SNAP Benefits: Could SS COLA Increase or Reduce your Food Stamp Benefits?

As the cost of food rises to 11.4% in August, as per the latest Consumer Price Index report, (Supplemental Nutrition Assistance Program) SNAP is quite essential to help the elderly, widows/widowers, and disabled people acquire the nutrition they need while on limited earnings.

Numerous on Social Security are missing out on the opportunity to receive these benefits, as GOBankingRates previously reported. Cited by a 2021 study by the National Council on Aging, it was found that 5 million people have not entered into the SNAP program even though they qualify for it.

Read Also: 2023 Tax Refund Dates: When Do You Expect to Claim Your IRS Tax Refund? Check Out These Dates!

It is expected that in 2023, the new cost-of-living adjustment (COLA) will come into place. We will see a drift in the SNAP benefits. This means that low-income households in the USA will acquire a financial increase in the government’s bid to provide people in need with financial assistance following the growth in the inflation rates.

Could COLA Increase/Reduce your Food Stamps Benefits?

The monthly SNAP benefit for individual recipients will boost to 281 dollars from 250 dollars,  as reported by GOBankingRates.

On the other hand, couples will receive 516 dollars instead of 459 dollars, while four-person households will get 939 dollars instead of 835 dollars. In the meantime, the minimum monthly fee will increase by 3 dollars to 23 dollars.

People who are already receiving SNAP benefits do not require to do anything as they will automatically obtain their checks beginning from October 1.

The EBT cards can be used to buy food commodities such as fruits and vegetables, meat, fish, dairy products, poultry, bread, snack foods, and non-alcoholic liquors, as well as seeds and plants, which produce food.

Ideally, the income thresholds for SNAP will compensate for the bigger Social Security payments to beneficiaries and will start to be received on January 2023, given that the SNAP has COLAs just like Social Security. If you’re still uncertain about your situation, your local Social Security office can assist you with any inquiries.

Read Also: Child Tax Credit 2023: Are you qualified to claim even if you have no income?