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SSI refund rules and how much you can be explained

UP on monthly SSI payments is good news for claimants in 2022.

If you’ve had a long wait for your application to be approved, you may be eligible for a payback in several months.

SSA made important updates to the SSI . reimbursement rules

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SSA made important updates to the SSI . reimbursement rulesCredit: Getty

What is Supplemental Security Income?

The Social Security Administration (SSA) pays cash benefits to people who do not earn substantial income.

One of the two SSA programs is Supplemental Security Income (SSI).

SSI makes monthly payments to people with limited income and assets.

Whether you can get it or not depends on your income and the things you own.

Average SSI benefits is $621 per month in 2022, up $34 per month from 2021.

In the year 2022, maximum monthly SSI benefits for an individual is $841 or about $10,092 a year.

Payouts have increased on cost of living (COLA) adjustments, set at 5.9% for 2022 due to price increases inflationary.

Individuals can apply for benefits by accessing SSA website.

What is SSI return?

Getting approved for SSI can take months.

In some cases, you may be eligible to receive payments between the date of application and the date you are approved.

If your initial application is denied, you appeal and are approved, you may have more incentive to apply to return.

Generally, it takes three to five months to get approved, according to SSAwhich means most applicants can get their wages back.

Return payments are different from retroactive payments.

Retrospective payments cover the months prior to your application date and are not made available to SSI.

How many days back can you have?

To figure out how much reimbursement you might get, SSA looks at two things – when you apply for benefits and when your SSA benefits are approved.

Calculating it using is quite simple. SSA takes the months from your application date to your approval date and multiplies this number by your monthly payment.

For example, if you were approved for a maximum payment of $841 and it took the SSA six months to approve your claim, you would receive $5,046 in reimbursement.

Is there a limit on SSI reimbursement?

SSA makes payments for the SSI return in three installments.

According to AARP, if SSI refund more than three times the plan’s maximum monthly payment ($841 in 2022), you won’t receive a lump sum.

Instead, it will be paid in three installments, six months apart.

The first payment, for a third of the amount you owe, will be paid immediately upon approval.

The second payment comes in six months and the final payment in another six months.

While there is no limit to the amount of SSI reimbursement you can receive, the program does not offer payments that go back to the time you had your initial hardship.

We explain when Social Security, SSI, and SSDI payments are lost every month in 2022.

Furthermore, this is how much can you earn in 2022 and still qualify for SSI and SSDI.

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https://www.the-sun.com/money/4717997/ssi-back-pay-rules-how-much-you-can-get/ SSI refund rules and how much you can be explained

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