On September 12, 2023, Sens. Wyden, Brown, and Cassidy introduced bipartisan legislation to reform the Supplemental Security Income (SSI) program. Currently, the SSI program has strict asset limits that discourage disabled and elderly Americans from working, saving for the future, and getting married. SSI is a lifeline for Americans who need additional income to cover their basic living expenses, with a $585 average monthly benefit and approximately 60% of recipients relying on the program for their only source of income.
This bill, titled the “SSI Savings Penalty Elimination Act,” would raise the asset caps from $2,000 for individuals and $3,000 for married couples, to $10,000 for individuals and $20,000 for married couples. If enacted, this bill would update the asset limits for the first time since 1989, while indexing them to inflation to allow for gradual adjustments over time. The current asset caps prevent people from saving money and they force people into poverty before they can become eligible for the program.
Pandemic Patients and the COVID-19 Health and Safety Taskforce (CHeST) joined over 300 other organizations in supporting this legislation.
The SSI Savings Penalty Elimination Act would protect the financial security of vulnerable Americans, including those who have exited the workforce due to the disabling effects of long COVID. Many survivors of COVID-19 are facing financial ruin and the stringent asset limits of the SSI program should not prevent them from receiving critical safety net resources in their time of greatest need. We urge Congress to pass the SSI Savings Penalty Elimination Act to modernize this important program.
Do you support this important legislation? Use the advocacy form below to send an email to your elected officials to ask them to cosponsor the SSI Savings Penalty Elimination Act today!
