On October 12, 2023, the Social Security Administration announced that Social Security and SSI payments will increase by 3.2% in 2024. Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W).
The 2024 SSI rate will be $943 for individuals and $1,415 for eligible couples. This will increase the Medicaid income cap to $2,829 in 2024.
| Recipient | Unrounded annual amounts for— | Monthly amounts for 2024 | |
|---|---|---|---|
| 2023 | 2024 a | ||
| Eligible individual | $10,970.44 | $11,321.49 | $943 |
| Eligible couple | 16,453.84 | 16,980.36 | 1,415 |
| Essential person | 5,497.80 | 5,673.73 | 472 |
| a The unrounded amounts for 2024 equal the unrounded amounts for 2023 increased by 3.2 percent. | |||
