For 2023, the cost-of-living adjustment, or COLA will bring a predicted increase for Social Security and Supplemental Security Income (SSI) benefits, which are expected to rise by 8.7%. This is according to a projection from The Senior Citizens League, a nonprofit that advocates for seniors. In 2022, we saw SSI benefits increase by 5.9%, raising the maximum payment for an individual to the monthly amount of $841, and for couples $1,261. The new 2023 projected increase will be the largest since 1981 when there was a 11.2% rise.
“A COLA of 8.7% is extremely rare and would be the highest ever received by most Social Security beneficiaries alive today. There were only three other times since the start of automatic adjustments that it was higher,” said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League, referring to the COLAs between 1979 and 1981.
COLA is based on how third quarter figures from the government’s Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, compare with those from the previous year. The official COLA announcement for 2023 from the Social Security Administration is expected in October.
See original article from Disability Scoop at https://bit.ly/3DBR2TZ
Please be mindful of each of your consumers’ checking account balance. With SSI increases, stimulus money, income, non-spending or any number of other reasons could have account balances at an all-time high and more importantly over resource limits, jeopardizing continuity of benefits. This in combination with the end of the public health emergency, expected early in 2023 when authorities will once again be looking very closely at each person’s eligibility.
Before Medicaid gets back into full swing for reevaluations, have a plan in place to get your consumers’ excess funds into an exempt resource, safeguarding both their money and benefits. Arlington Heritage Group has a great exempt solution, a complete and compliant special needs pooled trust that you can adopt as your own. It is a unique service, the only one of its kind.
We function as your trust administrator to assist you in the daily operation of the trust. This is a business-to-business solution for administration, compliance and reporting. It can support your entire community and can help to offset capital intensity for individuals in your care. It’s a transparent tool used by executives, fiscal teams, DSP’s, family members and the individual, who can all interact with the trust account. Use this link to begin your exploration into this SNPT https://arlingtonheritagegroup.com/the-provider-trust/. Or contact me at email@example.com.
Arlington Heritage Group is a trust administrator and has been working exclusively with human service providers for over 30 years. Over 100 non-profits have made our special needs pooled trust their choice. When we work together for your consumers, together we enhance lives and improve outcomes.