§416.413 Amount of benefits; qualified individual.

The benefit under this part for a qualified individual (defined in §416.221) is payable at the rate for an eligible individual or eligible couple plus an increment for each essential person (defined in §416.222) in the household, reduced by the amount of countable income of the eligible individual or eligible couple as explained in §416.420. A qualified individual will receive an increment of $2,820 per year ($235 per month), effective for the period beginning January 1, 1996. This rate is the result of the 2.6 percent cost-of-living adjustment (see §416.405) to the December 1995 rate, and is for each essential person (as defined in §416.222) living in the household of a qualified individual. (See §416.532.) For the period January 1, through December 31, 1995, the rate payable, as increased by the 2.8 percent cost-of-living adjustment, was $2,748 per year ($229 per month). For the period January 1, through December 31, 1994, the rate payable, as increased by the 2.6 percent cost-of-living adjustment, was $2,676 per year ($223 per month). The total benefit rate, including the increment, is reduced by the amount of the individual's or couple's income that is not excluded pursuant to subpart K of this part.

[61 FR 10278, Mar. 13, 1996]