![Tyson Foods Plant [Photo: Food Manufacturing]](https://southarkansassun.com/wp-content/uploads/2023/08/iStock_1185520857__1_.5e441daa51cca-600x337.jpg)
![Silverado Senior Living Management Inc. [Photo: Los Angeles Times]](https://southarkansassun.com/wp-content/uploads/2023/10/download-6-4-600x337.jpg)
![China's Wuhan Institute of Virology [Photo: Nature]](https://southarkansassun.com/wp-content/uploads/2023/09/d41586-021-01529-3_19239608-600x337.jpg)
![Supplemental Nutrition Assistance Program (SNAP) Benefits [Photo: KOLO]](https://southarkansassun.com/wp-content/uploads/2023/01/KZNRORB7KBEP3LOHUBWC3UR4Q4-2-1.jpg)
The Supplemental Nutrition Assistance Program (SNAP) benefits have become significantly higher in the past years. However, will these higher benefits be enough to reduce the poverty and food insecurity of millions of Americans?
![Supplemental Nutrition Assistance Program (SNAP) Benefits [Photo: MARCA]](https://s3.us-west-1.amazonaws.com/southarkansassun.com/2023/01/16504610349125-2.jpg)
Supplemental Nutrition Assistance Program (SNAP) Benefits [Photo: MARCA]
READ ALSO: U.S. Education Department Overhauls Biden’s Student Loan Forgiveness
Cost-of-Living Adjustment
According to Csiszar, the benefits received through SNAP are adjusted annually based on the rate of inflation. An increase of 12.5% started on October 1, 2022. This means that eligible applicants received $500 in SNAP benefits from October 1, 2021 to September 30, 2022. This 2023, it was announced that even higher benefits worth $562.50 will be received.
Higher Top Payouts
The SNAP benefits vary depending on the size of the eligible household. The amounts stated below are what were received from October 1, 2021 to September 30, 2022 versus the amounts received from October 1, 2022 that will continue until September 30, 2023:
- 1 person: from $250 to $281
- 2 persons: from $459 to $516
- 3 persons: from $658 to $740
- 4 persons: from $835 to $939
- 5 persons: from $992 to $1,116
- 6 persons: from $1,190 to $1,339
- 7 persons: from $1,316 to $1,480
- 8 persons: from 1,504 to $1,691
- Each additional person: from $188 to $211
Easier Eligibility Limits
To be eligible for the SNAP benefits, households must earn a net monthly income below the limits declared. Fortunately, by October 1, 2022, the limits were increased to the following:
- 1 person: $1,133
- 2 persons: $1,526
- 3 persons: $1,920
- 4 persons: $2,313
- 5 persons: $2,706
- 6 persons: $3,100
- 7 persons: $3,493
- 8 persons: $3,886
- Each additional person: $394
Maximum Asset Limits
This 2023, the maximum asset limits allowed in SNAP have also increased. A household that has at least one disabled member or anyone aged 60 and older must have no more than $4,250 from $3,750 in 2022. On the contrary, all other households must have no more than $2,750 from $2,500 in 2022.
READ ALSO: Non-U.S. Citizen Taxes: How To File Tax Returns When Married To A Foreign Spouse
