and SSI beneficiaries are normally notified by mail starting in early December about their new benefit amount. The fastest way to find out their new benefit amount is to access their personal my Social Security account to view the COLA notice online. It’s secure, easy, and people find out before the mail arrives. People can also opt to receive a text or email alert when there is a new message from Social Security--such as their COLA notice--waiting for them, rather than receiving a letter in the mail. People may create or access their my Social Security account online at www.ssa.gov/myaccount.

...

***************************

See the full press release here.

No comments: