The Supplemental Nutrition Assistance Program (SNAP) is calculated each year by cost of living adjustments (COLA), which meant an increase of 12.5% for this 2023
The Supplemental Nutrition Assistance Program (SNAP), better known to many Americans as the food stamp program, is calculated each year so it doesn’t lag so far below inflation, which is why benefits will increase by 2023.
Since the cost of living adjustments (COLA) were released, which the vast majority of Americans find affects Social Security benefits, they also apply to the SNAP program. In fact, unlike Social Security, these adjustments take effect on October 1 of each year, so you don’t have to wait until the next (in this case, 2023) for your beneficiaries to receive more money.
While the COLA for Social Security was set at 8.7%, the COLA for SNAP this year was set at 12.5%. This was because, as the SNAP program focuses on support for the purchase of food, the prices of food at home increased 13% year over year, according to the report from the State Bureau of Labor Statistics. States (BLS) September 2022.
For fiscal year 2023, the US Department of Agriculture (USDA) Food and Nutrition Service increased allocations for 48 states and Washington DC, as well as Alaska, Hawaii, Guam, and the US Virgin Islands. Resource caps and limits were also raised to reflect inflation.
According to the USDA, the maximum SNAP allotments for a family of four have increased as follows, according to the USDA website, and will be available until September 30, 2023:
• 48 states and DC: $939 dollars
• Alaska: from $1,172 to $1,819 dollars
• Hawaii: $1,794 dollars
• Guam: $1,385 dollars
• US Virgin Islands: $1,208 dollars
The maximum asset limits have increased to $4,250 for households with at least one family member age 60 or older or disabled and up to $2,750 for all other households. If your household income changes by more than $125 per month, you must report that change.
The resources of the SNAP program are deposited in an electronic benefits transfer (EBT) card, where the beneficiaries receive their payments and can use them in different establishments where they can buy groceries.
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.