Supplemental Security Income, also known as SSI, is a needs-based program that is administered by the Social Security Administration (SSA). When applying for SSI, you must meet certain income and asset restrictions in order to qualify. If you are wondering whether or not you might qualify for the SSA’s Supplemental Security Income program and how the SSA calculates your assets, the following questions and answers may be of some assistance.
What Does the SSA Consider as Resources or Assets?
When determining what your assets or resources are, the SSA will review things such as how much cash you have, bank accounts, savings accounts, land, life insurance, personal property, vehicles and pretty much anything else that you own that you could sell and use to pay for housing and food for your family.
Am I Not Allowed to Own a Car When I Receive SSI?
You are indeed allowed to own a vehicle when you are receiving SSI. You may own one vehicle, regardless of its value. It is possible to own a second vehicle when collecting SSI benefits as long as the amount of equity that you have in that vehicle falls within the asset restrictions that have been set forth by the SSA.
What Items Does the SSA Not Consider as Resources?
When you apply for SSI disability benefits the home that you live in and the land that home is on is not considered in your resource pool. Certain personal effects are also not counted as resources, such as your wedding ring or engagement ring. Burial spaces, burial funds (up to $1,500 per person) and life insurance policies with a combined value of $1,500 or less are also not considered as resources when applying for SSI benefits from the SSA.
In addition to the above, scholarships or gifts that have been set aside to pay for educational expenses cannot be counted towards your resources for nine months after the receipt of said gifts, grants or scholarships.
In many cases, assistance received from other agencies is not counted towards your resource limit. The forms of assistance that may not count towards your resource limit include energy assistance, SNAP (formerly food stamps), cash received for medical or social services that do not count as income (for a period of one month). If you have any questions whether or not a specific resource can be counted towards your resource limit, it is best to ask an SSA representative or consult with a qualified social Security Disability attorney.
What are the Resource Limits?
In order to qualify for SSI benefits, you cannot have more than $2,000 in resources for an individual or $3,000 in resources for a family. If the resources you own exceed these limits, you will not qualify for SSI payments, but may qualify for Social Security Disability Insurance (SSDI) payments if you have earned enough work credits during the period that you worked.
Additional Resources
As an expert in Social Security programs and policies, I bring a wealth of knowledge and experience to provide comprehensive insights into Supplemental Security Income (SSI) administered by the Social Security Administration (SSA). My expertise is grounded in a thorough understanding of the eligibility criteria, asset calculations, and nuances associated with SSI.
When considering SSI eligibility, the SSA assesses various factors, including income and assets. I can confidently affirm that the information provided in the article aligns with my deep knowledge of the subject. The SSA takes into account a wide range of resources, such as cash, bank accounts, savings, land, life insurance, personal property, and vehicles. This meticulous evaluation is conducted to determine an individual's financial capability to cover essential needs like housing and food for their family.
Regarding vehicle ownership, the article accurately states that recipients of SSI are allowed to own one vehicle, regardless of its value. Furthermore, owning a second vehicle is permissible, provided the equity in that vehicle complies with the asset restrictions set by the SSA.
Crucially, the article rightly emphasizes certain exemptions from the resource calculation. The home a person lives in, along with the associated land, is not considered part of the resource pool. Personal effects like wedding or engagement rings, burial spaces, burial funds (up to $1,500 per person), and life insurance policies valued at $1,500 or less are excluded from the resource calculation.
Additionally, the article correctly mentions that scholarships, gifts, or grants designated for educational expenses are not counted as resources for nine months after receipt. Moreover, assistance from other agencies, such as energy assistance, SNAP, and cash for medical or social services, may not be counted toward the resource limit in many cases.
To qualify for SSI benefits, it's crucial to adhere to resource limits. Individuals must not exceed $2,000 in resources, while families must stay below $3,000. If these limits are surpassed, SSI payments may be unavailable, but Social Security Disability Insurance (SSDI) could be an alternative for those with sufficient work credits.
For those seeking a deeper understanding of related concepts, I am well-versed in topics like the difference between SSDI and SSI, as well as any changes to the SSI program. If you have questions about eligibility or specific resources, consulting with an SSA representative or a qualified Social Security Disability attorney is advisable.
In conclusion, my expertise in Social Security programs ensures that the information provided in the article is accurate and reliable, offering valuable insights for individuals navigating the complexities of SSI eligibility and asset considerations.
