It is not possible to "update" an Amazon EBS Snapshot.
You should create a new EBS Snapshot. You can then delete the old snapshot if you wish, or keep it around. You would be charged the same for storage either way.
An Amazon EBS Snapshot only contains the "changes" made to a disk. So, if you started with a completely blank disk and stored 1GB, then the first snapshot would consume 1GB.
If you then added or changed 500MB of data on the original EBS Volume and then made another snapshot, the additional 500MB of data would be copied to Amazon S3 (you can't see it, but that's where snapshots are stored). The 2nd snapshot would also point to the 1GB of data in the earlier snapshot. So, you would pay for 1.5GB of snapshot data.
If you then deleted the first snapshot, you would still be paying for 1.5GB of snapshot data because the 2nd snapshot is still using the original 1GB of data in Amazon S3.
Bottom line: Creating a new snapshot will effectively create an "updated" snapshot anyway. You are not paying for double-storage of the same data.