4 Big Food Stamp Changes Coming in 2023! FOR SNAP, EBT, P-EBT BENEFITS RECIPIENTS
What’s going on, my friends? In this topic, we’re gonna talk about four big food stamp changes coming in 2023 that you simply can’t afford to miss out on. This includes those of you receiving Snap, EBT, or PEBT benefits. Now, although the broad strokes of the Snap program tend to remain the same year to year, there are certain details that change on an annual basis.
So it’s important to stay abreast of these changes so you can make sure you’re receiving the maximum benefits that you can get. This information changes on an almost daily basis, and it’s my job to keep you informed with the latest updates. Now, here are four of the biggest changes slated for the Snap program in 2023.
Number one is the brand new cost of living adjustment increase. Snap benefits are adjusted annually based on the rate of inflation. The announced increase in payments for 2023, which technically started October 1, 2022, was 12.5%. This means that households receiving $500 in Snap benefits from October 1, 2021, to September 30, 2022, will see an increase to $562.50 for the next year.
Number two is higher maximum benefit thresholds. Starting October 1, 2022, and running until September 30, 2023, snap recipients will see higher maximum benefit amounts. These Snap maximums apply to the 48 contiguous states and the District of Columbia. The payment amounts vary depending on the size of the qualifying household as follows. For example, for one person, your maximum benefit amount increased to $281 from $250, whereas for a household of eight, that amount increases to $1,691 from $1,504. Not too shabby, but also not nearly enough to combat the massive inflation that we’ve suffered over the last year.
Separate payment amount tables are provided for residents of Guam, the US. Virgin Islands, Alaska, and Hawaii. Here is the range of Snap maximums for each of these locations based on household size. In Guam, for example, the amount for an individual is raised to $415, up from $369 and $2,493, up from $2,216 for a household of eight. All right, we’re halfway there.
So if you’ve made it this far, congratulations, because you are a listening superstar, and we’ll definitely be getting informed enough on how to get the maximum benefits possible.
Number three is easier. Eligibility limits. To qualify for Snap benefits, households must have net monthly incomes below these levels, with different limits applying to those in the 48 states, Guam and the US. Virgin Islands, those in Alaska, and residents of Hawaii starting October 1, 2022.
And for a household of eight, you can be earning a maximum of $3,886, up from $3,722. And last but not least, we have number four updated Maximum Asset Limits for 2023. The Snap Maximum Allowable Asset Limits increase for the next fiscal year as follows households with at least one member who is aged 60 or older or is disabled will receive $4,250, up from $3,750 the prior year. For all other households, the amount is $2,750, up from $2,500 the prior year. All right, my madmoney minions, I hope you found this video helpful.
If you did, please leave a like comment down below. Any information you might have about your own state Snap benefits, and maybe you can help someone else out. All right, guys, stay safe, stay hustling, stay warm, and I will talk to you guys again soon.