Hi, I’m Randi Gillespie, director of special needs services, here today with an important update on a new rule from the Social Security Administration, effective as of October 1st, that could increase SSI benefits for those with rental agreements.
Under this new rule, if you have a written lease agreement, or as we call it, a ‘fair share agreement’, for at least the Presumed Maximum Value, your SSI benefits will no longer be reduced due to in-kind support and maintenance. The Presumed Maximum Value, or PMV, is one-third of the Federal Benefit Rate, plus $20. For 2024, this comes out to roughly $350. Using this amount as the lease amount is a safe guide to avoid reductions due to in-kind support and maintenance.
Be aware that some local Social Security offices might not be fully prepared for this change yet, so you may encounter some misunderstanding when setting up and submitting your fair share agreement.
To benefit from this new rule, make sure your loved one has a written lease in place. This should outline a business arrangement between the individual and whoever they live with. The lease should reflect a rental amount of at least $350. After that, monitor their SSI benefit to ensure your SSA office applies the rule correctly.
If you don’t have a lease agreement in place yet, now is the time to act. As always, if you have any questions, feel free to reach out to your advisor at Oak Wealth Advisors. We’re here to help your loved one receive the full benefits they’re entitled to. Thanks for watching!
