What Should I Know About SSI Asset Limits?
SSI is run by Social Security. It doesn’t require you to have a lengthy work history, unlike Social Security Disability Insurance (SSDI) benefits, the other disability program run by Social Security. You can qualify for SSI even if you never worked or only worked part-time.
You just need to stay under strict limits for having certain kinds of savings, investments or property:
- $2,000 for qualifying individuals
- $3,000 for qualifying couples
The resources they count against your limit include money in your bank account, stocks, savings bonds, land, and, yes, vehicles you own.
Even a one-time payment like an inheritance or lawsuit settlement can affect your eligibility for SSI benefits.
But there’s one more important thing you need to know—not all assets get counted toward this limit.
The Social Security Administration (SSA) understands that you need a vehicle to get around. One vehicle from your household is exempt from the strict resource limit.
The value of your vehicle doesn’t matter. Whether your car is worth $3,000 or $30,000, you just need to show that it’s a primary vehicle.
This means that you use it for:
- Going to medical appointments
- Driving your child to school
- Going to the grocery store
- Getting to part-time work
- Other essential daily needs
If you make it clear this is a vehicle that you need in everyday life, it shouldn’t be counted against you when Social Security determines if you qualify for SSI disability benefits.
If you have any questions about your SSI eligibility and your car, our Tulsa Social Security Disability lawyers want to help you.
When Is a Vehicle Considered a Countable Resource for SSI?
If you’re applying for SSI or already receiving benefits, you also need to know when Social Security can decide that your vehicle does count as property of value that reduces your need for financial assistance.
The SSA can count your vehicle toward the $2,000/$3,000 asset limit when:
- It’s a second car. Even if you and your spouse or partner qualify for SSI together, you still only get to exclude one vehicle in the household.
- It sits unused. If a vehicle isn’t used to get to medical appointments, go to work, pick up your kids from school or do something else needed to help you or your family function, it’s not going to be excluded from your total resources.
- It’s purely recreational. A vehicle like a boat—one that you aren’t using to run important errands—doesn’t get a break under SSI rules.
It’s extremely difficult to stay under the low asset limit for Supplemental Security Income if you have more than one vehicle.
If Social Security thinks you have too many assets, you’ll be denied disability benefits.
It might seem like the simple solution would be to sell off any vehicle aside from your primary one. But even that can come with complications. More below.
Can I Sell a Car While Receiving SSI?
You’re free to sell your primary vehicle if you no longer need it, but you should know that money from the sale could affect your SSI eligibility and how Social Security calculates your assets.
The issue is that selling your car will likely put you over the resource limit. That could make you ineligible for SSI benefits until your finances drop back down under the requirements.
You can’t get around this by giving away your car or selling it for far less than it’s worth. That could make you ineligible for benefits for up to 36 months.
One solution is “spending down” money left from selling a car on necessities like:
- Covering essential living needs, like groceries
- Paying housing bills, like rent and utilities
- Buying or repairing a primary vehicle
- Purchasing necessities for your household, like appliances or furniture
- Paying off valid debts, including medical bills
This is always tricky. Be careful about the timing of your spending and make sure you keep receipts and document all expenses.
We recommend talking to an Oklahoma disability lawyer before you do anything.
We can help you do this the right way, report the sale to the SSA and minimize interruptions to your SSI benefits.
The disability lawyers of Troutman & Troutman have helped over 10,000 people in Tulsa, Broken Arrow, Owasso, Bartlesville and across the state of Oklahoma win benefits.
If you’re ready to apply for SSI benefits, we’ll help you fight for this financial lifeline that can protect your dignity and financial independence.
We know you’re going through a tough time, and you have enough to think about. Let our Oklahoma disability lawyers worry about Social Security’s rules and regulations.
Wherever You Are in the Disability Benefits Process, We Can Help
You may be trying to determine if Social Security Disability benefits are right for you. You may be facing a long, complicated benefits application. Or you’ve applied and been denied. Now what? The Troutman & Troutman Oklahoma disability attorneys can help.
Disability Attorneys Answer Your Questions about Social Security
Your life has been disrupted by health problems. You’ve had to leave work. You’re worried about money. Social Security Disability benefits can provide relief, but they’re complicated. You’ve got a lot of questions. The Troutman & Troutman Tulsa disability lawyers have answers.
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