Food Stamps – Updated Resource Limits for SNAP Benefits Following the 2025 COLA

If you’ve been considering applying for SNAP benefits, there’s an important update that could impact your eligibility. Starting October 1, 2024, the asset limits for the Supplemental Nutrition Assistance Program (SNAP) are increasing. This change could make more people eligible for food assistance, especially those who were previously just above the asset threshold.

SNAP Eligibility

To qualify for SNAP, applicants must meet several criteria, including income and asset limits. These requirements are designed to ensure that assistance goes to those who need it most. Here’s a breakdown of what you need to know:

• Income Limits: There are both gross and net income limits for SNAP applicants. Gross income refers to your total income before any deductions, while net income is your income after allowable deductions.
• Residency Requirements: You must live in the state where you are applying for SNAP benefits.
• Work Requirements: Depending on your situation, you may need to meet certain work requirements to qualify for SNAP. Some exemptions and waivers may apply.

New Asset Limits

The Cost of Living Adjustment (COLA) for 2025 has led to an increase in the asset limits for SNAP benefits. Until September 30, 2024, the asset limit is $2,750. This means that a household can have up to $2,750 in countable resources, such as money in a bank account or cash at home, without affecting their eligibility for SNAP.

However, beginning October 1, 2024, this limit will increase to $3,000. This is a significant change because it allows households to have more resources while still qualifying for assistance. If you were previously denied SNAP benefits due to having assets slightly above the $2,750 limit, you might now qualify under the new rules.

This increase applies to the 48 contiguous states, Alaska, Hawaii, the U.S. Virgin Islands, Guam, and the District of Columbia.

Special Rules for Seniors

The asset limits are even higher for households with members who are 60 years or older or who have a qualifying disability. These groups have different thresholds due to their unique financial needs.

Currently, the asset limit for these households is $4,250. But like the general limit, this will also increase on October 1, 2024, rising to $4,500. This increase allows seniors and disabled individuals to maintain slightly more savings or assets without losing their eligibility for SNAP benefits.

If you or someone in your household is over 60 or has a disability, it’s crucial to know these new limits. For example, you could keep an additional $250 in savings or assets, which could be a small but important buffer for unexpected expenses.

Key Rules

Here’s a closer look at some essential rules for seniors aged 60 and older:

• Higher Asset Limits: As mentioned, households with seniors or disabled members can have up to $4,500 in countable resources after October 1, 2024.
• Income Considerations: If your household includes a senior or disabled person, you must meet net income limits (100% of the Federal Poverty Level) if your gross income exceeds 130% of the FPL.
• Separate Household Status: Seniors living with others but preparing food separately may qualify for separate SNAP benefits. However, the income of other household members must not exceed 165% of the poverty level.
• Certification Period: Seniors with no income can apply for a 36-month certification period using the Elderly Simplified Application. However, they must report any significant earnings or lottery/gambling winnings over $4,250.

What This Means for You

The increase in asset limits means that more households might qualify for SNAP benefits in 2024 and beyond. If you were previously denied because your assets were just above the limit, consider reapplying after October 1, 2024. This change is particularly beneficial for seniors and those with disabilities, as they often have higher expenses and need more resources to maintain financial stability.

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