United States citizens can obtain a large number of benefits throughout the year. Depending on their family and individual situation they may get Social Security retirement checks, Supplemental Security Income checks or even SNAP Food Stamps payments.
The latter payment is to be used when purchasing food at participating establishments. So any citizen who can enjoy the SNAP benefit can get money on his or her EBT card to be able to buy these types of products. Even so, there are limitations on purchases and we cannot buy all the food we want.
Putting the SNAP Food Stamps limitations aside what we do need to keep in mind is that each year the check increases a little bit. The purpose of this is to be able to fight inflation thanks to the COLA. The Cost of Living Adjustment increases the checks every year so that every citizen gets a little extra money.
Unlike the Social Security COLA, the COLA applied to SNAP can be enjoyed as early as October of the year. Thus, the Social Security COLA is applied in January and the SNAP COLA is applied in October, with a slight shift in the timing of both increases.
WHEN WILL SNAP FOOD STAMPS INCREASE IN 2024?
SNAP Food Stamps payments increased in early October of this year. The COLA caused payments for this benefit to increase by 3.2%, but we will have more increases in the coming years. Each new year a new increase will come through the COLA.
So if you have this benefit accepted you could get until October 2024 a maximum of $973, but after the COLA increase the check will reach a higher figure. So we will be able to get even more money from October next year.
The figure for the increase is not yet known, as it is too early to determine. What we do know is that the COLA is calculated with the increase in prices and inflation in the third quarter of the year. But that is still a long way off, so for now we just have to wait.
The same COLA will go to Social Security. So if you get both benefits you are sure to get a COLA from these two payments. If your family is a family of 4 the payment will increase from $973 maximum to an as yet undetermined figure, but likely to be close to $1,000.