Looking Back at Social Security in 2023: Analysis by David W. Magann, P.A.

In 2023, the Substantial Gainful Activity (SGA) for those with disabilities other than blindness was $1,470 a month. For 2024, the monthly amount for blind Americans in the amount of $2,590. 

For those who are not blind, the amount is increasing to $1,550. It is important to note that SGA for the visually impaired does not apply to Supplemental Security Income (SSI) benefits. For sighted individuals, the SGA applies to Social Security and SSI benefits. 

For those on a trial work period, also referred to as Trial Work Period Months (TWP), the amount used to assess if a month counts as a TWP month is $1,050. In 2024, the amount is increasing to $1,110, and the TWP does not apply to SSI benefits. 

In 2023, the SSI Federal Benefit Rate (FBR) is $914/month for eligible individuals, and for an eligible couple, the rate sits at $1,371. The Federal amounts for 2024 are $943 for an eligible individual, $1,415 for an eligible individual and eligible spouse, and $472 for an essential person.

For the Student Earned-Income Exclusion (SEIE) in 2023, the amount earned has no effect on eligibility or benefits for SSI recipients under 22 years of age if the income is $8,950 a year. Earnings that can be excluded every month until the maximum is met for the year is $2,200 each month. For 2024 Income Exclusion Amounts increased 3.2 percent, rising to $2,290 monthly, but not more than $9,230 for the year. 

In terms of Medicare Part A Hospital Insurance, for 2023, the base premium is $506 with the 45 percent reduced premium being $278. Here’s how the increases in 2024 are laid out. Inpatient hospital deductible is increasing by $32. For daily hospital coinsurance for day 61 through day 90, the cost increases by $8. For daily hos[ital coinsurance for lifetime reserve days jumps up to $16, and the skilled nursing facility daily coinsurance for days 21 through 100 in increasing $4.

For Medicare Part B Supplemental Medical Insurance in 2023, the monthly base premium is $164.90 but may be higher if your income is higher. In 2024, the base premium is increasing to $174.70. The yearly deductible for all Medicare Part B beneficiaries rises to $240 from $226 in 2023.

For those needing information on Medicaid While Working State Threshold Amount for those with a disability, the amounts for each state can be researched HERE.