In order to qualify for SNAP benefitsyou must meet various requirements. For example, there are gross and net income limits for most Food Stamp applicants. The Supplemental Nutrition Assistance Program is only for people who meet the residency requirements and live in the state for which they are applying.
In addition, there are work requirements. These can be both general and specific in nature. Some exceptions and exemptions may apply if USDA rules allow it. But what about the new asset limit for SNAP after COLA 2025?
The new asset limit for SNAP after COLA 2025
Until September 30, 2024, the asset limit for food stamps is $2,750. Therefore, a household may have this amount of money in countable resources. This means the money you may have at home and in your bank account.
Out of Effective October 1, 2024, the new asset limit will be $3,000. Therefore, the resource limit increases for the 48 contiguous states, Alaska, Hawaii, the U.S. Virgin Islands, Guam and the District of Columbia.
As a result, there could be SNAP applicants whose applications are denied for this reason, but they could apply on October 1 to see if they are eligible after the resource limit increase.
New asset limit for pensioners and disability pensioners
Special rules apply to Seniors aged 60 and over and for those who have a disability. Therefore, it is important to stay informed and take advantage of any rules that could help you receive SNAP benefits.
Whether you are at least 60 years old, or a person with a disabilitythe new asset limit will also increase. The new resource limit will take effect on October 1, 2024. So after that date, you will be able to have more resources up to a certain limit without affecting the amounts or eligibility.
The new asset limit for SNAP if you are aat least 60 years old or disabled is $4,500. FYI, it’s only $4,250 through September 30, 2024, so you could have $250 more in your bank account or at home.
SNAP benefits 2024-2025: Important rules for seniors age 60 and older
Asset limits
Households with at least one member aged 60 or with a disability can have $4,250 in eligible resources, such as cash or bank balances, higher than the $2,750 limit for households with no elderly or disabled members.
Certain resources are NOT taken into account when determining SNAP eligibilityincluding:
- A house and a plot
- Resources from people receiving SSI or TANF
- Most retirement and pension plans
Income limits
Households with an elderly or disabled member must meet the net income limits (100% of the federal poverty line) if they exceed the gross income limit (130% of the FPL).
If the household meets the gross income limits, the asset limit of $4,250 applies. This limit includes cash and assets that can be converted to cash, such as savings, checking accounts, stocks, mutual funds, and some life insurance policies.
Consideration of separate households
Households with a member who is 60 or older or disabled may be eligible for separate SNAP benefits. This applies if they normally purchase and prepare food separately. The spouse of the elderly or disabled member may also be included.
To qualify for separate household status, the gross income of the remaining members must not exceed 165% of the poverty line.
Certification period
Seniors age 60 and older with no income can apply for SNAP through the Elderly Simplified Application. They will receive benefits for 36 months, but must report any income or lottery/gambling winnings over $4,250.
