Supplemental Security Income (“SSI”) benefits are for disabled Americans with lower income and few assets. The requirements are strict with regard to how much property you can own to qualify; however, they don’t require you to be destitute and own nothing at all. There are several important assets that the Social Security Administration (“SSA”) does not count when determining your SSI eligibility. If you have more questions about SSI eligibility, you should consider speaking with an expert at a Tulsa SSI law firm.
What Assets Affect SSI Eligibility?
Most things you own will count against the $2,000 individual limit for SSI eligibility. This includes cash, money in bank accounts, real estate, vehicles (but see below) and certain types of life insurance policies. The SSA also counts “deemed resources,” which are resources that a parent or other family member contributes to your finances.
What Assets Do Not Affect SSI Eligibility?
There are several important assets that will not have any impact on the assets limit that determines your SSI eligibility. Several of those are:
- The home you live in and the land on which it is situated (thus, you may own a home and still qualify for SSI assistance)
- Household goods
- One car provided you use it for transportation and are not keeping it for another purpose such as restoration or collecting
- Educational awards like scholarships and grants that you use to pay education expenses within the next nine months
Are you an SSI recipient? How did your assets and income affect your SSI eligibility?
Troutman & Troutman, P.C. – Tulsa Social Security disability attorneys
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