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Social Security Announces 2024 Increase

On October 12, 2023, the Social Security Administration announced that Social Security and SSI payments will increase by 3.2% in 2024. Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W).

The 2024 SSI rate will be $943 for individuals and $1,415 for eligible couples. This will increase the Medicaid income cap to $2,829 in 2024.

Calculation details
Recipient Unrounded annual amounts for— Monthly amounts for 2024
2023 2024 a
Eligible individual $10,970.44 $11,321.49 $943
Eligible couple 16,453.84 16,980.36 1,415
Essential person 5,497.80 5,673.73 472
The unrounded amounts for 2024 equal the unrounded amounts for 2023 increased by 3.2 percent.

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