SSA Announces 8.7 Percent COLA for Social Security and SSI Beneficiaries in 2023
The U.S. Social Security Administration (SSA) recently announced that Social Security and Supplemental Security Income (SSI) benefits will increase by 8.7 percent in 2023. The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to Social Security beneficiaries in January 2023. Increased payments to SSI beneficiaries will begin on Dec. 30, 2022.
Implications for ACF and Assisted Living Residents
The State has not yet issued the SSI and SSI Maximum Benefit Levels Chart for 2023, but LeadingAge NY offers the below estimations for residents who receive the SSI and State Supplement Program (SSP) benefit who live in adult care facility (ACF) and assisted living settings.
The COLA applies only to the federal SSI benefit, which is $841 per month in 2022, and to the personal needs allowance (PNA), which is $222 per month in 2022. Applying the 8.7 percent COLA to both figures, we estimate that the federal SSI benefit will be $915 and the PNA $242 per month in 2023 for ACF and assisted living residents. Given that the State does not build a COLA into the State portion of the benefit (SSP), that figure remains at $694 per month in 2023. Thus, the total monthly benefit will be $1,609 per month, and the ACF will receive $1,367 per month when the PNA is taken into account. This translates to $44.94 per day.
While we are pleased to see a significant increase for beneficiaries, particularly given rapidly increasing costs, the ACF rate for SSI/SSP-eligible residents remains woefully inadequate, and LeadingAge NY continues to pursue a lawsuit regarding this issue.
Again, we offer these estimates for planning purposes; however, we will inform members once the updated chart is available and the Department of Health (DOH) issues its annual Dear Administrator Letter (DAL) to provide notice to residents.
Contact: Diane Darbyshire, firstname.lastname@example.org, 518-867-8828