Search Results: keywords:"ssi savings penalty elimination act"

  • H. R. 2540 — To amend title XVI of the Social Security Act to update the resource limit for supplemental security income eligibility.
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    Status:Introduced in House
    Words:502

    H.R. 2540, titled the “SSI Savings Penalty Elimination Act,” proposes changes to the Social Security Act to raise the resource limits for Supplemental Security Income (SSI) eligibility. The bill increases the maximum allowable resources for an individual to $20,000 and for a...

    Simple Explanation

    H.R. 2540 is a proposed law that aims to let more people qualify for help from a government program called SSI by allowing them to have more money saved up. Starting in 2025, a person can have up to $20,000, and a couple can have up to $10,000, while still getting this help, and these amounts might change a bit every year based on how much stuff costs.

  • S. 1234 — To amend title XVI of the Social Security Act to update the resource limit for supplemental security income eligibility.
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    Status:Introduced in Senate
    Words:503

    S. 1234 proposes changes to the Social Security Act to help more people qualify for supplemental security income (SSI). The bill raises the amount of money an individual or couple can have in savings and still be eligible for SSI to $10,000 and $20,000, respectively, starting...

    Simple Explanation

    This bill wants to change the rules so people can have more money in their bank accounts and still get help from the government if they're struggling. It means they could save more without losing the special money they get for support, and each year, the amount they can save would change a little to keep up with prices.