Should you file a Supplemental Security Income claim? To get approved for SSI benefits, you’ll need to meet certain requirements. And one of the factors that will determine whether or not you qualify is the value of your resources.
For the Social Security Administration, resources is a term used to indicate the things you own – your assets, in other words. But when it comes to SSI claims, not all resources are taken into account. Below, the experienced professional advocates at Mountain West Disability explains how the SSA looks at assets in determining eligibility for SSI benefits.
What the SSA Considers to be Resources
For your Supplemental Security Income claim to be approved, you must have limited resources. To be more specific, the SSA will calculate the value of the following assets:
- Cash in your possession
- Funds in bank accounts
- Stocks and savings bonds
- Land or real estate property you own
- Life insurance policies valued at $1,500 or more
- Personal property of significant value
- Vehicles other than the one you drive
Any other possessions that you could sell to have money for food and shelter will also be considered. And if you’re married, the SSA may deem a portion of your spouse’s income as being available to you, counting it as a resource.
What the SSA Doesn’t Count as Resources
When you file an SSI claim, certain assets won’t be considered to part of your pool of resources. The SSA will disregard the following in their calculations:
- Your home and the land it sits on
- One vehicle used for transportation
- Furniture, appliances and other household goods
- Personal jewelry, clothing and other personal effects
- Burial spaces and burial funds
In addition, the SSA won’t count scholarships and gifted funds set aside for educational expenses as resources unless they were received more than nine months prior to the date of your application for SSI benefits.
Limit for Countable Resources in SSI Claims
Now that you have a better understanding of how assets are calculated in Supplemental Security Income claims, one question likely springs to mind – how much can you have in resources and still be eligible for SSI benefits?
To qualify, your countable resources must total:
- $2,000 or less if applying for SSI as an individual
- $3,000 or less if applying for SSI as a family
If the value of your assets is higher than the limit, you won’t qualify for SSI benefits. However, if you have a substantial work history, you may be eligible for Social Security Disability Insurance. And this program, also known as Disability Insurance Benefits, has no resource limit.
Do you qualify for SSI benefits? For answers to all of your questions about filing Supplemental Security Income claims, turn to the experienced professional advocates at Mountain West Disability. For a free case evaluation, contact us online or call our office in Murray, Utah, today