Social Security benefits will be getting a boost, which means many beneficiaries are eligible for additional financial assistance programs such as Medicare and SNAP benefits or food stamps.

According to Go Banking Rates, 66 million Americans receiving Social Security benefits can benefit from this. However, it was reported that many Social Security recipients are missing out on the opportunity, with a National Council on Aging study in 2021 citing that five million people have not applied for the SNAP benefits program despite being qualified.

Many are wondering if they might still be able to collect SNAP assistance once the cost-of-living adjustment (COLA) is implemented since it will also increase the amount of money paid out to Social Security monthly to adjust for inflation rates.

According to the non-partisan seniors' advocacy group Senior Citizens League, the estimated Social Security COLA for 2023 is 8.7% based on CPI data through August.

CBS News reported that an 8.7% increase in the 2023 COLA would translate into an average monthly raise of $144.10 for individuals and $240 for couples filing jointly on average. That means single filers will receive an average of $1,801 per month, while couples both receiving Social Security benefits will receive $2,993 monthly due to the COLA increase.

According to CBS News, the 2023 COLA will go into effect with the December 2022 benefits. However, those payments will be made in January next year.

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Social Security Affecting SNAP Benefits Eligibility

Social Security monthly payments may increase. However, the U.S. Department of Agriculture (USDA) looks at gross income, which is the total before taxes and deductions. The department also looks at net income, which is what is left after deductions when issuing SNAP benefits.

The Social Security Administration noted that a home is not considered a resource and most states allow households to have one vehicle and still be eligible for SNAP.

SNAP benefits have COLAs just like Social Security, which ideally, the net income thresholds for SNAP will offset the bigger Social Security payments that beneficiaries will start to receive in January 2023. The current income level eligibility for SNAP benefits has increased this year, ahead of the COLA increase.

COLA on SNAP Benefits Payments

The USDA reportedly started to adjust maximum SNAP benefits, deductions, and income eligibility standards on October 1. According to Yahoo Finance, the COLA will hike benefits by 12.5%. The maximum shelter deduction has gone up to $624 from $597 for those without an elderly or disabled member.

The maximum monthly food allotment for individual SNAP recipients will see an increase in their checks to $281 from $250 previously, Meanwhile, couples will have the maximum monthly allotment increase of $516 from $459. The minimum allotment will increase to $23 from $20.

In Alaska, the maximum allotments for a family of four will increase to $1,819 from $1,712; $1,794 in Hawaii; $1,385 in Guam; and $1,208 in the U.S. Virgin Islands.

MARCA reported that people who are receiving SNAP benefits do not need anything as the increase will automatically reflect on their checks starting from October 1.

SNAP benefits payments are distributed through Electronic Benefit Transfer cards, which can be used to purchase food items such as fruits, vegetables, meat, poultry, fish, and non-alcoholic beverages. Seeds and plants can also be bought using SNAP benefits since it is considered to produce food.

READ MORE: SNAP Benefits 2022 Update: $301.8 Million Texas Payments Confirmed for July 2022

This article is owned by Latin Post.

Written by: Mary Webber

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