SNAP Benefit Downgrade (PHOTO: CLAUS ON LAW)
The COLA could be a blessing in disguise for Social Security recipients who are also eligible for Supplemental Nutrition Assistance Program (SNAP) benefits. For other SNAP consumers, this year’s higher Social Security payment will put them into a progressive income bracket, leading to reduced SNAP benefits.
What Would Happen to SNAP Benefits if Social Security is Raised?
You would be troubled to come up with a downside to the 8.7% cost-of-living-adjustment (COLA) that the recipients of Social Security will receive their payment each month by more than $140, supporting beneficiaries navigate the top inflation rate in decades.
SNAP, also known as food stamps, is the federal program that gives food purchasing support to qualified households. The U.S. Department of Agriculture was the one who runs the SNAP, this program is also administered at the state level.
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SNAP Benefits Qualifications
To be eligible for SNAP benefits, you must first reach a certain income criterion. The majority of the states have a net monthly income threshold to qualify, it ranges from $1,133 for a household of 1 to $3,886 for a household of 8. Margins are even higher in Hawaii and Alaska.
After your income passes those thresholds, you can now expect SNAP benefits to reduce, and the new Social Security COLA could put some households above the border. The majority of the state’s social services agencies have already given off warnings that SNAP consumers could deal with deducted benefits because of the Social Security COLA.
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